Barbara Bako, Abuja.
The Federal Government has ruled out reversing key economic reforms, with Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, insisting that Nigeria must sustain its policy direction as it moves from economic stability to job-creating growth.
Oyedele stated this at the Nigeria closing press briefing following the 2026 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group in Bangkok, Thailand, where he urged Nigerians to support efforts to consolidate the gains of the government’s economic programme.
He said international investors and financial institutions expected continuity in the reform agenda, warning that reversing policies could undermine confidence and jeopardise progress already achieved.
The minister also urged informed Nigerians to communicate the rationale behind government policies more actively, arguing that public debate was often dominated by misinformation while informed voices remained silent.
He said the government’s next priority was to translate economic stability into investment, affordable financing, faster growth and employment on a large scale.
“Stability is end, and growth is a task,” he said, stressing that the benefits of reforms must ultimately be reflected in improved economic opportunities for Nigerians.
Oyedele added that Nigeria’s delegation attended the meetings with specific projects and proposals rather than simply seeking loans, describing the approach as part of the government’s effort to reposition the country’s engagement with international development partners.
At the same briefing, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso disclosed that some outstanding issues relating to banks’ recapitalisation arrangements remained subject to legal and regulatory hurdles.
Cardoso made the disclosure while responding to a question about Providus Bank, Union Bank and other institutions whose recapitalisation processes had yet to be fully resolved.
“Well, honestly, that is work in progress,” he said, adding that the outstanding matters were moving in a positive direction.
He did not provide a timeline for resolving the issues or disclose details of the legal and regulatory hurdles, but reassured customers that they could continue doing business with the affected banks.
“Those who are doing businesses with these banks should continue to do so. You have nothing to worry yourselves about. Just continue to do so,” Cardoso said.
The CBN governor also reiterated that the banking system remained strong and resilient, citing the capital mobilised under the recapitalisation exercise and the significant contribution from domestic investors.
Meanwhile, Minister of Budget and Economic Planning, Senator Abubakar Bagudu, expressed confidence that closer coordination between fiscal and monetary authorities would help the government achieve its economic growth ambitions.
Bagudu said the experience of the past three years had helped identify major constraints facing the economy, adding that sustained collaboration would be essential to achieving the administration’s growth targets.
The government emphasised the importance of policy consistency, credible institutions and sustained efforts to convert the gains of economic adjustment into stronger investment and broader prosperity.
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