Nigeria's Economic Shift: Progress and Promise Yet to Fulfill

Nigeria's economic landscape is undergoing a significant transformation under President Bola Tinubu's administration. The removal of fuel subsidies, foreign exchange reforms, and infrastructure development have improved stability and promoted growth. However, challenges persist, and the government must address inflation, unemployment, and infrastructure deficits to fulfill the promise of progress and achieve sustainable economic growth and development for Nigeria's future, Abiodun JIMOH writes

- Abiodun JIMOH

As Nigeria marks two years under the leadership of President Bola Ahmed Tinubu, it's essential to reflect on the administration's economic reforms and their impact on the business landscape. As the Chairman of BUA Group of one of Africa's largest conglomerates, I've had a front-row seat to the complexities of Nigeria's economic reforms.

The removal of the fuel subsidy is one of the most significant decisions taken by this administration. It was a bold move that saved the country from a potentially catastrophic economic situation. The subsidy was not only unsustainable but also unfair, benefiting neighboring countries more than Nigerians. The data speaks for itself - fuel consumption has dropped by almost 40-50% since the subsidy removal, as neighboring countries have stopped tapping into Nigeria's subsidized fuel.

The unification of the foreign exchange market is another critical reform that has brought stability to the economy. Gone are the days of chasing foreign exchange, and businesses can now focus on operations rather than lobbying for FX allocations. This reform has also brought sanity to the system, with the CBN no longer being the only source of official exchange.

The administration's commitment to fairness, sanity, and stability in business is evident in the way it has handled various cases. The example of the Port Harcourt plant shutdown is a case in point. The government's refusal to tolerate arbitrary actions by regulatory agencies has brought confidence to the business community.