Nigeria must turn painful reforms into prosperity- NESG Chairman

The Chairman of the Nigerian Economic Summit Group (NESG), Olaniyi Yusuf, has urged the government to advance the country’s ongoing economic reforms to a level where they will deliver real prosperity and opportunities to Nigerians.

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Mr Yusuf, at the launch of the summit’s 31st edition in Abuja on Monday, lauded the administration of President Bola Tinubu for taking “courageous steps” like fuel subsidy removal, unification of the exchange rate, and tax reforms in turning the economy around.

PREMIUM TIMES has reported the impact of the policies on Nigerians with food prices reaching unprecedented levels and the general cost of goods and services also increasing. Officials, including President Bola Tinubu, however, say the negative impacts of the essential policies have gotten to their worst and that the economy has started improving with inflation now reducing.

In his speech, Mr Yusuf acknowledged that the tough policies came with hardship for millions of Nigerians, causing a cost-of-living crisis in the country.

“We acknowledge that reforms are never painless, but pain must have purpose,” he said. “Nigerians are enduring the immediate impact of difficult but necessary policies, and it is now our collective responsibility to ensure that these sacrifices translate into tangible prosperity. The pain must lead to progress; reforms must deliver opportunity, not just numbers,” he added.

He noted that countries such as Japan, China, South Korea, and Vietnam achieved transformation by pursuing consistent and people-centred reforms, saying Nigeria must show the same doggedness and discipline.

“For Nigeria, this is our moment of renewal, of our chance to act with integrity, urgency, and inclusivity,” he said.

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The NESG chief said the country has entered a “stabilisation phase” following policy changes that are beginning to yield results, but warned that Nigeria must step up the push.

“The challenge before us is to move decisively into the consolidation phase, embedding reforms in ways that drive jobs, growth and inclusion, while simultaneously laying the foundations for long-term transformation that secures prosperity for every Nigerian,” Mr Yusuf said.

According to him, the priorities that must be embraced to sustain growth include investing in infrastructure, unlocking private investment, ensuring fiscal discipline, advancing inclusion, strengthening institutions, and addressing insecurity.

“If these priorities are achieved, consolidation will deliver broad-based growth and opportunity. Nigerians will then begin to feel that reforms are not just statistics, but real improvements in daily life,” he stated.