Nigeria’s economy in shambles: Akpabio defends Tinubu

Nigeria’s economy in shambles was the stark reality President Bola Ahmed Tinubu inherited when he assumed office in May 2023, according to Senate President Godswill Akpabio. Speaking in defence of the administration’s economic policies, Akpabio argued that the previous government left behind a severely distressed economy that required urgent and decisive action. The phrase “economy in shambles” has since become a focal point in Nigeria’s political and economic discourse, encapsulating years of policy failures, corruption, and external shocks that pushed Africa’s largest economy to the brink.

The Nigerian economy in shambles was characterized by multiple crises: a widening fiscal deficit, dwindling foreign reserves, soaring inflation, and a currency under intense pressure. These challenges were compounded by the lingering effects of the COVID-19 pandemic, global oil price fluctuations, and decades of policy inconsistencies. Akpabio’s remarks reflect a broader narrative of systemic failure, where basic economic indicators were flashing red across multiple fronts, leaving the new administration with little choice but to implement sweeping reforms.

This article explores the context of Akpabio’s remarks, the state of Nigeria’s economy at the time of Tinubu’s inauguration, and the reforms introduced to address the challenges. We also examine reactions from economists, political analysts, and the general public across Africa, including key markets like Ghana, South Africa, and Kenya. Finally, we provide practical tips for Nigerians navigating the economic crisis and answer frequently asked questions about the reforms.

What Did Akpabio Mean by ‘Nigeria’s Economy in Shambles’?

When Senate President Godswill Akpabio described Nigeria’s economy as being in shambles, he was referring to a situation characterized by severe macroeconomic imbalances. These included a widening fiscal deficit, dwindling foreign reserves, high inflation, and a currency under intense pressure. The phrase “economy in shambles” thus encapsulates a broader narrative of systemic failure—one where basic economic indicators were flashing red across multiple fronts.

According to reports from the Punch Nigeria, Akpabio highlighted that the economy was operating far below its potential due to years of policy inconsistencies, corruption, and external shocks such as the COVID-19 pandemic and global oil price fluctuations. The phrase “economy in shambles” is not just a political slogan; it reflects the reality of an economy struggling to meet the needs of its citizens despite being Africa’s largest economy by GDP.

For context, Nigeria’s GDP per capita had stagnated for over a decade, and poverty levels remained stubbornly high. The World Bank estimated that over 40% of Nigerians lived below the poverty line in 2023, a figure that had barely improved in years. The phrase “economy in shambles” thus resonates deeply with many Nigerians who have felt the brunt of economic mismanagement for decades.

Key Indicators of a Distressed Economy

The Nigerian economy in shambles was evident in several key indicators:

Inflation: Nigeria’s inflation rate had surged to over 22% by mid-2023, eroding purchasing power and deepening poverty. Food inflation, in particular, exceeded 25%, making it difficult for families to afford basic necessities like rice, beans, and cooking oil.
Naira Devaluation: The naira had lost nearly 50% of its value against the US dollar in the parallel market within two years. By June 2023, the exchange rate in the black market hovered around ₦750/$1, compared to ₦305/$1 in the official market, highlighting the severity of the crisis.
Foreign Reserves: External reserves were declining, limiting the Central Bank’s ability to defend the currency or import essential goods. By mid-2023, Nigeria’s foreign reserves had fallen to around $37 billion, down from $41 billion at the start of 2022.
Debt Burden: Public debt had risen sharply, with debt servicing consuming over 90% of government revenue in some quarters. Nigeria’s total public debt exceeded ₦80 trillion ($100 billion) by 2023, raising concerns about debt sustainability.
Fuel Subsidy Dependence: The petrol subsidy regime was unsustainable, costing trillions of naira annually while benefiting smugglers and corrupt officials. In 2022 alone, the Nigerian National Petroleum Company (NNPC) spent over ₦4 trillion ($5 billion) on fuel subsidies, a figure that was unsustainable given the country’s revenue constraints.

These factors collectively painted a picture of an economy struggling to meet the needs of its citizens, despite being Africa’s largest economy by GDP. The phrase “economy in shambles” was thus not an exaggeration but a reflection of the harsh economic realities faced by millions of Nigerians.

