Analyst: Tinubu’s economic reforms on track despite hardship

President Bola Ahmed Tinubu’s economic reforms have been described as necessary steps towards Nigeria’s prosperity despite the short-term hardships they have caused.

Speaking at a one-day intellectual discourse on the economy, Dr Opialu Opialu stated that the reforms under Tinubu’s Renewed Hope Agenda are positioning the country for long-term growth.

The event, themed "Between Austerity and Prosperity: Nigeria Yesterday, Today, and Tomorrow," was organised by the Beyond Boundaries Legacy Leadership Initiative (BBLLI) in collaboration with the Civic Centre on Economic Reforms, Policies, and Planning.

Opialu highlighted past economic mismanagement, saying, “Nigeria was once a rich nation but became poor due to lack of planning.”

However, he noted that Tinubu’s policies, such as subsidy removal, exchange rate unification, and electricity sector reforms, were bold moves to reverse these setbacks.

Hope not far from Nigeria

While acknowledging the immediate economic strain on Nigerians—rising inflation, reduced disposable income, and a high cost of living—Opialu insisted that the benefits would soon outweigh the pains.

“The economic reforms of President Bola Ahmed Tinubu are on the right trajectory notwithstanding the temporary hardship.

“It is a price we all have to accept for the Nigeria of our dreams,” he said.

He also pointed to medium-term benefits, including a drop in fuel prices, the Presidential Initiative on Compressed Natural Gas, increased foreign reserves, and over $30 billion in foreign direct investment.

Opialu urged the government to educate Nigerians on these reforms, stating, “The masses need to fast before feasting.”