PARIS, France: Nigeria‘s Coordinating Minister of the Economy and Minister of Finance, Taiwo Oyedele, stated on Tuesday, May 5, 2026, that the Federal Government of Nigeria will not reintroduce economic subsidies or impose price controls.
Okay News reports that Oyedele addressed the policy direction following an engagement with global investors in the city. “We will not bring back subsidies, and we will not introduce price controls because we believe in markets. “At the same time, we will ensure that regulation is responsible so that no supplier, trader, or manufacturer takes advantage of the Nigerian people,” Oyedele said.
The minister explained that the administration is focused on building a system where market forces determine prices within a framework that prevents abuse and promotes fairness. He referenced global developments regarding Iran and the energy sector. “We see all the issues happening in Iran. While that is unfortunate, we also see opportunities as the world looks to diversify into new energies and invest in new markets,” Oyedele said.
Oyedele stated that Nigeria is positioning itself to benefit from shifting global dynamics by maximizing gains from current price regimes and channeling revenues into productive use. “We will be able to mobilise revenue and spend that productively to increase supply, manage inflation, and ensure better outcomes for the economy,” Oyedele said.
The minister closed his presentation by outlining his expectations for the economic direction of the country. “Overall, we are excited. Better days are ahead for Nigeria,” Oyedele said.