How Tinubu’s Administration Responded to the Crisis

Upon assuming office, President Tinubu moved swiftly to address the economic crisis. His administration’s response centred on three major policy shifts: the removal of fuel subsidies, the unification of the foreign exchange market, and the reform of monetary policy under the Central Bank of Nigeria (CBN). These decisions, though controversial, were framed as necessary to restore macroeconomic stability and attract foreign investment. Akpabio has consistently defended these reforms, arguing that they were unavoidable to prevent total economic collapse.

The administration’s economic recovery plan is built on four pillars: fiscal sustainability, monetary stability, structural reforms, and social investment. Each of these pillars addresses a critical aspect of the economy in shambles, aiming to restore confidence and lay the foundation for sustainable growth.

Fuel Subsidy Removal: A Bold but Painful Move

The removal of fuel subsidies was one of the most contentious decisions of Tinubu’s early tenure. For decades, Nigeria had subsidized petrol, a policy that many argued was unsustainable and prone to corruption. The subsidy regime cost the government over ₦4 trillion ($5 billion) annually, according to official estimates. By eliminating the subsidy, the government freed up funds for critical infrastructure and social investment. However, the immediate impact was a sharp rise in transportation costs and inflation, sparking nationwide protests and criticism from labour unions.

Akpabio defended the move, stating that the subsidy had become a drain on public resources and that its removal was essential to stabilize the economy. He argued that the long-term benefits of redirecting funds to health, education, and infrastructure would outweigh the short-term pains. For example, the savings from subsidy removal could be used to fund the government’s ambitious infrastructure projects, such as the Lagos-Ibadan rail line and the Port Harcourt-Maiduguri highway.

To mitigate the impact on citizens, the government introduced palliative measures, including a N500 billion ($600 million) palliative fund to support vulnerable households and small businesses. However, critics argue that these measures were insufficient to cushion the blow of higher fuel prices, which led to a 100% increase in transportation costs in some cities.

Naira Devaluation and Forex Unification

Another major reform was the unification of the foreign exchange market. Nigeria had operated a multiple exchange rate system for years, creating arbitrage opportunities and discouraging foreign investment. The Central Bank of Nigeria (CBN), under new leadership, moved to unify the rates and allow market forces to determine the value of the naira. This led to an initial sharp devaluation of the naira, which fell from around ₦460/$1 in the parallel market to over ₦1,000/$1 at its peak.

While this made imports more expensive and increased inflationary pressure, it was seen as a necessary correction to attract foreign capital and improve export competitiveness. Akpabio argued that the unified exchange rate would improve transparency and reduce corruption in the forex market, which had been plagued by round-tripping and patronage. For instance, the CBN’s reforms included the clearance of a backlog of foreign exchange demand, which had been a major source of frustration for businesses and investors.

However, the devaluation also had unintended consequences. Many Nigerian businesses, particularly those reliant on imported raw materials, struggled to cope with the higher cost of imports. This led to job losses in sectors like manufacturing and retail, further exacerbating the economic hardship faced by many Nigerians.

Monetary Policy Reforms at the CBN

The Tinubu administration also overhauled the leadership of the Central Bank of Nigeria (CBN), appointing new governors tasked with stabilizing the financial system. Key reforms included raising interest rates to combat inflation, clearing a backlog of forex demand, and introducing new guidelines to curb speculative trading. These measures aimed to restore investor confidence and stabilize the financial system. Critics, however, warned that high interest rates could stifle private sector growth and increase unemployment.

Akpabio countered that the CBN’s reforms were critical to restoring monetary stability and preventing a balance-of-payments crisis. For example, the CBN’s decision to raise the Monetary Policy Rate (MPR) to 18.75% was aimed at curbing inflation, which had eroded the purchasing power of Nigerians. However, the high interest rates also made it more expensive for businesses to access credit, leading to a slowdown in economic activity.

To address these challenges, the CBN introduced several initiatives, including the Nigeria Treasury Bills (NTBs) programme and the Anchor Borrowers’ Programme, to support agricultural and industrial sectors. These programmes aim to boost local production and reduce Nigeria’s reliance on imports, which is critical for long-term economic stability.

Practical Tips for Nigerians Navigating the Economic Crisis

The Nigerian economy in shambles has left many citizens struggling to make ends meet. However, there are practical steps individuals and businesses can take to mitigate the impact of the economic crisis. Here are some tips:

Budgeting and Savings

With inflation eroding purchasing power, budgeting has become more important than ever. Nigerians should prioritize essential expenses like food, housing, and healthcare while cutting back on non-essential items. Setting aside a portion of income as savings can also provide a financial cushion in times of crisis. For example, using budgeting apps like PiggyVest or Cowrywise can help track expenses and save money automatically.

