{"id":924491,"date":"2026-08-03T10:16:40","date_gmt":"2026-08-03T15:16:40","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2026\/08\/03\/finance-minister-outlines-plan-for-1trn-economy\/"},"modified":"2026-08-03T10:16:40","modified_gmt":"2026-08-03T15:16:40","slug":"finance-minister-outlines-plan-for-1trn-economy","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2026\/08\/03\/finance-minister-outlines-plan-for-1trn-economy\/","title":{"rendered":"Finance Minister Outlines Plan for $1trn Economy"},"content":{"rendered":"
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Finance Minister Outlines Plan for $1trn Economy<\/strong><\/h3>\n

Coordinating Minister of the Economy and Minister of Finance, Taiwo Oyedele, said Nigeria has moved beyond the phase of restoring macroeconomic stability and must now focus on translating economic reforms into inclusive growth, higher productivity, and shared prosperity.<\/p>\n

Delivering the keynote address at the 14th BusinessDay CEO Forum in Lagos on Thursday, Oyedele said the administration\u2019s bold economic reforms had begun yielding positive results despite global uncertainties, stressing that the next challenge was ensuring that the gains were felt by businesses, workers, and ordinary Nigerians.<\/p>\n

Speaking on the forum\u2019s theme, \u2018From Stability to Shared Prosperity\u2019, the minister said Nigeria had reached a defining moment in its economic journey, where difficult but necessary reforms must now create jobs, attract investments, and improve living standards.<\/p>\n

He said the country\u2019s national conversation had shifted from whether reforms could restore stability to how that stability could be converted into sustainable and inclusive prosperity.<\/p>\n

\u201cFinance minister unveils roadmap to $1tn economy to convert that hard-earned stability into prosperity that businesses can invest in, workers can earn from, and families can feel in tangible ways,\u201d he said.<\/p>\n

Oyedele explained that every successful economic transformation follows three distinct phases: stabilisation, growth, and shared prosperity.<\/p>\n

According to him, stabilisation involves correcting structural distortions, rebuilding confidence, and restoring fiscal credibility, while growth is driven by increased investment, productivity, and job creation. The final phase, he said, ensures that economic growth improves living standards, expands opportunities, and reduces poverty.<\/p>\n

He recalled that when the Tinubu administration assumed office, Nigeria faced multiple structural challenges, including a fragmented foreign exchange market, an unsustainable fuel subsidy regime, weak public finances, and a tax system that discouraged investment while generating insufficient revenue.<\/p>\n

\u201cWe inherited an economy weighed down by structural distortions. We were taxing poverty, taxing capital, and taxing jobs while raising very little revenue. We had two options: postpone the difficult decisions or confront them. President Bola Tinubu chose reform because it was economically necessary,\u201d he said.<\/p>\n

The minister said reforms such as the unification of the foreign exchange market, fiscal restructuring, and efforts to rebuild external reserves had restored macroeconomic stability and renewed investor confidence.<\/p>\n

Despite geopolitical tensions and uncertainties in the global economy, Oyedele noted that Nigeria had recorded encouraging economic indicators.<\/p>\n

He said inflation had resumed a downward trend after temporary disruptions caused by global events, while external reserves continued to improve and international investors were gradually returning to the country.<\/p>\n

\u201cInternational rating agencies have acknowledged our progress, and investment interest has steadily returned. But macroeconomic stability is not the destination. It is only the foundation upon which prosperity must be built,\u201d he said.<\/p>\n

According to him, countries do not become prosperous simply by maintaining stable macroeconomic indicators.<\/p>\n

\u201cA stable economy can still be stagnant if productivity remains low. Stability must attract investment, investment must increase productivity, productivity must create jobs, and those jobs must improve the lives of citizens,\u201d he added.<\/p>\n

To achieve this transition, Oyedele unveiled what he described as the three strategic pillars of Nigeria\u2019s economic transformation.<\/p>\n

The first pillar, he said, is productivity. He observed that Nigeria had for decades depended largely on the distribution of natural resource revenues rather than creating new value through production.<\/p>\n

According to him, the government intends to reverse that trend by promoting manufacturing, agro-processing, technology, renewable energy, and light industries capable of competing globally.<\/p>\n

\u201cWe must stop exporting raw materials and importing finished products. Nigeria must become an economy that manufactures, processes, and competes internationally,\u201d he said.<\/p>\n

The second pillar focuses on revenue optimisation. Oyedele explained that the administration\u2019s ongoing tax reforms are designed not to increase tax burdens but to simplify compliance, eliminate multiple taxation, and widen the tax net through technology-driven administration.<\/p>\n

\u201cOur objective is not to punish businesses with higher taxes. We want a tax system that is simpler, fairer, and encourages investment while generating sustainable revenue for development,\u201dhe said.<\/p>\n

He described the tax reform programme as one of the most significant fiscal restructuring initiatives in Nigeria\u2019s history, noting that reducing bureaucratic bottlenecks would significantly lower the cost of doing business.<\/p>\n

The minister disclosed that preliminary government assessments suggested that excessive regulation and administrative inefficiencies impose costs on businesses exceeding the combined revenue generated from Value Added Tax, Company Income Tax, and Personal Income Tax.<\/p>\n

