Abuja — Key economic leaders have called for greater intentionality and synergy in Nigeria’s policy and fiscal reforms. Speaking at a high-level dialogue on the nation’s economic future, speakers including Christian Ebeke, IMF Resident Representative for Nigeria; Dr. Tayo Aduloju, CEO of the Nigerian Economic Summit Group; and Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment, highlighted the bold steps taken so far and areas where improvements are urgently needed.
Dr. Tayo Aduloju stressed that inclusivity in policy discussions without credible data amounts to little progress.
“We are holding a company, not designing policy,” he said, emphasizing the need for data-driven reforms.
The panel acknowledged recent significant measures, describing the removal of fuel subsidies and the unification of multiple foreign exchange rates as bold and unprecedented moves.
“Subsidy removal was historically unprecedentedly bold. The removal of historic multiple FX rates, with foregone premiums up to 65-70%, was historically bold,” said Dr. Jumoke Oduwole.
However, the experts also reflected on what could have been done better. They pointed to gaps in implementation, despite an executive order accompanying the policy moves — a first in Nigeria’s history.
“Where was the ball dropped that we did not achieve what we sought in the first outing of such a policy that prioritized procurement, use of made-in-Nigeria goods, and coordination of the AfCFTA ecosystem? A lot had been happening, but in terms of synergy, this could have been done better,” one speaker noted.
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Christian Ebeke concluded by stressing the broader message of the session.
“Whether it’s tax and fiscal reforms, strengthening public institutions, or fostering innovation for Nigeria’s future, it requires intentionality and sincerity of purpose,” he said.
The dialogue underscored that while bold steps have been taken, Nigeria must focus on purposeful, well-coordinated reforms to achieve sustainable growth.
