By Akin Adesanya
President Tinubu’s administration continues to make significant strides in reshaping Nigeria’s economic landscape and positioning it as a global economic powerhouse.
From Lagos to Abuja and now onto the world stage, President Tinubu has been making bold moves to enact transformative economic reforms. This article highlights some key indicators of the Presidents vision for a new and prosperous Nigeria:
a. the removal of the fuel subsidy
b. the floating of the Naira
c. diplomatic and business engagements.
However, it is important to acknowledge that the journey to economic prosperity is a long-term endeavor, requiring consistent and strategic economic planning, political stability, a peaceful, conducive, friendly business environment, and above all, the endurance, buy-in and commitment of the citizenry.
One of the most commendable actions taken by President Tinubu’s administration is his gut to truly end the fuel subsidy regime. His predecessors had tried all in their strength to cut this cancer off to no avail. President Goodluck Jonathan wasn’t as lucky as his name indicates, he couldn’t end the life of that “Cabalicious-Gang” bleeding Nigeria`s treasury, it was daylight robbery. Nigeria`s fuel subsidy was an organized crime syndicate.
This long-standing issue had been a cesspit on Nigeria’s economy for decades, diverting funds that could have been allocated to essential services and infrastructure development to the deep pockets of these few but very powerful individuals; I wonder when President Bola will take the next step of probing and exposing the “Invisibles” of that system. The eventual removal of this subsidy, understandably, it was met with resistance by everyday Nigerians because of the harsh immediate economic effect, yet, it represents a courageous step in the right direction.
By eliminating the fuel subsidy, President Tinubu has freed up substantial financial resources that can now be invested in critical sectors such as education, healthcare, and infrastructure. This bold decision underscores his commitment to fiscal responsibility and his readiness to make tough choices for the nation’s long-term benefit.
Another significant economic reform undertaken by President Tinubu is the floating of the naira. This move has contributed to curbing the arbitrary spikes in the exchange rate, previously manipulated by unscrupulous bureau de change operators; that is another “Cabalitic Group” running the forex black market. I am not an economist, I am a journalist, I would have broken it`s positive effect on the economy to a layman’s language. The floating of the naira has ushered in a new level of stability and transparency in the foreign exchange market, making it more predictable for businesses and investors.
This reform has bolstered investor confidence in Nigeria, attracting Foreign Direct Investment (FDI) and stimulating economic growth. It reflects President Tinubu’s commitment to creating an environment conducive to economic prosperity and his resolve to combat economic distortions that have plagued the country for years.
President Tinubu’s diplomatic engagements have showcased his prowess as a skilled promoter of Nigeria as the largest economy in West Africa and, by extension, Africa as a whole. His address at the 78th United Nations General Assembly (UNGA) was not only insightful but also emphasized Nigeria’s commitment to global cooperation and addressing pressing global issues.
His call for international support for sustainable development in Africa resonated well, establishing Nigeria as a leading voice on the continent.
Furthermore, President Tinubu’s brief yet strategic remarks at the NASDAQ, the second largest stock exchange in the world, highlighted Nigeria’s potential as an investment destination and a hub for innovation and technology in Africa.
This engagement with global economic leaders signifies his intention to position Nigeria as a key player in the global economy, leading from Africa.
President Tinubu’s recent trip to India has yielded promising results, with the Indian business community pledging over $14 billion in Foreign Direct Investment (FDI) into Nigeria. This development is a significant boost to his commitment to Nigeria’s rapid economic growth.
It demonstrates the effectiveness of his diplomatic efforts and his ability to attract substantial FDI, which will contribute to job creation, infrastructure development, and economic diversification.
President Tinubu’s administration has introduced bold and transformative economic reforms, positioning Nigeria as a key player in the global economy. His recent moves in the global business community underscore his commitment to Nigeria’s economic growth.
However, it is important to recognize that the journey to economic prosperity is not a sprint but a marathon.
Achieving sustained economic growth and development will require years of consistent economic planning, political stability, a peaceful environment, and the enduring dedication of the citizenry.
President Tinubu has embarked on this journey with excellence, and it is imperative that he and his administration remain steadfast in their pursuit of a prosperous future for Nigeria. Let us support him.
Akin writes in from Lagos, Nigeria.