FG rules out price control, subsidy return
Nigeria has ruled out any return to fuel subsidy and price controls as the Federal Government pushes ahead with market-driven economic reforms aimed at attracting foreign investment and expanding the
Nigeria has ruled out any return to fuel subsidy and price controls as the Federal Government pushes ahead with market-driven economic reforms aimed at attracting foreign investment and expanding the economy.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made this known during engagements with global investors in Paris, France, where he spoke on the direction of the Nigerian economy and the government’s long-term growth plans.
Oyedele told investors that the government remains committed to policies that encourage competition, improve investor confidence and create a stable business environment for both local and foreign investors.
According to him, the Federal Government will not reverse the removal of subsidy because of the negative impact such policies have on the economy.
“We will not bring back subsidy because it creates distortions for the economy, and we won't introduce price control because we believe in the market,” he said.
The minister explained that the government believes market forces should determine prices, adding that this approach would encourage efficiency, attract investment and reduce the financial pressure subsidy payments place on public finances.
He noted that recent global developments, including tensions involving Iran, have opened fresh opportunities for Nigeria in the global energy market as countries seek alternative energy suppliers and investment destinations.
“The situation in Iran presents new opportunities for us as the world looks to diversify sources of energy and invest in new markets,” Oyedele stated.
He said Nigeria is positioning itself to benefit from changes in global energy demand by improving its investment climate and strengthening reforms in the oil, gas and broader energy sectors.
Oyedele also told investors that Nigeria recorded a Gross Domestic Product growth rate of 11.2 per cent in US dollar terms in 2025, describing the performance as a strong signal of economic recovery and expansion.
According to him, the growth supports the Federal Government’s ambition of building a one trillion dollar economy by the year 2030.
“Nigeria recorded a strong GDP growth rate of 11.2% in US dollar terms in 2025 reinforcing the country's ambition to achieve a $1 trillion economy by 2030,” he said.
The minister explained that ongoing fiscal and economic reforms introduced by the administration are aimed at stabilising the economy, increasing revenue generation, improving productivity and creating jobs.
He added that the government is focused on creating policies that would support industrial growth, expand infrastructure, improve energy supply and deepen investor participation across major sectors of the economy.
Oyedele assured international investors that Nigeria remains open for business and is committed to maintaining reforms designed to strengthen macroeconomic stability and long-term economic growth.
