…urges removal of trade barriers, stronger regional integration as AfDB chief puts intra-African trade at just 15%
By Gloria Ikibah 
The Minister of Finance and Coordinating Minister of the Economy, Prof. Taiwo Oyedele, has said that Nigeria’s economic reforms can offer valuable lessons for African countries seeking sustainable growth, stronger regional trade and improved living standards.
Oyedele spoke on Wednesday at the Africa’s Golden Future Forum in Bangkok, Thailand, where he highlighted the importance of carefully sequencing economic reforms, maintaining consistent policy communication and building public trust.
He identified fuel subsidy removal, foreign exchange liberalisation and tax reform as key pillars of Nigeria’s economic reform programme, stressing that the order in which policies are implemented could determine their impact on citizens and businesses.
According to the minister, removing the fuel subsidy before liberalising the foreign exchange market helped the government manage the effects of rising costs.
He said effective communication, strong institutions and policy consistency were essential to sustaining reforms and securing public confidence.
Oyedele added that Nigeria’s reform programme was laying the foundation for inclusive growth, job creation and economic expansion, but stressed that African countries must also tackle structural challenges restricting trade and investment across the continent.
He called for the removal of trade barriers, improved infrastructure and deeper regional integration to unlock the opportunities presented by the African Continental Free Trade Area (AfCFTA).
The minister said Nigeria was developing an economic policy framework to align trade, fiscal and monetary policies, improve coordination and strengthen the impact of government decisions.
He also identified energy, logistics, storage and processing infrastructure as critical requirements for boosting African trade and making businesses across the continent more competitive.
Oyedele highlighted Nigeria’s National Single Window initiative, which is designed to simplify border procedures, reduce delays and improve the efficiency of international trade.
Reforms must protect vulnerable citizens
The finance minister also emphasised the need to cushion vulnerable Nigerians against the effects of economic reforms through effective social protection programmes.
He disclosed that Nigeria’s cash transfer programme had reached more than 10 million households, while over 1.5 million students had benefited from education support.
The measures, he said, formed part of efforts to ensure that economic reforms translated into tangible benefits for citizens rather than imposing an unbearable burden on households.
His remarks come amid continuing efforts by the Federal Government to stabilise the economy, improve revenue generation and create conditions for sustainable investment and growth.
Oyedele’s message to African countries was that successful reforms required more than policy announcements, with careful implementation, public trust and measures to protect vulnerable groups remaining crucial to achieving lasting results.
Also speaking at the forum, the President of the African Development Bank (AfDB), Sidi Ould Tah, called on African governments to move beyond policy commitments and ensure reforms delivered practical results.
Ould Tah said the bank had supported economic reforms in Nigeria and Egypt through budget support and was working with development partners to expand electricity access across Africa.
He cited Mission 300, an initiative launched with the World Bank and other partners to connect 300 million Africans to electricity by 2030, as an example of the scale of cooperation required to close the continent’s infrastructure gap.
According to him, more than 30 African countries had signed energy compacts requiring coordinated reforms, infrastructure investment and greater private sector participation to expand electricity access.
The AfDB president said improving access to reliable electricity was essential to supporting businesses, creating jobs and strengthening economic productivity across the continent.
He also drew attention to Africa’s limited level of internal trade, noting that intra-African trade accounted for about 15 per cent of the continent’s total trade, compared with between 40 and 60 per cent in other regions.
The figures, he said, highlighted the need for African countries to deepen economic cooperation, improve transport and energy links, and remove obstacles preventing goods and services from moving freely across borders.
Infrastructure financing key to integration
Ould Tah said the AfDB devoted more than 60 per cent of its financing to infrastructure, including regional projects designed to improve connectivity and promote continental integration.
He also highlighted the African Development Fund’s regional financing mechanism, which can cover up to 90 per cent of eligible regional projects involving more than two African countries.
The arrangement is intended to help close financing gaps that frequently delay or prevent cross-border infrastructure projects involving multiple countries.
For African economies to benefit fully from the AfCFTA, he said, governments must complement trade agreements with investments in roads, electricity, logistics and other infrastructure needed to connect markets and support production.
The discussions at the forum underscored the importance of linking domestic economic reforms with broader continental efforts to expand trade, strengthen infrastructure and attract investment.
While Oyedele highlighted Nigeria’s reform experience as a source of lessons for other African countries, Ould Tah stressed that the continent’s progress would depend on governments translating policy commitments into practical outcomes.
Together, their remarks pointed to the need for stronger institutions, coordinated economic policies and sustained regional cooperation to turn Africa’s trade and development ambitions into measurable improvements in living standards.
