Nigeria, May 31 -- The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said the economic volatility that followed the removal of petrol subsidy and reforms in the foreign exchange market was unavoidable.

Mr Oyedele stated this in an interview with The African Report.

According to him, the reforms were necessary to address distortions created by years of fuel and foreign exchange subsidies.

"If you think about where we started, about three years ago, it was a situation where there was a lot of economic distortion, particularly coming from fuel subsidy, FX subsidy and a lot of other market distortions," he said.

He noted that the government anticipated short-term consequences, including increases in fuel...