The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has disclosed that more than 1.5 million students have benefited from the Federal Government’s education support initiatives.
Oyedele also said the government’s cash transfer programme had reached more than 10 million households as part of efforts to cushion the effects of economic reforms on vulnerable Nigerians.
He made this known at Africa’s Golden Future Forum in Bangkok, Thailand, according to a statement issued on Wednesday by the Head of Media at the Federal Ministry of Finance, Efe Ovuakporie.
The minister stressed the need to protect vulnerable citizens from the adverse effects of economic reforms through effective social protection measures.
He said Nigeria’s experience with economic reforms offered important lessons for other African countries seeking sustainable economic growth, improved living standards and stronger regional integration.
Oyedele identified fuel subsidy removal, foreign exchange liberalisation and tax reforms as major components of Nigeria’s economic transformation programme.
He emphasised the importance of implementing reforms in the right sequence, maintaining consistent policy communication and building public trust.
According to him, the timing and order of economic policies could significantly influence their effects on households and businesses.
The minister maintained that removing the petrol subsidy before liberalising the foreign exchange market helped manage the impact of rising costs.
He added that effective communication, strong institutions and policy consistency were essential to sustaining reforms and strengthening public confidence.
Oyedele said the ongoing reforms were laying the foundation for job creation, inclusive growth and economic expansion.
He also called on African governments to address structural barriers to trade and investment, improve infrastructure and remove trade restrictions to maximise opportunities under the African Continental Free Trade Area.
The minister disclosed that Nigeria was developing an economic policy framework to strengthen coordination among trade, fiscal and monetary policies.
He identified energy, logistics, storage and processing infrastructure as critical to improving Africa’s competitiveness, while highlighting Nigeria’s National Single Window initiative as a measure to simplify border procedures and improve trade efficiency.
Also speaking at the forum, the President of the African Development Bank, Sidi Ould Tah, called for the practical implementation of economic reforms across Africa, stressing that policy commitments must translate into tangible results.
