Nigeria's Economic Reforms Laying New Foundation, Says Elder Statesman Ojugbana

Elder statesman and business leader Chief F.E. Ojugbana views Nigeria's current economic reforms under President Bola Ahmed Tinubu as a necessary step toward a more self-reliant and investment-driven economy. Despite the "significant adjustment pains" and difficulties faced by ordinary Nigerians, Ojugbana argues that the administration is establishing essential foundations for future growth.

He points to the removal of costly fuel subsidies, distortions in the foreign exchange market, and weak government revenues as key challenges tackled by the reforms. International financial institutions like the International Monetary Fund and the World Bank have acknowledged progress in restoring macroeconomic stability and strengthening the economy. The IMF projects growth at 4.0 percent in 2025 and 4.1 percent in 2026, while the World Bank noted "meaningful progress" in macroeconomic stability and resilient economic growth, though it cautioned that household incomes and poverty levels have yet to fully recover.

Ojugbana emphasizes that economic reform's ultimate success must be measured by its tangible impact on employment, purchasing power, and living standards for young Nigerians. However, he maintains that rebuilding the economy's fundamental structures is a critical prerequisite. The administration's efforts to create a more market-oriented economy, attract capital, and improve fiscal discipline are seen as positive developments that have bolstered investor confidence.

“

Nigeria is laying a new economic foundation