Diversifying Income Streams

Relying on a single source of income is risky in an unstable economy. Nigerians should explore side hustles or additional income streams to supplement their primary earnings. This could include freelancing, e-commerce, or small-scale agriculture. For instance, platforms like Jumia and Konga offer opportunities for online sellers to reach a wider market, while ride-hailing services like Uber and Bolt provide flexible earning options for drivers.

Investing Wisely

With the naira’s value fluctuating, investing in assets that retain value is crucial. Nigerians can consider investing in real estate, stocks, or foreign currency-denominated assets like the US dollar or Euro. For example, platforms like Bamboo and Chaka allow Nigerians to invest in US stocks, providing a hedge against naira devaluation. However, it’s important to conduct thorough research and seek professional advice before making investment decisions.

Supporting Local Businesses

In an economy in shambles, supporting local businesses can help stimulate economic growth and create jobs. Nigerians should prioritize buying from local producers and artisans, even if prices are slightly higher. This not only supports the local economy but also reduces reliance on imports, which can help stabilize the naira in the long run. For example, patronizing markets like Balogun in Lagos or Wuse Market in Abuja can help small businesses thrive.

Advocating for Policy Change

While individual actions are important, systemic change requires collective action. Nigerians can advocate for policies that address the root causes of the economic crisis, such as corruption, poor infrastructure, and insecurity. This could involve joining advocacy groups, participating in community meetings, or engaging with policymakers. For example, organizations like the Centre for Democracy and Development (CDD) and the Nigerian Economic Summit Group (NESG) work to promote economic reforms and transparency.

Regional Reactions: How Africa Views Nigeria’s Economic Crisis

Nigeria’s economic troubles have ripple effects across Africa, given its status as the continent’s largest economy and most populous nation. Countries like Ghana, South Africa, and Kenya watch Nigeria’s policies closely, as shifts in naira stability and oil prices directly impact their own economies. The phrase “economy in shambles” has thus become a topic of discussion in regional economic forums, with policymakers and analysts debating the implications of Nigeria’s reforms.

In West Africa, Nigeria’s economic crisis has raised concerns about regional stability. For example, Ghana’s economy has faced similar challenges with currency devaluation and debt crises, leading to an IMF bailout in 2022. While Ghana’s situation is distinct, the lessons from Nigeria’s reforms are being studied by economists and government officials across the region. Some West African leaders see the removal of fuel subsidies as a necessary evil, while others worry about the social cost of such measures.

West African Neighbours: Cautious Optimism

Countries in West Africa, including Ghana, Senegal, and Cote d’Ivoire, have adopted mixed approaches to economic management. While Ghana has sought IMF support to stabilize its currency, Senegal has pursued gradual reforms to avoid social unrest. Nigeria’s bold reforms have drawn both admiration and skepticism. For instance, Senegal’s President Macky Sall has praised Tinubu’s leadership, stating that “tough decisions are sometimes necessary for long-term growth.”

However, other leaders in the region have expressed caution. For example, Ghana’s Finance Minister Ken Ofori-Atta has warned that subsidy removal can lead to social unrest if not accompanied by strong social safety nets. This sentiment is shared by many economists in the region, who argue that Nigeria’s reforms, while necessary, could deepen poverty and inequality if not properly managed.

Akpabio’s defence of Tinubu’s policies has resonated with pro-reform voices in the region, who argue that short-term pain is required for long-term gain. For example, the African Development Bank (AfDB) has praised Nigeria’s reforms, stating that they are “aligned with global best practices” and could serve as a model for other African countries.

East and Southern Africa: Lessons and Caution

In East Africa, countries like Kenya and Ethiopia have both pursued cautious monetary policies to avoid the pitfalls Nigeria faced. Analysts in Nairobi and Addis Ababa have noted that Nigeria’s experience serves as a cautionary tale about the dangers of prolonged fiscal imbalances and delayed reforms. For example, Kenya’s Central Bank has maintained a relatively stable exchange rate policy, avoiding the extreme volatility seen in Nigeria.

In Southern Africa, South Africa has expressed concern over Nigeria’s economic instability, which could affect regional trade and investment flows. The South African Reserve Bank has highlighted the risks of contagion from Nigeria’s currency volatility, noting that a stable naira is critical for regional economic integration. South Africa’s experience with load shedding and economic stagnation has also made policymakers wary of implementing overly aggressive reforms without adequate safety nets.

