Mixed Reactions to Nigeria’s Economic Recovery
Nigerians have shared a range of opinions regarding the state of their country’s economy, with many expressing concerns about its performance over the past 65 years. These views were gathered in interviews conducted by Daily Trust, with respondents urging the federal government to take decisive steps to revive the economy.
President Bola Ahmed Tinubu recently announced that the economy has shown signs of recovery, citing improvements in the local currency and foreign reserves. However, this optimism is tempered by the skepticism of many citizens who feel the economy still faces significant challenges.
Concerns Over Debt and Governance
Adu Abiodun voiced his worries about the borrowing practices of successive administrations, which he believes have led to a substantial debt burden without fostering sustainable economic growth. He compared Nigeria to an old man at 65 who is still struggling to find his footing.
‘Nigeria is like an old man at 65, who has obviously advanced in age but is still struggling to figure out life. There’s a syndrome bedeviling the nation, and from diagnosis, it’s a case of two steps forward and ten steps backward.’
Abiodun highlighted the efforts of former President Obasanjo, who managed to clear Nigeria’s debts, setting a trajectory for economic growth. However, subsequent leaders have accumulated debts that could burden future generations.
He urged leaders to focus on governance rather than partisan politics, emphasizing that misplaced priorities are a major issue in the country.
Optimism Amid Challenges
Paul Oyewusi, on the other hand, expressed optimism about the current administration’s policies, describing them as a path toward economic recovery. He commended President Bola Tinubu for the initiatives being implemented and the professionals working alongside him.
‘I would like to thank President Bola Ahmed Tinubu for the initiatives he is putting in place and the amazing professionals working with him. Nigeria is not where we want it to be, but I believe we are heading in the right direction with the right policies, initiatives, and encouragement.’
Oyewusi called for the development of a culture of resilience and a ‘we-can-do’ spirit, arguing that these values are essential for nation-building. He emphasized the importance of nurturing unique Nigerian values and teaching the next generation.
Progress and Potential
Charles Apoki noted that despite ongoing challenges, Nigeria has made significant progress over the last 65 years. He pointed out that while the country is not yet where it should be, it is faring better than some African nations.
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He highlighted the intelligence and ambition of the Nigerian people, suggesting that the frustration stems from the gap between public expectations and leadership capabilities. Apoki also mentioned the potential of technology, AI, and social media to drive change.
Economic Challenges and Opportunities
Prof. Adeola Adenikinju, President of the Nigerian Economic Society, acknowledged the gains made over the past 65 years but stressed that the economy still faces numerous challenges. He pointed out that the economy remains heavily reliant on primary production and lacks diversification in exports.
‘Economy still driven by primary production, no productivity, no value added, manufacturing is still very weak. It is less than 10 per cent. In terms of the social sector, education, health, gender related issues. We are not doing very well.’
However, he noted that the macroeconomic outlook is improving, with inflation slowing down and the exchange rate stabilizing. The petroleum sector is showing signs of recovery, with the Dangote Refinery contributing to stability in the market.
Resetting the Economy
Dr. Muda Yusuf, Director/CEO of the Centre for the Promotion of Private Enterprises (CPPE), emphasized that Nigeria’s economic history is one of resilience and untapped potential. He outlined strategic priorities for the next decade, including deepening economic diversification, strengthening governance, and investing in infrastructure through public-private partnerships.
He also highlighted the need for consistent policies and institutional reforms to ensure that economic growth translates into improved living standards for citizens.
Accountability and Transparency
Dr. Umar Yakubu, Executive Director of the Center for Fiscal Transparency and Public Integrity, praised recent reforms such as fuel subsidy removal and exchange rate unification. However, he expressed concern over the lack of accountability in how these funds are spent.
‘The removal of fuel subsidy has led to a high increase in revenue for the government as revenue for states and local governments have doubled but the issue we have is that there is a lack of transparency and no accountability mechanisms.’
Yakubu advised the establishment of mechanisms to monitor public spending and ensure that funds are used effectively.
Conclusion
Despite the challenges, Nigeria has made notable progress in various sectors, including ICT, telecommunications, and entertainment. The country’s journey over the past 65 years reflects both achievements and setbacks, with a clear need for sustained efforts to ensure long-term economic stability and growth.
