Oyedele rules out subsidies and price controls in Nigeria
Updated
Updated · Bloomberg · May 6
Oyedele rules out subsidies and price controls in Nigeria
9 articles · Updated · Bloomberg · May 6
On his first trip abroad as finance minister, he told investors in Paris on Tuesday, including Amundi CEO Valerie Baudson, Citigroup representatives and PGIM managers.
Oyedele said restoring subsidies would distort the economy and that the government would avoid price controls because it believes in markets.
The remarks were aimed at reassuring Nigeria's bondholders that he will maintain the reform path pursued by his predecessor.
Will Nigeria's promises to investors be enough to overcome its massive deficit and deep-seated corruption?
Can Nigeria's market reforms succeed while its citizens face a severe housing and cost-of-living crisis?