Nigeria at 65: Tinubu’s Reforms Show Stability but Nigerians Still Struggle – Experts
As Nigeria marked its 65th Independence anniversary, President Bola Tinubu showcased what he called “remarkable milestones” from two years of economic reforms. In his broadcast, he highlighted record-breaking non-oil revenue of ₦20 trillion by August 2025, external reserves at $42.03 billion, the highest since 2019, and a reduction in the country’s debt-service ratio from 97% to below 50%. He also noted a ₦7.46 trillion trade surplus, oil production at 1.68 million barrels per day, and the long-awaited commencement of local petrol refining. For Tinubu, these figures signal that “the worst is over” for Africa’s largest economy.
But beneath the upbeat statistics, experts and industry players warned that Nigerians are yet to feel the impact. Members of the Organised Private Sector (OPS) and economists argued that the government’s reforms, such as subsidy removal and exchange rate unification, remain far removed from household realities. Segun Kuti-George of the Nigerian Association of Small-Scale Industrialists noted, “They are statistics that can be verified. But it is when it trickles down into the microeconomy that the man on the street can feel the impact.” He stressed the urgent need for infrastructure, especially roads and railways, to unlock grassroots economic growth.
Small business owners and economists were more critical. Dr Femi Egbesola of the Association of Small Business Owners of Nigeria dismissed the ₦25,000–₦50,000 cash transfers as inadequate in a nation of over 200 million people. “Yes, the figures are good news, but how does this translate to the gains of the common man on the streets?” he asked, while pointing to high interest rates of 25–28% that stifle entrepreneurship. Babcock University’s Prof. Segun Ajibola described the reforms as “robust nominal improvements” but insufficient to improve welfare outcomes. Development economist Dr Aliyu Ilias went further, stating that Nigeria was experiencing “stability, not growth,” warning that persistent food inflation remained the biggest drag on living standards.
Farmers painted an even bleaker picture. From rising fertiliser costs to insecurity in farmlands, they argued that Nigeria’s food security goals remain far from reality. National Cashew Farmers President, Yunusa Enemali, warned that any country unable to feed its citizens risks “hungry human beings.” Rice producers also lamented kidnappings and killings of farmers, which discourage food production. They urged the government to invest in cheaper fertilisers, rural infrastructure, and irrigation systems to boost yields. “Farmers are kidnapped and killed in the fields. How do you expect them to return to farming?” asked Peter Dama, Chairman of the Competitive African Rice Forum.
Analysts and business leaders agree that Nigeria’s challenge is not the absence of reforms but the lack of transmission to the average household. Rising debt, high living costs, weak infrastructure, and insecurity continue to block the path to prosperity. The Chartered Institute of Directors Nigeria summed it up by calling for ethical leadership and governance that translate numbers into reality. “Let this 65th anniversary be a turning point where leaders and citizens choose accountability over corruption, and unity over division,” its president, Adetunji Oyebanji, urged. As experts warn, Nigeria may have achieved macroeconomic stability, but until growth translates into affordable food, jobs, and security, independence celebrations will remain bittersweet for millions of struggling Nigerians.
source: punch