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Nigeria's reform experience offers valuable lessons for African countries seeking sustainable growth, stronger regional trade and improved living standards, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said.
Oyedele stated this on Wednesday at the Africa's Golden Future Forum in Bangkok, Thailand, held on the sidelines of the 2026 IMF and World Bank Annual Meetings.
Speaking on reform sequencing and public trust, the Minister identified fuel subsidy removal, foreign exchange liberalisation and tax reform as the three major pillars of Nigeria's economic reform programme, noting that the order of implementation matters for impact on citizens and businesses.
According to him, removing the fuel subsidy before liberalising the foreign exchange market helped manage the effects of rising costs.
He stressed that effective communication, strong institutions and consistent policies are essential to sustaining reforms and building public confidence.
In a statement by Efe Ovuakporie, Head of Media, Federal Ministry of Finance, the Minister said Nigeria's reforms are laying the groundwork for inclusive growth, job creation and economic expansion, but added that African countries must also address structural barriers limiting trade and investment.
Oyedele called for removal of trade barriers, improved infrastructure and stronger regional integration to unlock the opportunities of the African Continental Free Trade Area (AfCFTA).
Nigeria, he said, is developing an economic policy framework to better align trade, fiscal and monetary policies and improve coordination.
He listed energy, logistics, storage and processing infrastructure as critical to strengthening African trade and competitiveness.
He highlighted Nigeria's National Single Window initiative, designed to simplify border procedures and improve trade efficiency, as one of the practical steps to boost trade.
On cushioning reform pains, Oyedele stressed the need to protect vulnerable citizens through effective social protection, disclosing that Nigeria's cash transfer programme has reached more than 10 million households, while over 1.5 million students have benefited from education support.
Also speaking, President of the African Development Bank (AfDB), Dr. Sidi Ould Tah, called for practical implementation of reforms across Africa, insisting policy commitments must translate into tangible results.
Ould Tah said the bank has supported reforms in Nigeria and Egypt through budget support and is working with development partners to expand electricity access.
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 required scale of cooperation.
According to him, more than 30 African countries have signed energy compacts requiring coordinated reforms, infrastructure investment and private sector participation.
The AfDB President lamented that intra-African trade accounts for about 15 percent of the continent's total trade, compared with 40 percent and 60 percent in other regions.
He said the bank devotes more than 60 percent of its financing to infrastructure, including regional projects to improve connectivity and continental integration.
Ould Tah added that the African Development Fund's regional financing mechanism can cover up to 90 percent of eligible regional projects involving more than two African countries, helping to address financing gaps that hinder cross-border infrastructure.