Nigerians have expressed mixed reactions over recovery of the country’s economy, raising concerns about how it has fared over the last 65 years.
They shared their views in separate interviews with Daily Trust, calling on the federal government to take decisive actions to reflate the economy.
President Bola Ahmed Tinubu had recently declared that the economy has rebounded, saying the local currency and foreign reserves continue to improve.
Adu Abiodun expressed concerns over the borrowing spree by successive administrations, saying it has plunged the country into a huge debt profile without sustaining the economy.
‘Nigeria is like an old man at 65, who has obviously advanced in age but is still struggling to figure out life. There’s a syndrome bedeviling the nation, and from diagnosis, it’s a case of two steps forward and ten steps backward.
‘For instance, former President Obasanjo was able to secure debt clearance for Nigeria, marking a remarkable era and setting the trajectory for economic growth. However, subsequent presidents have incurred debts that even our great-grandchildren might inherit,’ he said.
He urged leaders at the helm of affairs to focus on governance and bury partisan politics, describing misplaced priorities as the bane of the country.
‘In my opinion, the bane of this country is that we put politics ahead of governance. Hence, the ‘anyhowness’ we witness among government officials and those tasked with the delicate responsibility of piloting the affairs of this country.
‘At 65, I desire and hope that our leaders will relegate stupendous partisan politics, put the people first, roll up their sleeves, and do the real work for which they were elected-or selected, as the case may be,’ he said.
Paul Oyewusi, however, expressed optimism, commending the policies initiated by President Bola Tinubu and describing them as a pathway to economic recovery.
‘I would like to thank President Bola Ahmed Tinubu for the initiatives he is putting in place and the amazing professionals working with him. Nigeria is not where we want it to be, but I believe we are heading in the right direction with the right policies, initiatives, and encouragement. I believe we will get there someday,’ he said.
He urged the federal government to build a culture of resilience and a ‘we-can-do’ spirit, describing them as the bedrock of nation-building.
‘We cannot always compare ourselves with the United States or Britain-our colonial masters-who have been around for hundreds of years. They didn’t get there in a day. One thing I see in them is a culture nurtured over the years that has improved their societies. I think it is high time Nigeria also started nurturing a particular set of values.
‘We need to nurture the culture of resilience and the spirit of ‘what we can do.’ There are things unique to us as a nation. If we stay true to them, teach the next generation, and give due spotlight to those doing well, I believe things will keep getting better for us as a nation.
‘We are not there yet. In fact, we are far from it, but we are heading in the right direction. As a country, it is a good thing that we are growing. I would say Nigeria is actually making progress under the current administration. Many things are not yet the way we want, but judging from the previous administration up until now, I think we are moving in a promising direction,’ he said.
Charles Apoki stressed that the oil greasing the country’s wheel of progress has not stopped in the last 65 years, noting that Nigeria is still faring better than some countries on the continent.
‘Nigeria has made tremendous progress. In several aspects, we are not where we used to be, though we are not yet where we ought to be. What seems to frustrate Nigerians is that we are too intelligent for our leaders.
‘Our leaders are several miles behind us, while the public is more intelligent and more ambitious. That is why we see the criticism and frustration around us. Even if you look at Nigerian roads, compare them with those in Madagascar or Niger-we are far ahead.
‘But there is hope with technology, AI, and social media revolution,’ he said.
Economy facing significant challenges – NES
Speaking with our correspondent, the President of the Nigerian Economic Society, Prof. Adeola Adenikinju said while a lot of gains have been made in the last 65 years, the economy is still bedeviled with a lot of challenges.
He said the country’s economy is not as diversified as expected, especially in the area of exports.
‘Economy still driven by primary production, no productivity, no value added, manufacturing is still very weak. It is less than 10 per cent. In terms of the social sector, education, health, gender related issues. We are not doing very well,’ he said.
However he stated that the macroeconomic outlook is becoming a bit brighter. ‘Inflation is decelerating; we have an exchange rate now appreciating and it is stable. Output in the petroleum sector is inching towards 2m barrels per day. We have the Dangote Refinery producing and exporting petroleum products except for the strike now we have stability in the petroleum market,’ he added.
Opportunity to reset economy
On his part, Dr. Muda Yusuf, Director/Chief Executive Officer, Centre for the Promotion of Private Enterprises (CPPE) stated that Nigeria’s economic history at 65 is one of resilience, missed opportunities, and enormous untapped potential.
‘The current reform agenda presents a rare opportunity to reset the economy on a path of stability, competitiveness, and shared prosperity. Seizing this moment will require consistent policies, institutional strengthening, and a deliberate effort to ensure that economic growth translates into improved living standards for citizens,’ he stated.
He listed strategic priorities for the next decade to include deepening economic diversification by scaling up value addition in agriculture, manufacturing, and solid minerals; strengthening governance and institutions by ‘enhancing transparency, reducing the cost of governance, and improving fiscal responsibility and management and investing in human capital.
He stated that Nigeria must accelerate infrastructure development saying Power, transport, and broadband must be prioritized through PPPs and innovative finance.
He said, ‘In the last two years, the government has implemented bold reforms, including exchange rate unification, fuel subsidy removal, and tax policy adjustments. These measures have imposed short-term pain – high inflation and reduced household purchasing power – but early signs of macroeconomic stabilization are emerging.
‘To sustain reform momentum, these measures must be complemented by targeted social protection programs – cash transfers, food security interventions, and job-creation initiatives – to shield vulnerable households and maintain public support.’
Yusuf further stated persistent macroeconomic instability continues to weigh on growth, saying, ‘The naira’s dramatic depreciation – from being stronger than the U.S. dollar in the 1970s to N1,600/$ in 2024 – has eroded purchasing power, raised production costs, and discouraged investment. Rising public debt and unsustainable debt-service-to-revenue ratios have constrained the fiscal space, limiting governments’ capacity to fund critical infrastructures.
‘Policy priorities must focus on restoring currency stability through credible monetary policy, expanding foreign exchange supply by growing non-oil exports, improving public spending efficiency, plugging fiscal leakages, and raising non-oil revenue without stifling private enterprise. The good news is that the economy is beginning to experience a remarkable degree of stability over the last one year.’
He added that despite challenges, Nigeria has achieved notable successes, adding, ‘The ICT and telecommunications sector has grown from fewer than 20,000 telephone lines in 1960 to over 165 million active lines today, transforming commerce, banking, and governance. Financial services have deepened, fintech has flourished, and capital markets have expanded. Nollywood and Afrobeats have turned Nigeria into a global cultural powerhouse.’
Too much money with little accountability- CEPTI
Providing his assessment, the Executive Director, Center for Fiscal Transparency and Public Integrity, Dr. Umar Yakubu noted that since the inception of the current administration, there have been reforms especially the fuel subsidy removal and the exchange rate unification so that Nigeria will have a more determined value for the Naira.
He however lamented that since then, there hasn’t been accountability on how these monies are spent.
‘The removal of fuel subsidy has led to a high increase in revenue for the government as revenue for states and local governments have doubled but the issue we have is that there is a lack of transparency and no accountability mechanisms.
‘This is why anti-corruption agencies seem to be battling more with corruption cases because there is so much money but a low accountability mechanism,’ he said.
Speaking further, he noted that ‘Because there is so much money, we now have misplaced priorities as governments is now spending money on bridges, roads, and investments that are so capital intensive but don’t show the impact on people and the federal and state governments are just reckless in their spending,’ he further lamented
He advised that going forward there should be set mechanisms to checkmate how public funds are spent.