The Nigeria Economic Summit Group (NESG) has said that while the removal of fuel subsidy and the unification of exchange rates have brought short-term stability to the economy, the two policies alone cannot deliver Nigeria’s $1 trillion economy target by 2030.
Speaking at a press briefing ahead of the 31st Nigerian Economic Summit (NES#31), the NESG Chairman, Mr. Niyi Yusuf, described the reforms introduced by President Bola Ahmed Tinubu’s administration as “bold and courageous.” He noted that they provided breathing space for the economy, improved the business environment, and boosted revenues for sub-national governments.
However, Yusuf stressed that the reforms had also triggered painful consequences for citizens, including higher inflation and deepening multidimensional poverty. He warned that to achieve the 2030 economic ambition, Nigeria must embark on a “second wave of reforms” anchored on building strong institutions and strengthening local production capacity.
Experts at the event also observed that the new policies have helped stabilise exchange rates and create a more predictable macroeconomic environment, but cautioned that inclusive growth would remain elusive without structural transformation.
