The Federal Government has unveiled plans to introduce five major fiscal reforms aimed at attracting investors, improving the business environment and boosting economic growth.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, announced the reforms on Wednesday at the Nigerian Investors’ Forum in Bangkok, Thailand, held alongside the World Bank and International Monetary Fund annual meetings.

The reforms will focus on agriculture and food security, electricity, regulation, inflation management and data management.

Oyedele says the government plans to address food inflation by tackling its underlying causes, while also developing strategies to improve electricity supply and efficiency in the power sector.

He adds that the government is working to reduce excessive regulations and the cost of doing business, which he says places a significant burden on businesses.

The minister also says the government is finalising plans to make reliable fiscal data more accessible through the Ministry of Finance’s website to improve transparency and investor confidence.

He says the reforms will have clear responsibilities and timelines, as the government seeks to promote sustainable economic growth and attract more investment into Nigeria.