By Kolawole Ojebisi
President Bola Tinubu has explained why some of his administration’s policy decisions are painful and unpopular among Nigerians.
Tinubu noted that it will take much time for most of his administration’s policies to yield fruits and gains as expected by Nigerians.
Tinubu stressed that the pain Nigerians are experiencing now are momentary and they are a springboard that will usher the country into an era of abundance and massive gain.
The president called for increased cooperation among government agencies, the private sector and international partners to boost economic growth, enhance competitiveness, and maintain stability in the country.
Tinubu made the call while speaking at the 30th edition of the Nigerian Economic Summit on Monday.
Speaking at the event, Tinubu, represented by Vice President Kashim Shettima, outlined his administration’s Renewed Hope Agenda, designed to create an environment that fosters sustainable economic growth and shared prosperity.
He, however, defended the economic policies of his administration while highlighting steps taken to improve the economy.
“Some of the policy decisions, the policy options available are painful, but they are almost inevitable. My heart and the heart of President Bola Tinubu go to the Nigerian people. We empathise with what the poor and the young are going through in the Nigerian nation but we have no option.
“Some of these decisions are unpopular but the truth is most often the truth that men prepare not to hear. Like many other nations, Nigeria has experienced significant economic problems over the past few years. The challenges have been global as well as domestic, ranging from the COVID-19 pandemic and fluctuation of oil prices to internal security issues, inflation and structural weaknesses in our economy.
“Nigeria’s growth trajectory has been volatile, heavily dependent on oil revenue and unable to create enough jobs,” he said.
Tinubu called for diversification of the economy to address key economic challenges, detailing ongoing efforts to improve infrastructure, streamline regulations, and enhance the ease of doing business in Nigeria.
“We are currently completing key infrastructure projects such as roads, railways, and power plants that will enhance connectivity and productivity. We are harmonising regulatory processes to reduce the bureaucratic hurdles that have long stifled entrepreneurship and innovation,” he said.
Tinubu also highlighted recent economic measures, including the removal of fuel subsidy and the unification of foreign exchange rates, as part of a broader strategy to stabilise the macroeconomic environment.
“These are all part of a broader effort to restore balance to the economy and ensure long-term stability. Our competitiveness is not just about improving our standing on global indices.
“It is about ensuring that the Nigerian economy is inclusive—where small and medium-sized enterprises can thrive alongside large corporations, and where every citizen, regardless of location or background, can benefit from economic opportunities.
“With the right policies, the right partnerships, and the right level of commitment, Nigeria can emerge stronger, more competitive, and more resilient than ever before,” he added.
Tinubu’s policies have been seen by many Nigerians as worsening an already parlous economy with rising costs of living.
Recall also that the NNPCL recently increased the price of petrol from N830 to over N1000. To many, this has had a knock-on effects on virtually every sector of the economy.
Meanwhile, despite the biting economy, the World Bank on Monday approved what it called reforms, asking Nigeria to endure for another 10 to 15 years before they can reap the huge benefits that will accrue from the ongoing reforms.