Despite these concerns, many African economists see Nigeria’s reforms as a necessary step toward economic recovery. For example, Dr. Benedict Oramah, President of the AfDB, has stated that “Nigeria’s bold reforms are a testament to the government’s commitment to economic transformation.”

Public Sentiment: Between Hope and Hardship

The Nigerian public remains deeply divided over the economic reforms. While some citizens acknowledge the need for change, many are struggling with the immediate impact of higher prices, job losses, and reduced purchasing power. The phrase “economy in shambles” resonates with those who feel the brunt of the crisis, while others see the reforms as a necessary evil for long-term growth.

Surveys conducted by local media outlets indicate that over 60% of Nigerians believe the economy has worsened since Tinubu took office. However, a smaller but vocal segment supports the reforms, arguing that they are essential for long-term growth. This divide reflects the broader challenges of implementing economic reforms in a democracy, where short-term pain can lead to long-term gains but also political backlash.

Grassroots Perspectives: Voices from the Streets

In Lagos, traders at the popular Balogun Market have decried the rising cost of goods, blaming the subsidy removal and naira devaluation for their struggles. Many small business owners say they are barely breaking even, with some forced to close shop. For example, Mrs. Adeola, a trader who sells textiles, lamented that “since the fuel subsidy was removed, my transport costs have doubled, and customers are buying less because prices have gone up.”

In contrast, young professionals in Abuja and Port Harcourt have expressed cautious optimism, citing the government’s infrastructure projects and efforts to attract investment as positive signs. For instance, Mr. Chinedu, a software engineer in Abuja, stated that “while the cost of living has increased, I believe the government’s focus on infrastructure and technology will create jobs in the long run.”

Akpabio has urged patience, arguing that economic recovery is a marathon, not a sprint. He points to countries like Indonesia and Vietnam, which underwent similar reforms in the 1990s and emerged stronger. However, the challenge for the Nigerian government is to ensure that the benefits of growth are widely shared, particularly among the most vulnerable populations.

Economic Experts Weigh In: Is Nigeria on the Right Path?

Economists are divided over whether Tinubu’s reforms will yield the desired results. While some praise the administration’s boldness, others warn that the social cost may be too high. The debate over whether Nigeria’s economy is truly in shambles or merely undergoing a painful transition reflects the broader uncertainty surrounding the reforms.

Prof. Kingsley Moghalu, a former deputy governor of the CBN, has argued that the reforms are necessary but should have been accompanied by stronger social safety nets to protect the vulnerable. He warns that without targeted interventions, the reforms could deepen inequality and poverty. For example, Moghalu has suggested that the government could expand its conditional cash transfer programme to include more households and increase the monthly stipend.

On the other hand, Dr. Ayo Teriba, an economic analyst, has praised the government’s commitment to structural reforms. He argues that the removal of subsidies and unification of the forex market are critical steps toward building a competitive economy. Teriba points to the success of similar reforms in countries like Indonesia and Vietnam, which transitioned from economic crises to robust growth in the 1990s.

Akpabio has cited these expert opinions to bolster his defence of the administration’s policies, emphasizing that the reforms are aligned with global best practices. For example, he has highlighted the International Monetary Fund’s (IMF) support for Nigeria’s reform agenda, stating that “even the IMF recognizes that bold reforms are necessary to restore macroeconomic stability.”

Comparative Analysis: Lessons from Other African Economies

Nigeria’s experience mirrors that of several African countries that have undergone similar reforms. For instance, Ethiopia’s economic liberalization in the 1990s initially caused hardship but eventually led to robust growth. Similarly, Ghana’s IMF-backed reforms in the early 2000s stabilized its economy after years of instability. These examples serve as both a warning and an inspiration for Nigeria’s reform journey.

Akpabio has drawn parallels between Nigeria’s situation and these success stories, arguing that the current pain will pave the way for sustainable development. For example, he has cited Ghana’s experience, where subsidy removal in the early 2000s led to initial protests but eventually stabilized the economy and attracted foreign investment. However, critics argue that Nigeria’s reforms lack the social safety nets that Ghana implemented, which could lead to a different outcome.

Another example is Kenya, which underwent a series of economic reforms in the 1990s to stabilize its currency and attract investment. While Kenya’s reforms were successful in the long run, they were accompanied by significant social unrest and political instability. This serves as a cautionary tale for Nigeria, highlighting the importance of managing the social impact of economic reforms.

