The economic reforms introduced by President Bola Ahmed Tinubu are aimed at addressing Nigeria’s deep structural weaknesses. The policy focus includes removing long standing distortions in the economy, streamlining subsidies, stabilising fiscal and monetary frameworks, and investing in critical sectors such as transportation, healthcare and education. These reforms are designed to reduce inequality, attract investment, and lay the foundation for inclusive, long term growth under the Renewed Hope Agenda.
Vice President Kashim Shettima, speaking at the opening of the 66th Annual Conference of the Nigerian Economic Society (NES) in Abuja, said the reforms prove the power of political will in economic management. He likened them to a painful but necessary surgery, noting that while the short term impact may be challenging, the long term benefits will deliver lasting recovery.
Shettima urged African nations to embrace the knowledge economy and structural transformation as pathways to tackle unemployment, poverty and human capital challenges. He also highlighted the need to see global disruptions such as supply chain challenges, trade protectionism and artificial intelligence as opportunities for growth.
Other contributors at the event, including Minister of Budget and Economic Planning, Abubakar Bagudu, and Minister of Livestock Development, Idi Mukhtar Maiha, stressed the importance of integrating the reforms into national planning and diversifying the economy. NES President, Professor Adeola Adenikinju, pledged continued collaboration with government, while the African Development Bank reaffirmed its support for Nigeria’s transformation agenda.