Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, has defended the economic reforms initiated by President Bola Tinubu, describing them as difficult but necessary steps toward macroeconomic stability and national recovery.

Speaking through the Special Adviser to the President on Finance and Economy, Sayande Okoli, at the 13th BusinessDay CEO Forum held in Lagos, the Minister said the removal of fuel and foreign exchange subsidies was critical in restoring investor confidence and laying the groundwork for long-term growth.

“The theme of this year’s summit, ‘From Reform to Recovery’, aptly captures Nigeria’s current economic journey,” Okoli said. “Over the past two years, we’ve been undertaking bold and necessary reforms.”

Edun noted that the reforms were strategically phased, with the first phase beginning on President Tinubu’s first day in office when he announced the end of the fuel subsidy.

“As part of the transition team, I represented Nigeria at the World Bank/IMF Spring Meetings in April 2023,” Okoli said, quoting the minister. “The feedback was unanimous: until we address the twin evils of fuel and foreign exchange subsidies, investors won’t engage. President Tinubu’s immediate action on May 29 was not unplanned; it was urgent and deliberate.”

She said the government understood that while the decision to eliminate subsidies was made instantly, its impact would take time to settle. The second phase of the reform agenda, she added, focused on stabilising the macroeconomic environment, which had been shaken by inflation and currency depreciation following the FX liberalisation.

“Once subsidies were removed, the naira depreciated and inflation surged. Stability became a priority because no investor would come into an unstable environment,” she said.

Okoli, who applauded the organisers of the forum, said government officials must continue to engage with business leaders, listen, and respond to evolving economic realities.

“For someone who sits in a senior government position, attending sessions like this and taking notes is crucial,” she said. “What businesses, media, and other policymakers say must inform our approach.”

The BusinessDay CEO Forum, now in its 13th year, convenes corporate executives, policymakers, and thought leaders to discuss critical issues affecting the Nigerian economy and private sector.