\u201cIf we successfully remove unnecessary bureaucracy and excessive regulation, it will be almost equivalent to making Nigeria a tax-free destination for businesses without reducing government revenue,\u201d he said.<\/p>\n

The third pillar, according to Oyedele, is inclusion. He stressed that economic prosperity would have little meaning if millions of young people, women, and persons living with disabilities remained excluded from productive economic activities.<\/p>\n

He said the government was deliberately investing in education, vocational training, entrepreneurship, and skills development while expanding support for small and medium-sized enterprises, which he described as the backbone of Nigeria\u2019s economy.<\/p>\n

\u201cOur support for SMEs is not charity. These businesses remain the country\u2019s biggest creators of jobs and innovation. Strengthening them means strengthening the Nigerian economy,\u201d he stated.<\/p>\n

To measure the success of government reforms, Oyedele announced that the Ministry of Finance would introduce a new framework for tracking shared prosperity.<\/p>\n

According to him, progress will be measured using three key indicators: reductions in multidimensional poverty, increases in real income per capita, and declining levels of inequality.<\/p>\n

\u201cWe owe Nigerians accountability. These indicators will enable citizens to judge whether our economic growth is truly inclusive and whether prosperity is reaching more households,\u201d he said.<\/p>\n

The minister reaffirmed the Federal Government\u2019s ambition to build a $1tn economy by 2030, insisting that the target remained achievable despite scepticism from some analysts.<\/p>\n

He said the projection was backed by detailed implementation plans identifying priority sectors, timelines, responsible institutions, and expected economic contributions.<\/p>\n

\u201cI know many people doubt that Nigeria can become a $1tn economy by 2030, but we are not making empty promises. We have identified the sectors, the actions, the timelines, and the institutions responsible for delivering that growth,\u201d he said.<\/p>\n

Among the priority sectors identified are technology and digital services, agriculture and agro-processing, manufacturing, energy transition, and financial services.<\/p>\n

Oyedele noted that Nigeria already hosts Africa\u2019s largest technology ecosystem, with five of the continent\u2019s nine unicorn companies operating in the country.<\/p>\n

He said the government intends to strengthen broadband infrastructure, improve data protection, support fintech innovation, and integrate artificial intelligence into national development strategies.<\/p>\n

In agriculture, he said the focus would shift from exporting raw commodities to value-added processing capable of boosting food security and increasing export earnings.<\/p>\n

For manufacturing, government plans include strengthening industrial clusters, improving port infrastructure, and deepening domestic supply chains to position Nigeria as West Africa\u2019s manufacturing hub.<\/p>\n

The minister also highlighted ongoing investments in renewable energy, gas infrastructure, and electricity transmission to provide reliable power for industries.<\/p>\n

Oyedele urged business leaders to invest aggressively instead of waiting for perfect conditions.<\/p>\n

He acknowledged that reforms had imposed short-term hardships but argued that returning to past policies of subsidies, exchange rate controls, and excessive borrowing would have produced a far worse outcome.<\/p>\n

\u201cThere has never been a perfect investment environment in economic history. The greatest opportunities often emerge during periods of structural transformation. This is the time for Nigerian businesses to invest, innovate, and expand,\u201d he said.<\/p>\n

He called on banks to increase financing for productive sectors rather than focusing predominantly on short-term trading activities, while encouraging manufacturers and technology companies to pursue export-oriented growth.<\/p>\n

Oyedele disclosed that the government had already introduced several initiatives to strengthen SMEs, including exempting small businesses from Company Income Tax, facilitating easier business registration, and expanding access to affordable financing through the Bank of Industry and the Bank of Agriculture.<\/p>\n

He revealed that President Bola Tinubu recently approved hundreds of billions of naira in financing to support small businesses and agricultural enterprises.<\/p>\n

The minister also announced that the government had approved the free registration of 250,000 small businesses through the Corporate Affairs Commission as part of efforts to encourage formalisation.<\/p>\n

According to him, recent tax reforms have already triggered unprecedented business registration levels, with the CAC receiving approximately 10,000 new business registration applications daily.<\/p>\n

He said the administration would continue working with state governments, local governments, and the private sector to ensure coordinated implementation of economic reforms across the country.<\/p>\n

Highlighting the importance of collaboration with the Central Bank of Nigeria, Oyedele said fiscal and monetary authorities were working closely to maintain policy consistency, strengthen macroeconomic stability, and improve investor confidence.<\/p>\n

\u201cOur fiscal reforms and the Central Bank\u2019s monetary reforms are complementary. We are aligned in our commitment to stable policies, regulatory certainty, and long-term economic growth,\u201d he said.<\/p>\n

The minister concluded by urging businesses to become active partners in Nigeria\u2019s economic transformation, stressing that the government alone could not deliver the prosperity Nigerians desire.<\/p>\n

\u201cThe next chapter of Nigeria\u2019s economic history will not be written by the government alone. It will be co-authored by the private sector through investment, innovation, productivity, and unwavering confidence in Nigeria\u2019s future,\u201d he said.<\/p>\n<\/div>\n

Rahma Oladosu
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