Nigeria Signals Economic Shift: Oyedele Courts Global Investors in Paris with Market-Driven Reform
PARIS, France – Building on the momentum of his three-nation diplomatic tour, President Bola Ahmed Tinubu, accompanied by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, met with a high-powered consortium of global investors in Paris on Tuesday, May 5, 2026.
The engagement served as a platform for the Nigerian delegation to reaffirm the administration’s commitment to market-driven reforms, focusing on transparency, fiscal discipline, and a definitive departure from distortionary economic policies.
No Return to Fuel Subsidy
Addressing global financial giants—including representatives from Citibank, Amundi, and Prudential Global Investment Management—Minister Oyedele shut down rumors regarding the potential reinstatement of petrol subsidies.
“We will not bring back fuel subsidy because it creates distortions for the economy, and we won’t introduce price control because we believe in the market,” Oyedele stated.
The Minister emphasized that while the transition has been challenging for citizens, the removal of the subsidy “burden” has already led to greater stability in foreign exchange and allowed for more strategic allocation of national resources.
The $1 Trillion Ambition
The delegation presented a strong case for Nigeria’s growth trajectory, highlighting that the country recorded 11.2% GDP growth in dollar terms in 2025. Oyedele noted that this performance is a cornerstone of the President’s goal to transition Nigeria into a $1 trillion economy by 2030.
To bolster investor confidence, the Finance Ministry pledged to:
Publish Quarterly Financial Data: Enhancing transparency in government spending and revenue.
Support MOFI Initiatives: Leveraging the Ministry of Finance Incorporated to drive counterpart funding for critical infrastructure.
Maintain Policy Consistency: Ensuring that the regulatory environment remains predictable through 2027 and beyond.
Strategic Infrastructure: From Paris to Nigeria’s Rail
The Paris talks follow closely on the heels of the Federal Executive Council’s (FEC) landmark approval of $2.99 billion for three major urban rail projects:
1. Lagos Green Line (Phase 1A): Connecting Marina to the Lekki Free Zone.
2. Kano Metro City Rail: Modernizing northern commercial logistics.
3. Kaduna Light Rail: Improving intra-city mobility.
Minister Oyedele explained to investors that these projects, funded through the 2025 and 2026 fiscal cycles, are essential to reducing the N3.8 trillion annual economic loss caused by traffic congestion in hubs like Lagos.
Security and Energy Diversification
President Tinubu also used the forum to outline a multi-pronged security strategy, including police decentralization and the disruption of terrorist financing, which he identified as vital for protecting foreign direct investment (FDI).
He further noted that the current global energy landscape, particularly tensions in the Middle East, presents a unique opportunity for Nigeria to position itself as a diversified and reliable energy partner for the world.
The President’s tour continues to Nairobi, Kenya, where he will attend the Africa-France Summit to further solidify these regional and global economic ties.
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