Nigeria targets 7% growth as Oyedele defends tax reforms, ‘Nigeria rising’ narrative

Nigeria is targeting annual economic growth of 7 per cent, above the International Monetary Fund’s (IMF) projections, as the Federal Government intensifies efforts to reform the tax system, reduce inflation and improve the business environment.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this at the 2026 IMF-World Bank Meetings in Bangkok, Thailand, where he defended the government’s “Nigeria Rising” narrative as a reflection of ongoing economic reforms.

Oyedele said the initiative was designed to communicate changes taking place in Nigeria and challenge international perceptions that, in the government’s view, do not fully reflect the country’s economic progress.

Speaking at the closing press briefing, the minister said he observed growing interest in Nigeria among international stakeholders, which he attributed to the government’s reform programme.

He identified the overhaul of the country’s tax system as a major component of the reforms, noting that the government had rewritten Nigeria’s tax framework within two years.

According to him, the combined impact of tax changes and broader economic measures could place the country on a path towards sustainable growth and shared prosperity.

“If you put all of this together, it means one thing: that we are on the path to a celebrated growth that is sustainable, and ultimately to deliver shared prosperity to our people,” he said.

Oyedele urged Nigerians to pay attention to emerging economic opportunities, saying, “Everywhere you look, there’s an opportunity. But you need to look for the opportunity.”

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The minister said the government was working towards 7 per cent economic growth, significantly higher than the IMF’s projections for Nigeria over the next two years.

“We expect growth that is much higher than what the IMF is projecting for Nigeria. Our target is to get to 7% growth rates,” he said.

He attributed the growth ambition to planned interventions addressing structural constraints, inflation and the cost of doing business.

However, achieving the target would require a substantial acceleration in economic activity, supported by stronger investment, productivity and business expansion.

Oyedele identified food, energy and logistics costs as major sources of inflationary pressure, saying efforts to address them would help reduce inflation and borrowing costs.

He argued that bringing inflation down to low single digits could create conditions for single-digit interest rates, improving access to credit for businesses and encouraging investment.

The minister highlighted the pressure of high lending rates on companies, noting that some businesses were recording growth of about 30 per cent while the wider economy expanded at a much slower pace.

“Imagine that prime lending is close to 30 per cent. Your top business is growing at 30 per cent and you are still growing at 4.5 per cent. Just imagine what is possible when they borrow at a single digit,” he said.

He also pointed to improved performance in the foreign exchange market, saying it had helped strengthen the inflation outlook, although pressures from food, energy and logistics remained.