By Balikis Ajoyo
The Chairman of the Alliance for Economic Research and Ethics Limited, Dele Oye, says economic reforms implemented by the Bola Tinubu administration over the past three years have strengthened Nigeria’s macroeconomic stability and resilience.
Oye, however, urged the Federal Government to take further steps to ensure that the gains are reflected in lower food prices, more productive jobs and improved living standards for Nigerians.
In a statement titled, “The Economy Is Stabilising. Now Let the People Feel It,” Oye said the administration deserved recognition for taking politically difficult decisions, including the removal of petrol subsidy, foreign exchange reforms, the discontinuation of monetary financing of fiscal deficits, rebuilding of external reserves and tighter monetary policy.
He said the measures had helped tackle structural distortions that had weakened the foundations of the Nigerian economy.
According to Oye, however, macroeconomic stability should only be regarded as the beginning of the reform process, stressing that the ultimate test must be whether ordinary Nigerians experience tangible improvements in their daily lives.
He pointed to Nigeria’s gross foreign exchange reserves, which reached a 17-year high of 53.11 billion dollars as of August 24, 2026, as evidence of stronger external buffers.
Oye also cited National Bureau of Statistics figures showing that Nigeria’s economy grew by 4.43 per cent year-on-year in the second quarter of 2026, compared with 3.89 per cent in the previous quarter.
He noted that both the oil and non-oil sectors recorded stronger growth during the period.
The economic analyst said the figures indicated that Nigeria was moving beyond mere economic stability towards stronger momentum.
He cautioned, however, that rising reserves and gross domestic product would not automatically translate into improved welfare for citizens.
Oye referenced an International Monetary Fund assessment which estimated poverty at 63 per cent at the national poverty line and reported that 27 million Nigerians faced food insecurity in autumn 2025.
He said the figures highlighted the gap between improvements in macroeconomic indicators and the economic realities confronting many households.
Oye acknowledged that the Tinubu administration had taken decisions that previous governments had postponed, describing the removal of fuel subsidy, the shift towards a more market-based foreign exchange regime and tighter monetary policy as politically costly but necessary reforms.
He said the government had also made progress in rebuilding external reserves and establishing what he described as a clearer macroeconomic direction.
According to him, Nigeria’s gross international reserves, based on the CBN definition, increased from 40 billion dollars at the end of 2024 to 46 billion dollars at the end of 2025, while net reserves rose from 23 billion dollars to 35 billion dollars.
Oye also highlighted Nigeria’s broader economic growth, noting that the IMF projected 4.1 per cent growth for the country in 2026, with services and non-oil activities expected to remain major drivers.
He said the reforms had begun to move Nigeria away from reliance on distorted economic policies, but stressed that policy courage must now translate into effective implementation.
Oye urged the administration to focus on making the economy more beneficial to households and businesses, particularly through improved access to jobs, affordable food and a more supportive environment for productive enterprises.
He said the success of the economic reforms should not be judged solely by foreign reserves, growth figures, debt ratios or policy announcements.
Rather, he argued, the real test should be whether Nigerians can work and run businesses without being overwhelmed by economic hardship, whether families can afford basic necessities and whether public revenue is reflected in improved public services.
Oye concluded that Nigeria had begun to stabilise but must now move towards healing the social and economic pressures confronting its citizens.
He said the next phase of the reform agenda should therefore focus on translating macroeconomic progress into tangible improvements in the lives of Nigerians.