The Federal Government has ruled out a return to fuel subsidy and multiple exchange rates, reaffirming its commitment to ongoing economic reforms despite concerns raised by international investors and development partners.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated this on Saturday during a briefing following Nigeria’s participation in the International Monetary Fund and World Bank Group Annual Meetings in Bangkok, Thailand.
Oyedele explained that the 30-day retail margin discount on petrol recently introduced by the Nigerian National Petroleum Company Limited was a temporary commercial measure aimed at reducing profit margins and providing relief to Nigerians.
Nigeria’s Economy Records 4.4% GrowthProviding an update on the economy, Oyedele said Nigeria recorded 4.4 per cent growth in the second quarter of 2026, while inflation had declined for four consecutive months to less than half its peak level recorded about two years ago.
According to him, private capital inflows increased nearly 20-fold, rising from about $300m in 2023 to almost $6bn in 2026.
Oyedele described Nigeria’s debt profile as manageable at approximately 36 per cent of GDP, noting that the government was gradually shifting its borrowing towards cheaper, longer-term and more affordable financing options.
FG Unveils $78.5bn Investment ProjectsAs part of efforts to attract more investments, the minister announced that the government had unveiled 65 investment projects valued at $78.5bn under the Project Nigeria initiative.
He said the projects covered energy, transportation, industry and mining, agriculture, healthcare and services.
According to him, each project is backed by a feasibility study and structured to accommodate participation by local and foreign private investors.
Oyedele disclosed that investors from Asia and Europe had already submitted expressions of interest in some of the projects.
World Bank, IMF Pledge Continued Support
On international cooperation, Oyedele said the World Bank Group had reaffirmed its support for Nigeria’s power and infrastructure sectors through guarantees and other financing mechanisms.
He also said the IMF had committed to providing continued technical assistance in fiscal policy implementation, transparency and national statistics.
According to the minister, the Islamic Development Bank and other multilateral institutions expressed readiness to expand sustainable financing, while the United States Treasury offered deeper technical cooperation in fiscal policy, administration and financial integrity.
