As Nigeria struggles with inflation, forex instability, and unemployment, economists and business experts are stressing the need for reforms that go beyond oil dependency and place citizens at the center of policy.
Daniel Effah, Senior Business Development Manager at PUPrime Africa, said that despite Nigeria’s economy appearing diversified, government revenue remains dangerously tied to crude oil.
“In reality, oil contributes less than five percent to GDP. However, government revenue is still tied to oil. Any crash in oil prices throws us into crisis, and we borrow heavily against future revenues,” Effah explained.
He noted that Nigeria has failed to fully maximize its agricultural potential in the past, and later oil wealth, blaming corruption and weak planning. According to him, only long-term strategic roadmaps — like China’s 25–30 year economic plans — can position Nigeria on a sustainable growth path.
Nigeria Reforms Must Serve Citizens
Economist Dr. Aliyu Ilias pointed to measures such as tax restructuring and the National Single Window for trade facilitation as signs of progress. However, he warned that policies like fuel subsidy removal and naira floatation have worsened hardship for millions of citizens.
“Reforms must have a human face; otherwise, survival becomes difficult for ordinary Nigerians,” Ilias said, stressing that most households now spend over 60% of their income on food and transportation. He also dismissed the government’s official unemployment figure of 4.3% as unrealistic, adding that agriculture and industry remain the real engines of job creation.
Nigeria SMEs, Farmers Left Behind
Financial journalist Olatokewa Ayoade criticized government programs targeting small businesses and farmers for failing to deliver meaningful impact.
“SMEDAN’s registration of 250,000 SMEs is commendable, but without access to credit, land, farm inputs, and affordable loans, most of these businesses remain stagnant,” she explained. She argued that corruption and poor monitoring often allow benefits to bypass genuine entrepreneurs.
Ayoade called for the revival of successful initiatives like the U-WIN program, emphasizing that empowered SMEs could drive economic transformation similar to China and India.
The Way Forward
All experts agreed that Nigeria’s economic future depends on reforms rooted in transparency, accountability, and inclusiveness. “We must be optimistic, but only reforms that truly favor the Nigerian people will take us forward.”
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