Olayiwola Matthew
At a high-level engagement with international investors in Paris, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, reaffirmed the government’s commitment to market-driven reforms, firmly ruling out a return to fuel subsidies and price controls.
Speaking during the session, Oyedele emphasised that reinstating fuel subsidies would distort the economy, while price controls would undermine the efficiency of market forces.
“We will not bring back fuel subsidy because it creates distortions for the economy, and we won’t introduce price control because we believe in the market,” he said.
The minister highlighted Nigeria’s improving economic outlook, noting that the country recorded a strong GDP growth rate of 11.2 per cent in U.S. dollar terms in 2025. He described the performance as a signal of resilience and a key step toward achieving Nigeria’s ambition of becoming a $1 trillion economy by 2030.
Oyedele also pointed to shifting global energy dynamics as an opportunity for Nigeria to attract fresh investment. Referring to geopolitical developments in Iran, he said that the evolving situation is prompting countries to diversify their energy sources and explore new markets.
“The situation in Iran presents new opportunities for us as the world looks to diversify sources of energy and invest in new markets,” he added.
