ABUJA, July 7 – Nigeria has moved beyond the most difficult stage of its economic reforms, with signs of improving macroeconomic stability after a series of policy changes introduced by the current administration.
Speaking at the Nigeria Employers’ Summit 2026 in Abuja, organised by the Nigeria Employers’ Consultative Association (NECA), the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the reforms were necessary to prevent the country from slipping into fiscal insolvency.
According to the minister, Nigeria’s finances had become unsustainable before the reforms, with most oil revenue going to fuel subsidy payments while non-oil revenue was largely used to service debt. As a result, little funding was available for infrastructure and other public services.
He said the reforms, although difficult for many Nigerians, have helped lay a stronger foundation for economic stability, improve investor confidence and position the country to attract more foreign direct investment, adding that the next priority is to build on those gains and drive inclusive economic growth.
Addressing concerns over government borrowing, the minister said public debt should be viewed as a financial tool for supporting economic development rather than as a sign of failure. He also noted that the recent tax reforms were designed to protect low-income households and small businesses while ensuring higher earners contribute more to public financing.
Meanwhile, business leaders and economic experts at the summit acknowledged signs of improving economic stability but urged the government to ensure the progress translates into lower business costs and improved living conditions.
Representatives from the Centre for the Promotion of Private Enterprise, the Nigerian Economic Summit Group and the National Health Insurance Authority also called for greater investment in infrastructure and stronger healthcare financing to support long-term economic growth.
