By Idowu Ephraim Faleye
Before President Bola Ahmed Tinubu came to power, Nigeria’s economy was like a car running out of fuel on a rough road — shaking, stalling, and barely moving forward. Inflation was eating deep into people’s income, the naira kept losing value almost every week, foreign reserves were drying up, government was borrowing to pay salaries, and unemployment was spreading like wildfire.
Many families could hardly afford basic needs, and businesses were folding up. The government seemed trapped between borrowing more money and cutting down on important services. It was clear that the economy was heading toward collapse.
When Tinubu took over in May 2023, he didn’t waste time blaming anyone. He met a broken system but decided to face it head-on. Instead of complaining, he began working to fix what had gone wrong. He removed the fuel subsidy that had drained trillions of naira from public funds every year, and he unified the foreign exchange market so that the naira could find its true value. These were bold moves that previous administrations were too afraid to make. Tinubu understood that painful reforms were necessary to stop the economy from crashing completely.
It takes someone who truly understands how an economy works to make such tough decisions. He knew that without sacrifice, there could be no stability. That is why he pushed through the reforms with courage and focus. The president also adopted a clear and concise vision for managing the country — working with a capable team instead of surrounding himself with too many talkers. He wanted doers, not politicians chasing fame. His approach was direct and professional, focused purely on results.
One of his biggest steps was fixing Nigeria’s finances. The fuel subsidy removal alone saved the country billions that could now be invested in roads, health, education, and agriculture. Foreign exchange unification helped to end the game of multiple exchange rates where some people made free money from government loopholes. Tinubu also began encouraging production rather than importation, knowing that no country ever grows by depending entirely on goods made abroad. He pushed for tax reforms and policies that support local manufacturers and attract investors.
And the results are beginning to show. The economy is no longer on life support. Growth is returning, slowly but surely. Nigeria’s GDP has risen higher than it was in the years before his presidency. Inflation, though still high, is beginning to fall gradually. Foreign investors are returning with confidence. For instance, Qatari investors have pledged a $300 billion Foreign Direct Investment commitment to Nigeria — a massive vote of confidence in Tinubu’s economic direction. These investors see the reforms as a sign that Nigeria is open for business and serious about fixing its economy.
Many international observers and experts agree that the economy is stabilizing. Aliko Dangote, Africa’s richest man, has publicly commended the reforms and noted that business confidence is returning. Former Central Bank governors like Sanusi Lamido and Charles Soludo have acknowledged that the economy is on the right track, even if the gains are not yet fully visible to everyone. The World Trade Organization’s Director-General, Dr. Ngozi Okonjo-Iweala, has also praised the boldness of the economic reforms, describing them as necessary to reposition Nigeria for long-term growth.
According to billionaire Arthur Eze, “Only a fool will not see the economic reformation President Tinubu is driving, and it’s already yielding results. All those noisemakers are blind. That’s why they believe a man who did absolutely nothing as governor for eight years is better than the man who built Lagos’ economy.” Eze’s words echo the sentiment of many Nigerians who understand that nation-building takes time, discipline, and continuity.
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However, despite these improvements, many Nigerians are still struggling. Prices of food, transportation, and other essential goods remain high. The cost of living feels unbearable for millions of families. People often wonder why, if the economy is improving, life is not yet easier. The answer is simple: economic stabilization comes before social relief. When an economy is broken, you must first repair the foundation before people begin to feel comfort on the surface.
Think of it like a farmer planting seeds. You water and weed before you can harvest. Tinubu’s reforms are the watering and weeding stage. The results are coming, but patience is needed. Removing subsidies and letting the naira find its real value are painful steps that increase costs in the short term, but they prevent total collapse in the long term. The hardship people feel now is part of the process of healing.
Prices rise faster than wages, and even though inflation may slow down, the prices of goods remain high. A bag of rice that rose from ₦30,000 to ₦100,000 may not quickly drop back to ₦30,000. But what will happen over time is that incomes will begin to catch up, production will increase, and supply will ease pressure on prices. Already, some sectors like agriculture, mining, and services are beginning to recover. The mining sector, for example, has seen a major jump in revenue — from ₦6 billion in 2023 to over ₦38 billion in 2024 — due to the new reforms.
Experts have explained that when a nation undergoes economic reforms, the first improvements are often seen in big indicators like foreign reserves, balance of payments, and investor confidence — not in household budgets. The benefits take months, sometimes years, to trickle down to ordinary people. But that doesn’t mean nothing is working. In fact, it shows that the system is being repaired in the right order.
This is why Nigeria cannot afford to disrupt the ongoing recovery by changing direction now. Bringing in another person who does not understand the current economic path will only reverse the progress made so far. Every reform is like a medicine — it takes time to work. Interrupting the treatment halfway will only make the patient worse. Tinubu’s vision for a stable and self-reliant economy is just beginning to bear fruit.
Those rushing to take over power now are not coming to build; they are coming to strangle the economy. As some analysts have said, “All other strugglers for the presidential position now are economic stranglers who are coming merely to choke the economy.” Nigeria has suffered enough from leaders who see governance as a competition of ethnic groups and ego. This is not the time for political noise or intertribal struggle. It is the time for national focus — a time to face the real enemy, which is economic instability.
Nigeria must rise above primordial sentiments, bitterness, and regional politics. The question every Nigerian should be asking now is not “Where is the next president from?” but “Who can continue the reforms that are finally saving the economy?” The truth is clear: the same boldness that helped build Lagos into a thriving economy is now being applied nationwide. The man who transformed Lagos understands how to build institutions, create revenue, and attract investors.
Tinubu is not perfect, and no leader ever is, but he has shown the courage to take tough decisions that others avoided for years. His government is not chasing quick applause; it is focused on lasting results. Rebuilding an economy is not a sprint; it is a marathon. Nigeria’s economy is slowly moving from survival to stability, and with consistency, it can grow into prosperity.
The road ahead will not be easy, but the signs are encouraging. The economy is no longer collapsing. Investors are returning, growth is picking up, and reforms are taking shape. It takes patience, discipline, and unity for a nation to recover. Nigerians must hold on to hope and refuse to be distracted by empty political noise. The worst is behind us if we stay the course.
As the billionaire Arthur Eze rightly said, “Only a fool will not see the economic reformation President Tinubu is driving.” The wise, however, can see that it is only the beginning of a brighter future — one that must not be interrupted by confusion or sentiment. If Nigeria continues on this path with faith and focus, the hardship of today will give way to the prosperity of tomorrow.
*Idowu Ephraim Faleye lives in Ekiti
