Nigerians are actual executors of Tinubu’s reforms — IMPI
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Nigerians are actual executors of Tinubu’s reforms — IMPI
By Alabidun Shuaib AbdulRahman
The Independent Media and Policy Initiatives, IMPI has commended Nigerians for their resilience and patriotism amid the economic reforms of the President Bola Tinubu administration, describing citizens as the actual executors of the reforms.
The Abuja-based think tank said the sacrifices made by Nigerians since the inauguration of the administration in 2023 were beginning to yield positive economic outcomes.
The Chairman of IMPI, Dr Omoniyi Akinsiju, stated this in a policy statement titled, “Nigerians as Actual Executors of Tinubu’s Reforms as Economy Transits from Consumption to Productivity,” issued on July 31, 2026.
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Akinsiju said while the government was responsible for setting the policy framework, Nigerians had remained the real drivers of the reforms through their resilience, adaptability and patriotism.
He, however, urged the government to match the sacrifices of citizens with greater accountability and visible developmental outcomes.
“While the administration sets the policy framework, Nigerians are the actual executors of the reform.
“We expect the public’s resilience to be met with genuine government accountability and visible developmental returns, which ultimately translate to the fact that the painful sacrifices made between 2023 and 2026 will serve as the foundational building block for Nigeria’s long-term economic independence,” he said.
The IMPI chairman expressed optimism that Nigeria was on the path towards becoming an industrial powerhouse, arguing that sustained implementation of the reforms would strengthen the country’s position in the global economy.
He said, “By maintaining our policy direction and continuing to build on these structural reforms, we ensure that Nigeria will claim its rightful position as the industrial engine house of Africa and a leading force in the global economy.”
Akinsiju said Nigeria’s economic narrative had for decades been characterised by resource dependence, volatility and structural stagnation, with successive governments allegedly relying on short-term measures rather than addressing fundamental productivity challenges.
According to him, previous administrations frequently resorted to consumption subsidies, artificial exchange-rate controls and multiple foreign exchange windows instead of tackling the structural distortions affecting the economy.
He said the Tinubu administration represented a departure from the pattern, following its decision to implement major reforms aimed at moving the economy towards production, competition and market efficiency.
“The inauguration of the administration of President Tinubu marked a departure from this unsustainable status quo.
“Through unmatched political will and structural foresight, the administration initiated a comprehensive reset designed to transition Nigeria from a consumption-slick, rent-seeking enclave into a highly competitive, market-driven and production-based economy,” he said.
The think tank acknowledged that the reforms had imposed significant hardship on Nigerians, particularly during the initial phase, but argued that the macroeconomic indicators were beginning to show signs of improvement.
Akinsiju cited capital inflows, industrial repositioning and improved external rating outlooks as evidence of growing international confidence in the Nigerian economy.
He described the trajectory of the reforms as a “J-curve”, where economic conditions deteriorated significantly before beginning to improve.
According to him, the reform process could be divided into three phases: the shock phase from 2023 to 2024; stabilisation and disinflation from 2025 to mid-2026; and structural growth and job creation from 2026 to 2030.
He said the removal of the petrol subsidy and the floating of the naira initially triggered severe economic dislocation, with headline inflation rising above 33 per cent in 2024.
Akinsiju added that poverty also worsened during the adjustment period, citing World Bank estimates that about seven million additional Nigerians fell below the poverty line.
However, he said monetary policy tightening by the Central Bank of Nigeria, alongside changes to the Consumer Price Index, had contributed to a significant moderation in inflation.
He said headline inflation had fallen from above 33 per cent to 15.91 per cent as of June 2026, while the economy had continued to record growth.
Akinsiju noted that the International Monetary Fund and the World Bank were projecting Nigeria’s Gross Domestic Product to expand by between 4.1 per cent and 4.4 per cent in 2026.
He also said the reforms had strengthened the country’s external position, with gross foreign reserves standing at about $52bn as of June 2026.
The IMPI chairman, however, acknowledged that significant structural challenges remained, particularly in electricity, agriculture and infrastructure.
He said Nigeria had moved from the initial stage of repairing its financial position to the more difficult task of translating macroeconomic stability into improved living standards and increased productivity.
“We stand at the precipice of an era where structural adjustments are crystallising into tangible microeconomic relief. The ground has been laid for an industrial renaissance that will redefine Nigeria’s role on the global stage,” Akinsiju said.
He maintained that sustained commitment to the reform programme, coupled with accountability and improved governance, would be critical to ensuring that Nigerians eventually benefit from the economic sacrifices made during the transition.