Challenges Ahead: What Lies in Store for Nigeria’s Economy?

Despite the reforms, Nigeria’s economy still faces significant challenges. Inflation remains stubbornly high, unemployment is rising, and insecurity continues to hamper agricultural and industrial output. The phrase “economy in shambles” may no longer apply to the same extent as in 2023, but the road to recovery is far from smooth. The government has outlined several initiatives to address these issues, including the introduction of a new minimum wage, investments in agriculture, and efforts to improve security in the North-East and Niger Delta regions.

Akpabio has emphasized that the administration is committed to inclusive growth, ensuring that the benefits of economic recovery are shared across all segments of society. However, the success of these initiatives will depend on effective implementation and sustained investor confidence.

Security and Economic Stability

Insecurity remains a major obstacle to economic growth. Farmers in the North-West and North-Central regions continue to face attacks from bandits, disrupting food production and supply chains. The government has promised to address these challenges through increased military presence and community engagement programmes. For example, the government’s “Green Imperative” initiative aims to boost agricultural productivity by providing tractors and other equipment to farmers.

Akpabio has linked security to economic stability, arguing that without peace, no amount of economic reform can succeed. This sentiment is shared by many economists, who argue that insecurity has deterred foreign investment and stifled economic activity in key sectors like agriculture and mining.

Infrastructure and Industrialization

The administration has also prioritized infrastructure development, with a focus on roads, railways, and power generation. These projects are expected to reduce the cost of doing business and attract foreign investment. For example, the Lagos-Ibadan rail project, which was completed in 2023, has reduced travel time between the two cities from 12 hours to just 2 hours, boosting economic activity in the region.

Akpabio has highlighted the Lagos-Ibadan rail project and the ongoing construction of the Port Harcourt-Maiduguri highway as key achievements that will boost economic activity. However, critics argue that the pace of infrastructure development has been slow, and many projects are behind schedule due to funding constraints and bureaucratic bottlenecks.

Job Creation and Social Investment

Creating jobs and investing in social programmes are critical to ensuring that the benefits of economic growth are widely shared. The government has introduced several initiatives to address these issues, including the Nigeria Youth Employment Action Plan (NIYEAP) and the expansion of the TraderMoni programme. These programmes aim to provide skills training, microloans, and other support to vulnerable populations.

However, the impact of these initiatives has been limited by funding constraints and poor implementation. For example, the TraderMoni programme, which was designed to provide microloans to petty traders, has faced criticism for its slow disbursement process and lack of transparency.

Akpabio’s Defence: A Political Perspective

From a political standpoint, Akpabio’s defence of Tinubu’s economic policies serves multiple purposes. It reinforces the administration’s narrative of bold leadership in the face of adversity. It also counters opposition criticism that the reforms are hurting ordinary Nigerians without delivering tangible benefits. The phrase “economy in shambles” has thus become a rallying cry for the administration’s supporters, who argue that the reforms are necessary to prevent total economic collapse.

Akpabio’s arguments are rooted in the idea that Nigeria’s economic woes were decades in the making and could not be fixed overnight. He has consistently framed the reforms as a necessary break from the past, positioning Tinubu as a reformer willing to make tough decisions. For example, Akpabio has stated that “the previous administration left behind an economy in shambles, and we had no choice but to act decisively.”

Critics, however, argue that the administration could have done more to cushion the impact of the reforms on the poor. They point to the lack of a robust social protection programme as a major oversight. For instance, the World Bank has estimated that over 10 million Nigerians could fall into poverty as a result of the reforms, highlighting the need for stronger safety nets.

Partisan Support vs. Independent Analysis

While Akpabio’s defence is politically motivated, it is important to distinguish between partisan rhetoric and independent economic analysis. Economists agree that Nigeria’s economy was in dire straits, but opinions vary on the best path forward. For example, while Akpabio praises the reforms as a success, independent analysts like Prof. Moghalu argue that the social cost has been too high.

Akpabio’s role as Senate President gives his statements significant weight, but they should be viewed in the context of the administration’s broader political strategy. For instance, his defence of the reforms is part of a larger effort to rally support for the administration’s economic agenda and counter opposition criticism.

Conclusion: Can Nigeria Recover from an Economy in Shambles?

