‘No policy somersault’, govt assures investors

The minister explained that the success of ongoing reforms will depend largely on how well they are implemented, stressing that policies alone are not enough to drive growth without strong execution.

 “Reforms on their own do not create growth. We need investment at scale,” he said, pointing out that investors are more likely to respond to stable and predictable conditions than to policy announcements.

According to him, stronger cooperation between the government and the private sector is essential, as public policy alone cannot deliver sustainable economic expansion.

Oyedele said the government is entering a new phase of economic management where attention is shifting from stabilising the economy to delivering measurable growth that can be felt by citizens.

He stressed the need to improve productivity across the economy, saying Nigeria must shift away from relying mainly on consumption and instead focus on increasing output in critical sectors such as agriculture, manufacturing, energy and the digital economy.

The minister noted that recent economic measures have started to show some positive signs, including better alignment in the foreign exchange market and improved government revenue. He, however, said these improvements must translate into real benefits such as job creation, higher productivity and better living standards.

He identified key areas that will support increased investment, including maintaining consistent policies, ensuring clarity in fiscal and regulatory systems, lowering the cost of doing business and improving access to finance.

On funding, the minister said efforts are ongoing to expand credit across the economy, covering both individuals and businesses, with support from institutions such as the Bank of Industry.

He added that Nigeria must pursue stronger growth in income per person if it is to make meaningful progress in reducing poverty, noting that slow growth will not be enough given the country’s rising population.

Describing the current period as a consolidation stage, Oyedele said the government will continue to strengthen public financial management and improve coordination across different levels of government.

While acknowledging potential challenges such as reform fatigue, global inflation pressures and political tensions ahead of elections, he expressed confidence that these issues can be managed with discipline and cooperation.

“Our task now is execution. This phase demands focus, consistency and accountability. That is the direction we are pursuing,” Oyedele said.