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(Bloomberg) — Nigeria’s newly appointed Finance Minister Taiwo Oyedele has ruled out a return to government subsidies and price controls, reassuring the country’s bondholders that he will stick with reforms started by his predecessor.
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“We will not bring back subsidy because it creates distortion in the economy, and we will not introduce price controls because we believe in markets,” Oyedele said in a statement posted on X after meeting investors that included Amundi SA Chief Executive Officer Valerie Baudson, representatives from Citigroup Inc and investment managers PGIM on Tuesday in Paris.
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Oyedele’s first trip abroad as finance minister since replacing Wale Edun last month was as part of a delegation led by President Bola Tinubu that also included the head of Nigeria’s debt management office Patience Oniha.
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Tinubu, who is seeking re-election in January for another four year term, introduced reforms in 2023 that removed import bans, liberalized the foreign exchange market and ended a costly subsidy regime. Those reforms were led by Edun, who Tinubu removed on April 21.
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Oyedele, who the president previously appointed to overhaul the nation’s tax laws, inherits an economy saddled with double-digit inflation.
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Monthly prices rose to a more than two-decade high in March, after the Iran war sent energy costs surging. The conflict, however, “presents new opportunities” for Nigeria as the world looks to diversify sources of energy and invest in new markets, Oyedele said.
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Africa’s top crude producer is also looking to get “the optimal outcome” from current elevated oil prices, “to be able to mobilize more revenue” and manage inflation as much as possible, he said.
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