The Independent Media and Policy Initiative (IMPI), a policy think tank, has commended President Bola Tinubu for pushing forward with economic reforms despite facing strong opposition.
In a statement issued on Wednesday in Abuja, the group’s Chairman, Dr. Omoniyi Akinsiju, stated that an assessment of Tinubu’s economic policies indicated that the president deserved recognition for his efforts.
Akinsiju noted that Tinubu had remained committed to implementing reforms, even though the opposition could exploit the short-term hardships to push their agenda.
“In spite of these challenges, we commend President Tinubu for his steadfast commitment to advancing economic reforms amid substantial opposition over the past 22 months.
“The administration has shown dedication to its reform agenda despite the absence of immediate incentives, which is a common feature in developing nations.
“This requires significant statesmanship and leadership to navigate uncharted territories,” he said.
He emphasized that only a strong national interest could justify pursuing reforms that carry the risk of electoral backlash.
According to him, Tinubu has demonstrated exceptional perseverance, driven by a forward-thinking vision for Nigeria’s economy, prioritizing national interest over personal or political considerations.
“This commitment is particularly notable considering the conventional approach of starting reforms with minor and more manageable steps to build success stories and political support,” he added.
Akinsiju highlighted that Nigeria’s total trade exports surged to 50.4 billion dollars in 2024, largely due to foreign exchange harmonization and the removal of fuel subsidies—two cornerstone policies of the administration’s reform agenda.
“Data from the National Bureau of Statistics (NBS) shows that Nigeria recorded a total trade volume of N138 trillion, the highest in the country’s history, marking a 106 percent increase compared to the previous year.
“This translates to 89.9 billion dollars, indicating a 22.1 percent surge in 2024 when converted to dollars,” he said.
He further disclosed that foreign investment inflows into Nigeria in 2024 amounted to approximately 21 billion dollars, with the Nigerian National Petroleum Corporation Limited (NNPCL) alone attracting 17 billion dollars.
Additionally, Akinsiju noted that total Federal Account Allocation Committee (FAAC) allocations increased to N15.26 trillion in 2024, reflecting a 43 percent rise from the previous year.
He attributed this growth to fiscal reforms, including subsidy removal and exchange rate adjustments, which significantly boosted oil revenue remittances.
However, he expressed concern that despite a decline in food prices in recent months, the agricultural sector had experienced distorted growth over the last five years.
“The sector has slumped from 3.42 percent in 2020 to 1.74 percent in 2024,” he stated.
He expressed optimism that the recapitalization of the Bank of Agriculture (BOA) and the recently sealed Green Imperative Project (GIP) deal with Brazil—targeting small-scale farmers across Nigeria’s 774 local government areas—would help revitalize the sector.
(NAN)