Stakeholders push reforms to sustain Nigeria’s economic gains

Nigeria's economic managers, industry leaders, and development partners convened in Lagos to devise a strategy for converting the nation's improving macroeconomic stability into inclusive economic growth. The 14th BusinessDay CEO Forum, themed ‘From Stability to Shared Prosperity,’ focused on the need for sustained reforms, increased private sector investment, and better coordination between fiscal and monetary authorities.

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Nigeria has entered “a new phase of economic stability capable of supporting long-term investment, productivity and job creation.”

Central Bank of Nigeria Governor Olayemi Cardoso and the Coordinating Minister of the Economy and Minister of Finance, Dr. Taiwo Oyedele, conveyed a message of confidence to investors. They asserted that Nigeria has entered a "new phase of economic stability" capable of fostering long-term investment, productivity, and job creation. This outlook was presented as a significant shift from previous economic challenges.

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Nigeria has successfully navigated the difficult phase of restoring macroeconomic stability, and we must now focus entirely on converting those gains into inclusive prosperity.

Minister Oyedele elaborated on the government's reform agenda, stating that Nigeria has successfully navigated the initial difficult phase of restoring macroeconomic stability. He outlined the administration's approach, which involved addressing multiple exchange rates, fuel subsidy distortions, weak public finances, and an inefficient tax system. "We chose reform over postponement because delaying difficult decisions would have taken the economy closer to collapse," Oyedele explained.

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We chose reform over postponement because delaying difficult decisions would have taken the economy closer to collapse.

The minister pointed to visible impacts of these reforms, including strengthened external reserves, restored investor confidence, improved foreign exchange market functioning, and a downward trajectory for inflation. However, he cautioned that macroeconomic stability is not a panacea. "Macroeconomic stability alone would not raise living standards unless it was accompanied by higher productivity, increased investment and sustained job creation," Oyedele stressed, outlining the next steps focused on these critical areas.

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Our reforms have strengthened external reserves, restored investor confidence, improved the functioning of the foreign exchange market, and placed inflation back on a downward trajectory despite global uncertainties.