The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, has assured global investors that Nigeria will not return to fuel subsidy or adopt price control policies, insisting that the Tinubu administration remains committed to market-driven reforms.
Oyedele spoke after President Bola Ahmed Tinubu’s meeting with global investors in Paris, France, where the administration presented updates on ongoing economic reforms and outlined plans to deepen policy implementation.
“We were able to give an overview about the progress we are making, about the next areas of focus to deepen the reform and translate the reforms into results,” Oyedele said.
He noted that the Nigerian delegation also addressed investors’ concerns and received positive feedback about the direction of the economy and the government’s reform agenda.
According to him, President Tinubu personally assured investors that the administration would maintain key reforms considered critical to economic stability.
“For example, we will not bring back subsidy because it creates a distortion for the economy, and we will not introduce price control because we believe in markets,” he said.
Oyedele, however, stressed that the government would continue to ensure responsible regulation to prevent exploitation of consumers by manufacturers, traders and suppliers.
He also said ongoing tensions involving Iran and developments in the global energy market could create fresh opportunities for Nigeria as countries seek to diversify energy sources and investment destinations.
“While that is unfortunate, we think it presents new opportunities for us as the world looks to diversify sources of energy and investing in new markets,” he said.
The minister added that Nigeria was focused on maximising gains from the current oil price environment to boost revenue generation, address supply-side challenges and manage inflationary pressures.
“So overall, excitement, better days ahead,” Oyedele added.
