IMPI Says Nigerians Driving Tinubu’s Economic Reforms Despite Hardship
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IMPI Says Nigerians Driving Tinubu’s Economic Reforms Despite Hardship
By Alabidun Shuaib AbdulRahman
The Independent Media and Policy Initiative, IMPI has said Nigerians, rather than the government alone, are the major drivers of the economic reforms introduced by President Bola Tinubu’s administration, arguing that citizens’ resilience has prevented the country’s economic restructuring from collapsing.
In a policy statement released on Friday and signed by its Chairman, Dr. Omoniyi Akinsiju, the policy group said the administration’s reforms had shifted Nigeria from what it described as a consumption-driven economy to a productivity-focused system, although the transition came with severe economic hardship.
The organisation noted that the removal of petrol subsidy and the floating of the naira triggered soaring inflation and worsened poverty levels between 2023 and 2024, but argued that the economy had since entered a stabilisation phase, citing declining inflation, improved foreign reserves and stronger economic growth projections.
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According to IMPI, Nigerians played a critical role in sustaining the reforms by absorbing the impact of rising transportation, food and energy costs, demanding accountability in the utilisation of subsidy savings, and embracing local production as imported goods became more expensive.
The group said citizens had also helped strengthen the country’s fiscal reforms by supporting local manufacturing, agriculture and technology enterprises while encouraging businesses to formalise their operations and widen the tax base.
IMPI maintained that the Tinubu administration had departed from previous governments’ reliance on fuel subsidies, multiple exchange rates and currency controls, insisting that the current market-based policies had improved Nigeria’s attractiveness to foreign investors.
It cited increased foreign capital inflows, improved tax revenue, stronger manufacturing growth and gains in the Nigerian stock market as indicators that confidence in the country’s economy was returning.
The policy group also commended the Federal Government’s social intervention programmes, including NG-CARES, SOLID and the Human Capital Opportunities for Prosperity and Equity initiative, describing them as measures aimed at cushioning the effects of the reforms on vulnerable Nigerians.
While acknowledging that the reforms imposed significant short-term hardship, IMPI insisted that the country’s long-term economic outlook remained positive, urging the government to sustain transparency and ensure that the sacrifices made by Nigerians translated into visible improvements in infrastructure, healthcare and economic opportunities.
The organisation reaffirmed its support for the Tinubu administration’s economic policies, expressing confidence that the reforms would position Nigeria as Africa’s industrial hub and strengthen its competitiveness in the global economy.
