Atedo Peterside, founder of Stanbic IBTC Bank Plc and Anap Foundation, has expressed concerns that President Bola Tinubu's economic reform policies have had a disproportionate impact on Nigerians. According to Peterside, the reforms have largely benefited wealthy citizens, while low-income earners struggle to meet their basic needs. This criticism was made during an interview with Arise Television on Monday. Peterside's comments highlight the need for a more inclusive economic policy that addresses the challenges faced by all Nigerians.
Peterside argued that the economic reforms have produced different outcomes for Nigerians, depending on their socio-economic status. While middle and upper-income earners may have benefited from developments in the financial markets and other investment opportunities, the majority of Nigerians have become worse off due to rising living costs and declining purchasing power. He cited the example of low-income workers who struggle to eat two meals a day and pay their bills, noting that about 100 million Nigerians face similar challenges.
The economist maintained that the government had failed to put sufficient social protection measures in place to cushion vulnerable Nigerians against the effects of its economic policies. The absence of effective safety nets has left millions of households exposed to the consequences of the reforms, particularly the rising cost of food and other essential commodities. Peterside emphasized that this has exacerbated the economic hardship faced by low-income earners.
Citing 2025 poverty data from TheCable Index, Peterside highlighted significant disparities in poverty levels across Nigeria's geopolitical zones. He noted that deprivation was particularly pronounced in the North-West, North-East, North-Central, and South-South regions. According to him, only about 12 states and the Federal Capital Territory have poverty rates below 50 per cent. This geographical concentration of poverty means that Nigerians' experiences and assessments of the government's economic reforms can differ considerably depending on where they live.
Peterside suggested that policymakers might not fully understand the depth of economic hardship in some parts of the country because they are not sufficiently exposed to the living conditions of affected communities. He stressed that providing adequate social protection for vulnerable citizens should have been a central component of the government's reform programme. Without effective interventions to support low-income households, the benefits of economic reforms will remain unevenly distributed.
The Anap Foundation founder noted that most of the states recording poverty rates below the threshold are in the South-West, alongside Anambra State in the South-East and Edo and Delta states in the South-South. He emphasized that high poverty in Nigeria is largely a zonal problem, affecting the North-West, North-East, North-Central, and South-South regions. This zonal concentration of poverty underscores the need for targeted interventions to address the specific challenges faced by these regions.
Peterside concluded that without effective interventions to support low-income households, millions of Nigerians will continue to struggle with worsening living conditions. He emphasized that policymakers must prioritize the needs of vulnerable citizens and develop policies that promote inclusive economic growth. By doing so, the government can ensure that the benefits of economic reforms are shared equitably among all Nigerians.
Key points
- Atedo Peterside criticizes President Tinubu's economic reforms for favoring wealthy Nigerians while deepening poverty among low-income earners.
- The economic reforms have produced different outcomes for Nigerians, depending on their socio-economic status.
- Peterside emphasizes the need for adequate social protection measures to cushion vulnerable Nigerians against the effects of economic policies.