Senate President Godswill Akpabio’s assertion that Nigeria’s economy was in shambles when President Tinubu took office underscores the scale of the challenges faced by the administration. The reforms introduced—fuel subsidy removal, naira devaluation, and CBN reforms—are bold steps aimed at restoring macroeconomic stability. While the short-term impact has been painful for many Nigerians, the government argues that these measures are essential for long-term growth.

The success of the reforms will depend on several factors, including improved security, targeted social interventions, and sustained investor confidence. For example, the government’s efforts to attract foreign investment through initiatives like the Nigeria-Africa Trade and Investment Forum (NATIF) could help stabilize the economy in the long run. However, the road to recovery is long and uncertain, and the phrase “economy in shambles” may continue to resonate with many Nigerians for years to come.

As Nigeria continues on this path, the rest of Africa watches closely. The lessons from Nigeria’s experience will shape economic policies across the continent for years to come. Whether Nigeria can fully recover from an economy in shambles will depend on the government’s ability to implement policies effectively, address security challenges, and ensure that the benefits of growth are widely shared.

FAQs: Understanding Nigeria’s Economic Reforms

Why did President Tinubu remove fuel subsidies?

President Tinubu removed fuel subsidies to free up funds for critical infrastructure and social investments. The subsidy regime cost the government over ₦4 trillion ($5 billion) annually and was widely seen as unsustainable and prone to corruption. By eliminating the subsidy, the government aimed to redirect funds towards health, education, and infrastructure projects.

How has the naira devaluation affected ordinary Nigerians?

The devaluation of the naira has made imports more expensive, leading to higher prices for goods and services. This has reduced purchasing power and increased the cost of living for many Nigerians, particularly those on fixed incomes. For example, the price of imported goods like electronics, vehicles, and pharmaceuticals has risen significantly since the devaluation.

What are the long-term benefits of these economic reforms?

The government argues that the reforms will attract foreign investment, improve export competitiveness, and stabilize the economy. Over time, this could lead to job creation, lower inflation, and sustainable growth. For instance, the unification of the forex market is expected to reduce corruption and improve transparency in the financial system.

Is Nigeria’s economy improving under Tinubu’s leadership?

While some economic indicators show early signs of recovery, such as improved forex liquidity and increased foreign portfolio investment, the overall economy is still facing significant challenges. Inflation remains high, and many Nigerians are struggling with the immediate impact of the reforms. For example, the National Bureau of Statistics (NBS) reported that Nigeria’s GDP growth slowed to 2.4% in the first quarter of 2024, down from 3.3% in the same period the previous year.

What role does Akpabio play in defending these policies?

As Senate President, Akpabio serves as a key spokesperson for the administration, defending its policies in the face of criticism. His arguments are politically motivated but are also grounded in the administration’s narrative of bold leadership and necessary reforms. For example, Akpabio has consistently framed the reforms as a necessary break from the past, positioning Tinubu as a reformer willing to make tough decisions.

How can Nigerians protect themselves from the economic crisis?

Nigerians can protect themselves by budgeting carefully, diversifying income streams, investing wisely, and supporting local businesses. For example, using budgeting apps, exploring side hustles, and investing in assets that retain value can help mitigate the impact of inflation and naira devaluation. Additionally, advocating for policy change and holding the government accountable can help address the root causes of the economic crisis.

What lessons can other African countries learn from Nigeria’s reforms?

Other African countries can learn the importance of bold reforms, but also the need for strong social safety nets to protect the vulnerable. For example, Ghana’s experience with subsidy removal in the early 2000s shows that reforms can succeed if accompanied by targeted interventions. However, Nigeria’s experience also highlights the risks of implementing reforms without adequate planning, leading to social unrest and economic hardship.

Looking Ahead: Nigeria’s Economic Future

Nigeria’s journey to economic recovery is far from over. The reforms introduced by the Tinubu administration are just the first steps in a long process of rebuilding a stable and prosperous economy. The coming months and years will be critical in determining whether these measures yield the desired results.

For Akpabio and the administration, the message is clear: the pain of reform is temporary, but the gains will be lasting. Whether Nigeria can fully recover from an economy in shambles will depend on the government’s ability to implement policies effectively, address security challenges, and ensure that the benefits of growth are widely shared.

As Africa’s largest economy, Nigeria’s success or failure will have far-reaching implications for the continent. The world is watching, and the stakes could not be higher. The phrase “economy in shambles” may soon be replaced by a new narrative of recovery and growth, but the journey ahead remains uncertain and challenging.

ByEditorial Team