A Think Tank group, the Independent Media and Policy Initiative (IMPI) says Nigeria’s current economic reforms will unlock the fortunes of the Africa’s largest economy.
IMPI Chairman, Mr Niyi Akinsiju, said this in a policy analysis released on Tuesday in Abuja.
He said that it was crucial to keep eyes on the bright spots in Nigeria’s economy, even as the reforms bite harder for now.
“While pessimism abounds, it is crucial to keep our eyes on the bright spots in Nigeria’s economy.
“We write off and ignore the country at our own peril; it could very well become a 22nd century superpower,” he said.
Akinsiju said the IMPI was therefore unpretentious about its support and advocacy for the policies being advanced by President Bola Tinubu’s administration targeted at enabling a market-driven economy.
This, he said, should be the big picture for every forward looking Nigerian.
He added that our fate should not be about existing from one day to the other, but about accepting the generational responsibility of standing in the gap for future generations.
“This country, by all possible evaluation metrics, is an economic giant waiting to take its position in the sun.
“But it has remained stunted over the years because of policy misapplications, especially of such that emphasise today’s existence in opposition to creating wealth premised on delayed gratification.
“With removal of subsidy in petrol, the daily consumption dropped by at almost 50 per cent, a leakage that almost crippled Nigeria.
“We also agree with the President’s call on Nigerians to persevere at this time because, according to him, nation-building requires perseverance and patriotism to succeed.
“It is to these two value orientations that we call the attention of Nigerians,” he said.
Akinsiju recalled the optimism expressed by South African billionaire and Chairman of South Africa global grocer brand, Shoprite, Christo Wiese.
Wiese had recently said that Nigeria’s large and growing population was impossible for businesses to ignore and that the recent exodus of companies from the country won’t last.
The IMPI chairman said it was exhilarating to note that this description of the Nigerian economic state was coming from a foreigner who sat over a huge business concern that operated in states across Nigeria.
“He definitely speaks from the point of knowledge and experience.For him, Nigeria with over 200 million people, is the economic giant of Africa.
“This sizable consumer base presents an attractive investment hub for businesses and investors seeking opportunities in the region.
“While no rational investor can ignore Nigeria, yet, economic makeovers such as the removal of fuel subsidy and floating of the naira aimed at revitalising the economy, have yet to yield positive results.
“Nonetheless, we have observed the peculiar Nigerian spirit of adaptation in the face of challenges and vicissitudes at work as exchange rates become prohibitive.
“And inflation rates continue to increase. Nigerian startups, for example, are beginning to explore local options for some of the foreign-denominated services their operations require,”Akinsiju noted