A Nigerian policy advocacy group has called on President Bola Tinubu to press ahead with his economic reforms, warning that the approach to the 2027 general elections must not derail ongoing progress.
At a press briefing in Abuja on Tuesday, Omoniyi Akinsiju, Chairman of the Independent Media and Policy Initiative (IMPI), said the government’s structural adjustments had begun yielding positive results, citing improved macroeconomic indicators and growing confidence from global financial bodies.
“There’s a growing international consensus recognising the effectiveness of President Tinubu’s economic agenda,” Akinsiju stated. “This is not the time to lose steam. The focus must remain on inclusive economic growth that benefits all Nigerians, not just investors.”
The IMPI’s comments come amid a broader discussion of Nigeria’s economic trajectory. In recent months, Moody’s Ratings upgraded Nigeria’s credit status, raising it to B3 due to gains in external liquidity and fiscal management. In a similar move, Fitch Ratings boosted Nigeria’s outlook to B stable in April, attributing the change to policy reforms initiated since mid-2023.
The World Bank also acknowledged progress in its “Nigeria Development Update”, highlighting enhanced revenue mobilisation and forecasting a 3.4% economic growth rate for 2024—its strongest performance in a decade outside of the COVID-19 recovery period.
Akinsiju cited these developments as evidence that the reforms are beginning to stimulate employment and economic activity, particularly within the services sector. While unemployment remains a persistent challenge, he noted early signs of improvement, calling for sustained momentum.
He also referenced a recent analysis by the Financial Times, which concluded that Nigeria’s economy is in better condition than at any point over the past 10 years. However, the report also noted the paradox faced by many Nigerians, who are experiencing a severe cost-of-living crisis despite improving macroeconomic indicators.
“The reforms are painful, yes,” Akinsiju acknowledged, “but there is a shift occurring. Jobs are being created, confidence is rising, and Nigeria is regaining its footing.”
The think tank concluded by urging President Tinubu to maintain his reformist posture, asserting that long-term benefits will only materialise if the current path is pursued without political interference.
