Oyedele: Nigeria to Become a Model for Africa’s Economic Transformation

Nigeria is poised to become a model of economic transformation in Africa, according to the reforms carried out under President Bola Tinubu’s administration, which have boosted investor confidence and broadened opportunities in key sectors of the country’s economy.

Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, made the statement while speaking to journalists at the two‑day Africa CEO Forum in Kigali.

Oyedele explained that the reforms were difficult but essential for building long‑term economic stability, sustainable growth, and national competitiveness.

He added that Africa’s development dialogue has moved from rhetoric to tangible action, emphasizing scale, speed, institutional credibility, and sustainable transformation.

Oyedele highlighted Nigeria’s position as the continent’s largest economy by population and market potential, noting that bold reforms can deliver measurable results when pursued with political will and strategic commitment.

He said, “From the AFRICA CEO Meeting, Nigeria has undertaken many transformative reforms that show Africa not only has to say what it should do but also can do it. Nigeria, the largest economy by scale, opportunity, and population, has proven that these reforms are achievable.”

“It wasn’t meant to be easy, but it was necessary, and we are now on the path to reap the benefits of those reforms. Africa is at a point where the conversation is about scale, speed, and credible institutions,” he continued.

“How can we bring Africans together so the world pays attention to us?” Oyedele asked. “We need to address issues such as raising finance for development, moving beyond extraction to value addition, and stimulating growth in labour‑intensive sectors—agriculture, manufacturing, industry, services, and technology—to lift people out of poverty.”

He added that leaders in the room recognized that rhetoric was over and execution was now required.

Oyedele described President Tinubu as the country’s “chief marketer,” noting that the president has led high‑level engagements to attract investment into critical sectors, including power, mining, port development, and private enterprise.

He said the forum discussions focused on mobilising investment, expanding industrial capacity, and supporting private‑sector growth as part of broader efforts to reposition Nigeria and Africa for inclusive prosperity.

“One exciting thing about the President is that he never tires of marketing Nigeria. He is the chief marketer for the country,” Oyedele said. “We had several discussions, mainly on economic opportunities and how to mobilise more investment, particularly in power, and we also had interesting talks about mining and supporting private businesses.”

Oyedele stated that Nigeria is now telling a more credible economic story backed by concrete reforms and demonstrable leadership, emphasizing that Tinubu’s track record and reform agenda have strengthened investor confidence.

The minister also highlighted Tinubu’s bilateral meeting with the president of Guinea, describing it as a productive discussion focused on regional cooperation, development partnerships, and economic integration.

He said Tinubu praised Guinea’s continued commitment to the Economic Community of West African States, despite pressures to withdraw, calling it a sign of belief in regional unity and collective progress.

Both leaders explored collaboration opportunities in areas such as iron‑ore development and broader economic partnerships, stressing that African countries can achieve more through cooperation and shared initiatives.

Oyedele emphasised the need for African nations to work together to address challenges in development financing, industrialisation, value addition, poverty reduction, and growth in labour‑intensive sectors, including agriculture, manufacturing, technology, and services.

The minister said that leaders at the Africa CEO Forum acknowledged that mere declarations were past, and that Africa must now focus on implementation, execution, and building strong institutions capable of driving sustainable growth across the continent.

He concluded that this is a significant moment for Nigeria and Africa, noting that the current generation of leaders has a unique opportunity to shape a stronger and more prosperous future for the continent.