Renowned economic expert Dr Awe Emmanuel O has expressed optimism about the economic reforms implemented by President Bola Ahmed Tinubu, stating that they show promise despite current hardships.
Speaking at a one-day intellectual discourse organised by the Beyond Boundaries Legacy Leadership Initiative (BBLLI) in collaboration with the Civic Centre on Economic Reforms, Dr Awe noted that Tinubu’s policies, including fuel subsidy removal and exchange rate unification, have increased government revenue.
However, he acknowledged that these measures have also led to economic difficulties for citizens.
“These reforms are necessary steps towards sustainable economic growth,” he said.
Dr Awe highlighted Nigeria’s historical cycle of austerity and prosperity, stressing the need for long-term structural changes.
He recommended economic diversification by strengthening the manufacturing and technology sectors, improving infrastructure, and implementing effective monetary and fiscal policies to stabilise inflation and the exchange rate.
“Investing in human capital through education and healthcare reforms is critical,” he added, urging policymakers to prioritise transparency and public engagement in decision-making.
While noting challenges such as high inflation and exchange rate volatility, he remained hopeful about the country’s future.
“With consistency, transparency, and national cohesion, Nigeria can transition from economic volatility to long-term prosperity, fostering inclusive growth and development,” he asserted.
Dr Awe also praised the government’s efforts to improve business efficiency, citing the Nigeria Economic Sustainability Plan (NESP) as a key initiative to boost local manufacturing and stimulate the private sector.
However, he warned that political instability, corruption, and inadequate infrastructure remain barriers to achieving economic prosperity.