An Economist, Dr Ayola Wale says there are improvements in Nigeria’s key macroeconomic indicators, commending President Bola Tinubu for embarking on the reforms.
The expert who spoke with the News Agency of Nigeria (NAN) in Abuja on Thursday, also commended the president for his commitment and leadership.
Wale said that the improvements were reflected in economic growth, stronger foreign reserves and a gradual easing of inflationary pressures.
He said that the country required stronger and more sustainable growth to translate the macroeconomic gains into improved living standards.
According to him, the success of the reforms should ultimately be measured by their impact on households, businesses and the wider economy.
Wale said the reforms had contributed to greater macroeconomic stability and strengthened Nigeria’s fiscal and external positions.
He said that sustaining the gains would require consistent implementation of policies capable of encouraging investment and expanding economic activities.
The economist said that the next priority should be translating economic stability into higher household incomes, increased employment and improved food security.
He also stressed the importance of creating wider economic opportunities for young Nigerians and other productive segments of the population.
Wale said regulatory certainty and stronger corporate governance remained essential to attracting and retaining long-term domestic and foreign investment.
He said that consistent regulations, respect for the rule of law and effective institutions would strengthen investor confidence and support economic expansion.
According to him, a predictable business environment will enable businesses to plan effectively, expand operations and create additional employment opportunities.
Wale said that Nigeria’s ambition of building a larger and more productive economy would require sustained reforms and stronger institutional support.
He urged the government to strengthen coordination among economic agencies to ensure that policies were implemented consistently and efficiently.
Wale also called for improved access to affordable credit, saying high borrowing costs could limit private-sector expansion and job creation.
He said that small and medium-sized enterprises required targeted support, reliable electricity and better infrastructure to increase production.
The economist advised the government to deepen engagement with the private sector when designing policies affecting businesses and investors.
He said that regular consultation would help identify implementation challenges and promote greater confidence in the economy.
Wale further urged the government to strengthen data collection and transparency in reporting economic performance.
He said that credible data would enable policy-makers, investors and citizens to assess the impact of reforms more effectively.
Another economist, Prof. Richard Ahmed, said the next phase of the economic programme should focus on expanding productive activities and creating employment.
He said that stronger industrial production would help Nigeria address unemployment, poverty and other socio-economic challenges confronting the country.
Ahmed advocated the establishment of industrial clusters across the six geo-political zones, taking into account the comparative economic advantages of each region.
According to him, industrial clusters can stimulate local production, strengthen value chains and create opportunities for small and medium-sized enterprises.
Ahmed said that increased domestic production would also reduce dependence on imports and strengthen Nigeria’s capacity to generate sustainable economic growth.
He said that Nigerians needed to feel the impact of economic reforms through improved incomes, employment opportunities and access to essential services.
Ahmed said that improvements in macroeconomic indicators should be accompanied by greater access to quality education, healthcare, housing and social services.
He said that policies should focus on improving household incomes, while strengthening the productive capacity of the Nigerian economy.
The economist also called for sustained investment in infrastructure, skills development and productive sectors to support inclusive and long-term economic growth.
Ahmed urged the government to prioritise vocational training and technical education to equip young people with skills required by emerging industries.
He said that stronger links between educational institutions and employers would improve employability and reduce skills shortages.
He also recommended incentives for manufacturers that invested in local supply chains, research and development and workforce training.
Ahmed said that such incentives would encourage innovation, improve competitiveness and support the expansion of Nigerian businesses.
He called for improved transportation networks to reduce logistics costs and enable producers to move goods efficiently across the country.
According to him, lower logistics costs will help businesses reduce prices and compete more effectively in domestic and international markets.
Ahmed further urged the government to maintain fiscal discipline while protecting essential investments in infrastructure and human capital.
He said responsible fiscal management would strengthen investor confidence and support the sustainability of ongoing reforms.
The expert said that sustained implementation of the reforms would be crucial to consolidating recent gains and translating them into broader economic opportunities.
Ahmed said that stronger productivity, investment, employment creation and improved household welfare would be important indicators of the reforms’ long-term impact.
He also said that policy consistency, institutional accountability and effective monitoring would be necessary to ensure that economic gains reached more Nigerians.
The expert urged stakeholders to support measures that would strengthen production, attract investment and promote inclusive growth across the country.
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