The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this alongside the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, at the closing press briefing of the International Monetary Fund (IMF) and World Bank annual meetings in Bangkok, Thailand.
Oyedele said the government’s priorities included sustaining economic reforms, reducing inflation and borrowing costs, attracting investment and creating jobs.
The seven per cent growth target exceeds the IMF’s projection for Nigeria in 2027. Oyedele expressed confidence that stronger economic performance could be achieved through consistent policies and measures to address food prices, energy costs, logistics and other pressures affecting households and businesses.
He argued that reducing inflation to single digits would create room for lower interest rates and make borrowing more affordable for businesses and consumers.
“There will be no return to fresh subsidies, or multiple exchange rates,” the minister said.
Oyedele warned that reversing the economic reforms could weaken investor confidence, encourage capital flight and increase pressure on the naira.
Addressing the Nigerian National Petroleum Company Limited’s recent reduction in petrol retail margins, he described the move as a commercial decision rather than a return to government-funded subsidies.
According to him, the company was seeking to attract customers through lower margins, with the possibility of offsetting reduced earnings per litre through higher sales volumes.
The finance minister also highlighted Project Nigeria, an investment initiative comprising 65 projects with an estimated combined value of $78.5 billion.
The projects cover key sectors, including energy, transport, industry, mining, agriculture, healthcare and urban services.
Oyedele said feasibility studies had been completed and that prospective investors from Asia and Europe had expressed interest in the projects.
However, the $78.5 billion represents the estimated value of the project pipeline rather than funding already secured or money invested. The projects still require investment commitments and implementation.
Both Oyedele and Cardoso stressed that predictable policies would be essential to converting investor interest into long-term financial commitments.
Cardoso said recent economic indicators showed progress towards macroeconomic stability, citing a decline in headline inflation to 14.63 per cent in September 2026 from approximately 34.8 per cent at the end of 2024.
He also disclosed that Nigeria’s external reserves had exceeded $55 billion, their highest level in about 18 years.
The CBN governor said the Monetary Policy Rate had been reduced from 26.5 per cent to 23 per cent as inflation moderated, while emphasising that bringing inflation into single digits remained a medium-term objective.
Cardoso further stated that the gap between the official and parallel foreign exchange rates had narrowed from a peak of approximately 60 per cent to between three and four per cent.
He said the improvement had strengthened confidence in the foreign exchange market and created better conditions for long-term financing in naira, potentially reducing currency risks associated with foreign borrowing.
According to him, private capital inflows increased from about $300 million in 2023 to nearly $6 billion in 2026.
He added that the banking sector’s recapitalisation exercise had raised approximately ₦4.65 trillion, with domestic investors contributing more than 70 per cent of the total.
Cardoso said stronger capitalisation would enhance banks’ capacity to support businesses, households and major investment projects.
Oyedele also called for reforms to the international financial system, arguing that developing economies faced significantly higher borrowing costs that constrained investment in infrastructure, public services and employment.
He cited estimates that developing countries pay approximately $500 billion more annually to borrow than advanced economies, describing the additional burden as a “prejudice premium”.
His proposals included greater representation for developing countries at the IMF, more transparent credit-rating processes, stronger local-currency capital markets and improved access to climate finance.
He also supported the establishment of an African credit-rating agency to provide assessments that better reflected the continent’s economic conditions and investment opportunities.
On employment, Oyedele warned that artificial intelligence and other emerging technologies could create significant challenges for countries that failed to prepare their workforces.
Estimates presented at the briefing suggested that 1.2 billion people could enter the global labour market over the next 10 to 15 years, while approximately 400 million new jobs could be created, leaving a potential shortfall of 800 million jobs.
The minister said economic progress should be measured not only by investment flows and gross domestic product growth but also by employment opportunities and improvements in living standards.
He called for greater investment in skills, technology and businesses capable of employing more people, while urging policymakers to ensure that the benefits of artificial intelligence were widely shared.
Cardoso also highlighted potential risks associated with AI, particularly to financial stability and cybersecurity. He said Nigeria needed a strategy to harness the technology’s productivity gains while protecting its financial system.
He disclosed that the CBN had invited AI specialists to brief its board on the technology’s opportunities and risks.
The Nigerian delegation also held discussions with international partners on electricity, infrastructure, fiscal management, transparency, statistics, healthcare, energy and financial integrity.
The World Bank highlighted financing instruments that could support power and infrastructure projects, while the IMF indicated that technical assistance would continue in areas including fiscal implementation and statistics.
Other engagements involved the Japan International Cooperation Agency, the Islamic Development Bank, the United States Treasury and the European Union.
Oyedele described the discussions as commitments to continued cooperation rather than announcements of new funding.
He said the government’s economic reforms needed to translate into tangible improvements in Nigerians’ living standards, urging greater public understanding of the policies and their intended outcomes.
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