Abuja: The Independent Media and Policy Initiative (IMPI), a policy think-tank, has lauded President Bola Tinubu’s economic reforms in spite of diverse opposition. A statement by the group’s Chairman, Dr Omoniyi Akinsiju, said that the risk assessment of the Tinubu’s reforms done by it showed the president deserved credit for his achievements.
According to News Agency of Nigeria, Akinsiju stated that President Tinubu deserved credit for going ahead with his economic policies despite the possibility of the opposition exploiting the short-term pains to drive their agenda. He commended Tinubu for his steadfast commitment to advancing economic reforms over the past 22 months amid substantial opposition.
The statement emphasized the administration’s dedication to its reform agenda in the absence of immediate incentives for long-term change, which is characteristic of developing nations. Akinsiju noted that only national interest would motivate an administration to pursue reforms risky enough to potentially result in electoral loss.
Tinubu’s perseverance, driven by a forward-looking vision for Nigeria’s economy, prioritizes national interest over personal or electoral gains, according to Akinsiju. He highlighted that this commitment is notable given the conventional approach of initiating reforms with minor steps to build political support.
Akinsiju pointed out that Nigeria’s total trade exports surged to 50.4 billion dollars in 2024, driven by exchange rate depreciation due to the harmonisation of foreign exchange windows and the elimination of fuel subsidies, which are central to Tinubu’s reform agenda. Data from the National Bureau of Statistics (NBS) indicated a total trade volume of N138 trillion, the highest in Nigeria’s history, representing a 106 percent increase compared to the previous year.
The foreign investment inflow in 2024 revealed that Nigeria received about 21 billion dollars’ worth of foreign investment, with the Nigeria National Petroleum Corporation Limited (NNPCL) attracting 17 billion dollars. The total Federal Account Allocation Committee (FAAC) allocations increased to N15.26 trillion in 2024, representing a 43 percent increase from the previous year, attributed to fiscal reforms, including fuel subsidies removal and exchange rate adjustments.
Despite falling food prices in recent months, Akinsiju expressed concern over the agriculture sector’s distorted growth trend over the last five years, slumping from 3.42 percent in 2020 to 1.74 percent in 2024. He expressed optimism that the recapitalisation of the Bank of Agriculture (BOA) and the recently sealed Green Imperative Project (GIP) deal with Brazil, targeting small scale farmers, would help boost growth in the sector.