Nigeria’s economic reforms may be showing signs of progress, but experts and policymakers say the real test is whether ordinary Nigerians can actually feel the difference in their daily lives. At the 7th Africa Emerging Markets Forum in Abuja, economists and development experts shifted the conversation from economic stabilisation to the more pressing question of jobs, income and household welfare. The discussion comes as Nigeria’s economy grew by 3.89 per cent in the first quarter of 2026, external reserves stayed above $50bn and inflation eased to 15.91 per cent in June.
Central Bank of Nigeria Governor, Olayemi Cardoso, said the reforms introduced since 2023 were designed to correct major economic distortions and prepare Nigeria for a changing global economy. These measures include petrol subsidy removal, foreign exchange reforms, tighter monetary policy, banking recapitalisation and tax reforms. Cardoso argued that stronger regional trade, credible institutions, domestic investment and greater use of technology would be critical as Africa faces changing global trade patterns and increasing competition for international capital.
However, the improvements in economic statistics have not erased the pressure facing households and businesses. High food prices, expensive borrowing and weaker purchasing power continue to affect Nigerians, prompting World Trade Organisation Director-General Ngozi Okonjo-Iweala to stress that citizens must experience the dividends of reform. World Bank Chief Economist Indermit Gill similarly questioned whether increased government revenues and savings from subsidy reforms were reaching ordinary people, arguing that monetary policy alone cannot solve Nigeria’s economic challenges without stronger fiscal action, investment and job creation.
Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, defended the government’s reform strategy, saying the administration chose long-term economic stability over short-term political convenience. He said reforms had helped improve capital inflows, economic growth, external reserves and the banking system, but acknowledged that stability was only the beginning. According to Oyedele, the government must now focus on decent jobs, productivity and reducing poverty, particularly by supporting agriculture, retail and other sectors capable of employing large numbers of Nigerians.
The bigger message from the forum was clear: Nigeria’s reform story cannot be judged by inflation figures, reserves or exchange-rate stability alone. With food costs still putting heavy pressure on household budgets and many Nigerians trapped in low-productivity work, the next phase must deliver visible improvements in everyday life. Experts also urged Nigeria to embrace artificial intelligence, strengthen food production and build regional value chains so the country can compete in a rapidly changing global economy. For Nigerians, the ultimate measure of reform will be simple—whether the economy becomes strong enough to create better opportunities and make life more affordable.
source: punch
