The Independent Media and Policy Initiatives (IMPI), an Abuja-based think tank, has commended Nigerians for their resilience, adaptability and patriotism in the face of the economic challenges triggered by the ongoing reforms of the President Bola Ahmed Tinubu administration.
The group described Nigerians as the “ultimate heroes” and actual executors of the reforms, saying their sacrifices and resilience have been critical to the gradual turnaround in the nation’s economic fortunes.
In a policy statement released on July 31, 2026, titled “Nigerians as Actual Executors of Tinubu’s Reforms as Economy Transits from Consumption to Productivity,” Chairman of IMPI, Dr Omoniyi Akinsiju, said while the government provides the policy framework, Nigerians remain the real drivers of the economic transition.
Akinsiju, however, stressed that the resilience of Nigerians must be matched by greater government accountability and visible developmental gains.
“We expect the public’s resilience to be met with genuine government accountability and visible developmental returns, which ultimately translate to the fact that the painful sacrifices made between 2023 and 2026 will serve as the foundational building block for Nigeria’s long-term economic independence,” he said.
He expressed optimism that Nigeria was firmly on the path to economic transformation, describing the emerging trends as signs of the country’s potential to become a major industrial and economic power.
“By maintaining our policy direction and continuing to build on these structural reforms, we ensure that Nigeria will claim its rightful position as the industrial engine house of Africa and a leading force in the global economy,” Akinsiju said.
According to him, Nigeria’s macroeconomic narrative had for decades been trapped in a cycle of resource-dependent volatility, structural stagnation and short-term populist interventions.
He said successive administrations often relied on measures such as consumption subsidies, artificial currency controls and multiple exchange-rate windows instead of confronting the structural distortions undermining national productivity.
Akinsiju noted that the inauguration of the Tinubu administration marked a departure from the previous approach, as the government embarked on what he described as a comprehensive economic reset aimed at moving Nigeria from a consumption-driven and rent-seeking economy towards a competitive, market-oriented and production-based system.
He acknowledged that the initial phase of the reforms imposed severe economic pressure on households and businesses but argued that the broader macroeconomic framework was beginning to produce positive and potentially irreversible gains.
“Capital inflows, industrial repositioning, and external rating outlooks collectively demonstrate returning global institutional confidence,” he said.
The IMPI chairman likened the reform trajectory to a classic “J-curve”, in which economic conditions deteriorate significantly in the short term before the benefits of structural adjustments begin to emerge.
He divided Nigeria’s reform journey from 2023 into three broad phases: the Shock Phase (2023–2024), Stabilisation and Disinflation (2025–mid-2026), and Structural Growth and Jobs (2026–2030).
Akinsiju said the removal of the petroleum subsidy and the floating of the naira triggered a sharp deterioration in economic conditions, with headline inflation rising above 33 per cent in 2024, while poverty levels also worsened.
He noted that the World Bank estimated that an additional seven million Nigerians fell below the poverty line during the intense adjustment period.
However, he said aggressive monetary tightening by the Central Bank of Nigeria, alongside the rebasing of the Consumer Price Index, had contributed to a significant moderation in headline inflation, which stood at 15.91 per cent as of June 2026.
He added that economic growth had also stabilised, with the International Monetary Fund and World Bank projecting Nigeria’s GDP growth at between 4.1 and 4.4 per cent for 2026.
Akinsiju further said the reforms had strengthened Nigeria’s external position, with gross foreign reserves reaching approximately $52 billion as of June 2026.
He acknowledged, however, that significant structural challenges remained, particularly in electricity, agriculture and infrastructure.
Citing the World Bank’s Nigeria Development Update, he said the country was gradually moving from the initial phase of fixing its public finances towards addressing the deeper structural constraints to productivity and broad-based prosperity.
“We stand at the precipice of an era where structural adjustments are crystallising into tangible microeconomic relief. The ground has been laid for an industrial renaissance that will redefine Nigeria’s role on the global stage,” he concluded.
