Economic Reform: A Journey With No End In Sight?

The Realities of Economic Reform in Nigeria

Economic reform in Nigeria has been a continuous journey, yet for many Nigerians, it’s one that seems to be getting tougher every day. “The government has promised positive outcomes, but all we feel are higher prices and fewer opportunities,” says Bimpe, a young entrepreneur in Lagos. With soaring inflation, a devalued naira, and rising unemployment, Nigerians are wondering if the promised prosperity is within reach. As the reforms stretch on, many Nigerians are asking, “Is this really the right path?”

Everyday Nigerians Speak Out on Economic Reform

Many Nigerians feel that the reforms have come with heavy costs. Tunde, a middle-aged trader from Ibadan, shared his frustration: “I was hopeful when they talked about removing petrol subsidies and fixing the economy. But now, I’m paying more for everything, and I don’t see any improvement.”

Sadiya, a teacher, echoes this sentiment. “They say we should be patient, but patience won’t feed my family,” she says. With teachers’ wages barely covering essentials, she worries about the future of her children in a country where reforms seem to benefit a few.

Others, like Yusuf, a commercial driver in Oshodi, Lagos, feel helpless. “The price of fuel goes up, and so do the fares, but then people stop taking rides because they can’t afford it. It’s a vicious cycle,” he explains. For Yusuf, economic reform means fewer customers and dwindling earnings.

READ ALSO: Fuel Prices Hike: A Double-Edged Sword For Economic Reform

Meanwhile, Chioma, a market vendor, points to the devaluation of the naira as a significant issue. “The little I make cannot even buy the same goods I could last year. We’re sinking deeper,” she says. The rising cost of imported goods, combined with a struggling local currency, makes every day a challenge for people like Chioma.

Expert Opinions: Navigating Economic Reform with Transparency and Accountability

Economists suggest that the reforms could be more effective if managed with accountability. Tilewa Adebajo, an economist and financial analyst, argues that Nigeria’s key economic institutions need restructuring. “The NNPC alone could contribute billions to the Treasury if efficiently managed,” Adebajo asserts. He believes that reforms, if fully implemented, can transform Nigeria’s economy. But the problem, he says, lies in the lack of consistent, transparent action.

Dr. Sarah Ajayi, a professor of Economics, agrees. “Economic reform cannot succeed in isolation,” she explains. “For reforms to work, there needs to be investment in social services, infrastructure, and job creation.” Dr. Ajayi emphasizes that Nigerians deserve to see real benefits from the reforms, rather than being told to wait indefinitely.

Oil Sector Reform: Untapped Potential for Economic Growth

One major area in need of reform is Nigeria’s oil sector. According to Adebajo Michael, oil could stabilize the economy, but only if managed effectively. “Countries like Norway have used oil wealth to create funds that protect them against price shocks,” he explains. “Nigeria could do the same, but we’ve stalled on this important reform.”

For Nigerians like Grace Ademola, a young professional in Lagos, it’s frustrating. “It’s disheartening to see our resources mismanaged while we’re struggling,” she says. Grace believes that oil reform could be Nigeria’s saving grace if leaders prioritize the sector.

Addressing Untapped Assets: A Missed Opportunity

Nigeria’s wealth extends beyond oil. With untapped assets estimated at over ₦100 trillion, the potential revenue is vast. Some suggest that privatizing or better managing these assets could provide a significant boost to the economy. “If the government can’t manage these assets, why not let private firms handle them?” asks Nnamdi Ebuka, a business owner in Ladipo Market, Lagos. He argues that efficient asset management could help reduce inflationary pressures by providing additional revenue streams.

The delay in establishing a national asset register also troubles citizens. “We’ve heard about this asset register for years, but nothing’s come of it,” notes Julliet Adah, an engineer. Many feel that creating such a register and moving forward with asset reforms would demonstrate a commitment to transparency and fiscal responsibility.

Agricultural Reforms: Another Area in Need of Change

Another pillar of Nigeria’s economy, agriculture, has suffered from insufficient reforms. With rising food prices, Nigerians are feeling the pressure. “If we could improve our food security, things would get better,” says Christian Daniel on Facebook. For Daniel, it’s not about patience but about seeing concrete steps to tackle issues like insecurity in farming areas and the poor infrastructure that leads to crop wastage.

According to Dr. Ajayi, “Agricultural reform is crucial to any lasting economic improvement.” She stresses that a well-structured agricultural policy could boost local food production, reduce imports, and create jobs.

Calls for Accountability in Economic Reform

Many Nigerians feel disillusioned, not by the idea of reform itself, but by how it’s being implemented. “They tell us to endure, but where are the leaders making sacrifices?” asks Grace. She reflects a common view that government officials aren’t sharing the same burdens as ordinary citizens.

Dr. Ajayi believes that if the government seeks long-term public support, it must focus on transparency and accountability. “The people are willing to support change, but they want to see real commitment,” she says.

Adebajo adds that communication is essential. “The government needs to explain each reform, show the benefits, and be honest about the sacrifices. Nigerians will understand if they see that the process is fair and inclusive.”

Economic Reform – The Way Forward

For Nigerians, the way forward requires a balanced approach to economic reform. It’s not just about removing subsidies or devaluing the currency but about creating a system where every Nigerian feels the benefits. “If they want us to be patient, they should show us that these changes will help everyone, not just the elite,” says Chioma.

Experts like Dr. Ajayi and Adebajo agree that reforms must include social services, improved infrastructure, and transparent policies. Nigerians are hopeful, but they are also watching closely. They want a government that works for the people, not just for a few. Until then, the calls for patience may continue to ring hollow.