As Nigeria marked its 65th Independence Day on October 1, Dr Yemi Kale, former Statistician-General of the Federation, delivered a sobering reflection on the country’s economic journey.
Speaking at The Platform 2025 broadcast, Dr Kale described Nigeria’s economy as a paradox, noting that while the nation’s vast potential is widely recognised, it continues to be one of the most challenging business environments for investors.
“Today, October 1, is a day to reflect on how far we have come in terms of our economic endeavors and the future we are working to create,” he said. “Now, Nigeria at 65 years old, but unfortunately, our economic story is still being described as a paradox.”
He explained that foreign investors remain interested in Nigeria but are often deterred by the hurdles of operating locally. While some stay and navigate these difficulties, others delay or exit the market, only to monitor from afar, waiting for the right conditions to return.
Dr Kale stressed that reforms underway in the country require time, patience, and consistency before yielding results. “Reforms are not merely designed to be political shifts or adjustments, they are strategic decisions made to stabilise the present and secure a prosperous future,” he said.
He pointed to Nigeria’s demographics as a strategic advantage, citing a population of over 220 million, with more than 70 percent under 30, as one of the largest reservoirs of youthful energy anywhere in the world.
According to him, unlocking this human capital while sustaining reforms could turn Nigeria’s paradox into prosperity.
