The Independent Media and Policy Initiatives (IMPI) has said the removal of fuel subsidies and the unification of foreign exchange rates by President Bola Tinubu have started bearing fruit.
Chairman of the Initiative, Dr. Omoniyi Akinsiju, stated this at a press conference in Abuja on Tuesday.
According to him, Nigeria is now a global force to be reckoned with due to the President’s bold reforms.
Dr Akinsiju lauded the present administration for making significant progress in debt repayment, including paying off a $3.4 billion loan from the International Monetary Fund (IMF).
The economy, he emphasised, is showing growth and stability with increased confidence from investors and global institutions.
He therefore urged Nigerians to remain patient and supportive of the administration’s economic policies, noting that the reforms, though challenging in the short term, are designed to yield long-term benefits for the country and its citizens.
Dr. Akinsiju expressed optimism that as the economy continues to stabilize and grow, Nigerians would begin to feel the positive impacts of these reforms in their daily lives.
“For us, the courage shown by President Tinubu since 29 May 2023 in the cause of reforming the Nigerian economy, is not only unusual of a Nigerian bred politician but underlines the higher calling of President Tinubu in the nation’s political milieu. Coming on the back of this, we can say with much confidence that, indeed, there had been no comparable first two years in office as that of President Tinubu since the nation returned to democracy in 1999.
“In those two years, we can testify by verifiable data that Nigeria have recorded a substantial economic restructuring in measures beyond the contemplation of the various advocacies around restructuring demanded of Nigerian leaders of the past 26 years”, he said.
He said investors are gaining confidence in the economy, investing in longer-term assets in anticipation of improved macroeconomic performance.
The Chairman said experts expect the government’s economic reforms to lead to lower inflation and interest rates, resulting in higher bond prices and reduced reinvestment risks.
This trend, he noted, indicates a strong, positive perception of recovery and growth in the Nigerian economy.
His words: “With critical macro-economic indicators evidently in alignment, investors are growing confidence in the economy by playing long term with their investment stakes in Nigeria. They are staking more funds on longer-tenor assets in the expectation that ongoing reforms would lead to improved macroeconomic performance in the years ahead.
“There is unanimity among investors that they were locking into longer-term assets because they expected inflation rates to reduce on the back of the government’s economic reforms. This implies that investors expect lower inflation and interest rates over the long-term, leading to higher bond prices and lower reinvestment risks indicative of a strong, positive perception of recovery and growth for the Nigerian economy”.
