Tinubu’s reforms will unlock Nigeria’s fortune  – Policy Think-Tank

Abody of independent policy analysts under the aegis of the Independent Media and Policy Initiative (IMPI) has expressed optimism that the economic reforms of President Bola Tinubu will unlock the country’s fortune.

The group also said the well-thought-out reforms are policies that cannot be ignored by any rational local and international investor.

This position was contained in a review of the takeaways from President Tinubu’s last week’s visit to Qatar by the think-tank group.

A statement by the IMPI chairman, Niyi Akinsiju in Abuja on Wednesday, March 6, noted that reforms and the commitment of the president to implementing policies will sooner than later yield fruitful dividends that will turn around the economic fortunes of the country.

Elated by Tinubu’s commitment to go the whole hug in implementing the policies, Akinsiju recalled the president’s public declaration, during his visit to Qatar: “This economy, we will grow it, and we will feed ourselves out of penury…if it’s corruption, we must exterminate it no matter how hard it is fighting back.”

According to the group, “We find this declaration instructive. It affirms the President’s unwavering commitment to seeing through the reforms he has undertaken to implement.

“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.”

The group also emphasized its support for the President’s market-driven policies because it is the best option for the country.

IMPI said: “In truth, the Nigerian economy had been buffeted from different sides by many domestic and global assailing factors between 2016 and 2020 which may provide an understanding of the Federal Government and CBN’s insistence on state-controlled and managed economy for the benefits of the poor and vulnerable. 

Yet, after many years of the control and managed options, we are left with an economy in stagnation; one that depends on the periodic boom in the oil and gas sector to deliver momentary economic prosperity.

 “By 2023, an economic template change had become inevitable. In our consideration, we believe that the Tinubu administration read the situation well by making overtures to the CBN to revert to the free float exchange policy. 

“Of course, the economy, like in 2016 has since responded to the policy with a volatility that is not only immediate but intense with macroeconomic rates flaring up disconcertingly. This led to a high cost of living uproar across different segments of the nation.

“But rather than beat a retreat and embrace the populist option, the President has determinedly decided to walk the hard, lonely route of application of unpopular yet result-oriented policy, by insisting on sustaining and driving the national economy on the wings of the already introduced policies, chief of which are the fuel subsidy removal and unification of Forex rates”.

While rallying support for the reforms, the group added that individuals and groups who are optimistic about the reforms would be proven right in the long run. 

 “As one of the nation’s global entrepreneurs puts it, 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 peril; it could very well become a 22nd century superpower’.

“This should be the big picture for every forward-looking Nigerian. Our fate should not be about existing from one day to the other; it should be about accepting the generational responsibility of standing in the gap for future generations. To sacrifice our today to change the economic trend of our country where rather than have millions numbered in poverty, we will have millions counted in wealth.

“It is to this end we declare that we are unpretentious about our support and advocacy for the policies being advanced by Tinubu’s administration targeted at enabling a market-driven economy. This is where we believe the fortunes of this great country can and would be unlocked,” it argued.