Nigeria Shifts Growth Strategy to Private Capital Financing

Finance Minister Taiwo Oyedele announced that Nigeria is shifting its economic growth strategy to rely on domestic and foreign private capital rather than further state borrowing. Speaking at Chatham House in London on October 21, Oyedele confirmed that the petrol subsidy remains abolished and is "staying gone."

These reforms, initiated under President Bola Tinubu, have stabilized foreign reserves and public finances but triggered a severe cost-of-living crisis. To mitigate the impact, the government is providing cash transfers to approximately 10 million households. Oyedele reported that inflation has dropped to 14.63% from 21% the previous year, with the administration aiming for low single digits.

While the International Monetary Fund projects growth of 4.2% to 4.3% for 2026-2027, the Nigerian government has set a more ambitious target of 7% average annual growth over the next five years.