Economic and finance experts have welcomed President Bola Ahmed Tinubu's recent address on Nigeria's economic reforms and future growth prospects. In his 66th Independence Day address, President Tinubu assured Nigerians that the country is on the path to prosperity, following a period of hard times associated with bold reforms implemented since 2023. The experts outlined key areas that the government needs to focus on to achieve inclusive growth and development.
The experts, including Dr. Femi Ademola, Managing Director of AIICO Capital, and Prof. Uche Uwaleke, President of the Association of Capital Market Academics, noted that the government has built a strong foundation for growth. They cited macroeconomic stability, sustained national growth, predictable currency stability, growing foreign exchange reserves, and rising oil and non-oil exports as key achievements. These fundamentals, they argued, provide a solid base for the next phase of reforms centered on inclusive growth, jobs, commerce, and productivity.
Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), praised the President's speech for its clarity and acknowledgment of the difficulties faced by citizens. He noted that progress has been made in stabilizing macroeconomic fundamentals, including GDP, inflation, and overall economic results. However, Yusuf emphasized that the primary challenge moving forward is transmitting macroeconomic stability into tangible improvements in productivity and citizen welfare.
The experts also highlighted the need for a collaborative approach across all tiers of government to achieve shared prosperity. Dr. Yusuf advised the Federal Government to focus its limited fiscal space on high-level priorities, including defense and security, energy infrastructure, major highways repairs, and debt service management. He also suggested that subnational governments should take ownership of localized services such as education, healthcare, roads, and transportation.
Other experts, including Mr. Olatunde Amolegbe, Managing Director of Arthur Steven Asset Management, and Dr. Samson Galadima Simon, Chief Economist at ARKK Economics and Data Limited, emphasized the need for urgent intervention to support the most vulnerable in society. Amolegbe suggested that a state of emergency should be declared to repair state and federal roads, which would help reduce transport costs and bring relief to the populace.
The experts also stressed the importance of improving security to make farms, factories, and markets safe. Dr. Ademola noted that while fixing macroeconomic issues is the responsibility of governments, microeconomic issues require the involvement of firms and individuals. He emphasized that the government needs to create an enabling environment, but private investment and labor are necessary to drive production and reduce the cost of living.
The experts' suggestions and praise for President Tinubu's speech highlight the need for a multi-faceted approach to achieve inclusive growth and development in Nigeria. The government's focus on jobs, enterprise, and industrial growth, as well as its efforts to strengthen direct support for the poorest households, were welcomed by the experts. They also emphasized the importance of careful implementation and monitoring of these initiatives to ensure their effectiveness.
Key points
- Experts praise President Tinubu's economic reforms and message on prosperity
- Government needs to focus on inclusive growth, jobs, and commerce to achieve sustainable development
- Experts emphasize the need for a collaborative approach across all tiers of government to achieve shared prosperity
