Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said that careful sequencing of reforms, consistent communication and strong institutions are key to making economic reforms work in Africa.
Oyedele spoke at Africa Golden Future Forum in Bangkok, Thailand, where he said, Nigeria’s experience with subsidy removal, foreign exchange liberalisation and tax reform offers lessons for countries seeking sustainable growth, stronger regional trade and improved living standards.
He said removing fuel subsidy before liberalising foreign exchange market helped manage the effects of rising costs and stressed that effective communication, strong institutions and consistent policies are essential to sustaining reforms and building public confidence.
The Minister, according to a statement on Wednesday by the Head of Media, Ministry of Finance, Efe Ovuakporie, said Nigeria reforms were laying the groundwork for inclusive growth, job creation and economic expansion, adding that African countries must also address structural barriers that limit trade and investment across the continent.
Oyedele called for removal of trade barriers, improved infrastructure and stronger regional integration to unlock opportunities offered by African Continental Free Trade Area.
He said Nigeria was developing an economic policy framework to align trade, fiscal and monetary policies and improve coordination.
He also identified energy, logistics, storage and processing infrastructure as critical to strengthening African trade and competitiveness.
He highlighted Nigeria National Single Window initiative designed to simplify border procedures and improve trade efficiency.
He also stressed the need to protect vulnerable citizens from effects of economic reforms through effective social protection measures.
He said Nigeria’s cash transfer programme had reached more than 10 million households while over 1.5 million students had benefited from education support.
Also speaking, President of African Development Bank Sidi Ould Tah called for practical implementation of reforms across Africa stressing that policy commitments must translate into tangible results.
Ould Tah said the bank had supported reforms in Nigeria and Egypt through budget support and was working with development partners to expand electricity access across the continent.
He cited Mission 300, an initiative launched with the World Bank and other partners to connect 300 million Africans to electricity by 2030 as an example of the scale of cooperation required to address Africa infrastructure gaps.
According to him, more than 30 African countries had signed energy compacts requiring coordinated reforms, infrastructure investment and private sector participation to expand electricity access.
The AfDB President noted that intra African trade accounted for about 15 per cent of continent total trade compared with 40 per cent and 60 per cent in other regions.
He said the bank devoted more than 60 per cent of its financing to infrastructure including regional projects aimed at improving connectivity and promoting continental integration.
He added that the African Development Fund regional financing mechanism could cover up to 90 per cent of eligible regional projects involving more than two African countries helping to address financing gaps that often hinder cross border infrastructure development.
