Abuja, March 26, 2025 (Naija247news) – The Independent Media and Policy Initiative (IMPI), a prominent policy think-tank, has expressed strong support for President Bola Tinubu’s economic reforms despite facing significant opposition.
Thank you for reading this post, don't forget to subscribe!In a statement issued on Wednesday, the Chairman of IMPI, Dr. Omoniyi Akinsiju, commended President Tinubu for his perseverance in advancing economic policies that have led to significant changes in Nigeria’s financial landscape.
Akinsiju stated that after conducting a risk assessment of the reforms, the think-tank found that Tinubu’s administration deserved credit for pushing forward with its economic agenda, even in the face of political and public resistance. “In spite of these challenges, we commend President Tinubu for his steadfast commitment to advancing economic reforms amid substantial opposition over the past 22 months,” Akinsiju remarked.
The chairman highlighted that the reforms carried substantial risks, particularly the short-term pain felt by the population, which opposition groups were keen to capitalize on. However, he acknowledged that Tinubu’s courage to proceed with these difficult decisions demonstrated remarkable leadership. “This requires significant statesmanship and leadership to navigate uncharted territories,” he noted.
Akinsiju stressed that it takes a focus on national interest to pursue reforms that could potentially lead to electoral losses, citing the president’s vision of a stronger economy over immediate political gains. “This commitment is particularly notable considering the conventional approach of starting reforms with minor and more manageable steps to build success stories and political support,” Akinsiju said.
Among the key achievements of the reforms, Akinsiju pointed to Nigeria’s remarkable growth in total trade exports, which surged to 50.4 billion dollars in 2024. This increase was primarily driven by the depreciation of the exchange rate due to the harmonization of foreign exchange windows and the elimination of fuel subsidies, two flagship policies in Tinubu’s reform agenda.
According to data from the National Bureau of Statistics (NBS), Nigeria’s total trade volume reached an all-time high of N138 trillion in 2024, marking a 106 percent increase from the previous year. This corresponds to 89.9 billion dollars, reflecting a 22.1 percent surge when converted into dollars.
The chairman also highlighted that foreign direct investment into Nigeria reached a significant 21 billion dollars in 2024, with the Nigeria National Petroleum Corporation Limited (NNPCL) attracting 17 billion dollars of this total. Additionally, the total Federal Account Allocation Committee (FAAC) allocations increased by 43 percent to N15.26 trillion in 2024, driven by fiscal reforms, including the removal of fuel subsidies and adjustments to the exchange rate, which led to higher oil revenue remittances.
Despite these successes, Akinsiju expressed concern over the agriculture sector’s underperformance, which had continued a downward trend in growth over the past five years. He noted that the sector’s growth had slumped from 3.42 percent in 2020 to 1.74 percent in 2024.
However, Akinsiju remained optimistic, stating that initiatives like the recapitalization of the Bank of Agriculture (BOA) and the recent Green Imperative Project (GIP) deal with Brazil, which targets small-scale farmers across Nigeria’s 774 local government areas, would help revive and boost growth in the sector.
The statement concluded with a call for continued support for the president’s reform policies, urging all stakeholders to remain patient and focused on the long-term benefits of the changes being implemented.
