Oyedele Rules Out Restoration Of Fuel Subsidy 

 Nigeria has again ruled out any return to fuel subsidy and price controls, declaring that the country remains committed to market-driven reforms as it positions itself to attract fresh global energy investments amid shifting geopolitical realities.Power sector updates

Speaking recently during engagements with global investors in Paris, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the Federal Government would not reverse its fuel subsidy removal policy despite economic pressures.

“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 noted that current global energy uncertainties, particularly tensions involving Iran, were creating fresh opportunities for Nigeria to position itself as an alternative energy investment destination.

“The situation in Iran presents new opportunities for us as the world looks to diversify sources of energy and invest in new markets,” he said.

Oyedele also highlighted what he described as strong economic performance by Nigeria in 2025, stating that the country recorded an 11.2 per cent Gross Domestic Product, GDP, growth rate in dollar terms.

According to him, the growth trajectory reinforces the Federal Government’s ambition of building a $1 trillion economy by 2030 through sustained reforms, investment attraction, and economic diversification.

“Nigeria recorded a strong GDP growth rate of 11.2% in US dollar terms in 2025 reinforcing the country’s ambition to achieve a $1 trillion economy by 2030,” he added.

The comments come as the Federal Government intensifies efforts to attract foreign direct investments into the energy, infrastructure, manufacturing, and technology sectors following sweeping economic reforms initiated under the current administration.