The Director-General of the National Institute for Policy and Strategic Studies, Prof. Ayo Omotayo, has said the country’s economy is showing signs of improvement under President Bola Tinubu’s administration.
Speaking with journalists in Jos, Plateau State, on Tuesday, Omotayo attributed the positive trend to the government’s economic reforms, including the removal of fuel subsidy and the floating of the naira.
“The removal of fuel subsidy was necessary to re-stabilise things and bring reality into our situation. Mr President took that step because of the enormous fraud going on to sustain the subsidy regime,” he said.
The DG noted that the economy was beginning to rebound, with the naira strengthening and the prices of goods and services gradually dropping.
He added, “Now, with what has happened, we are beginning to see shifts. The dollar is dropping — from ₦1,600 to around ₦1,400 — and it will continue to go down as we export more and import less.
“Inflation is already coming down. Personally, I invested in cassava last year. A proper truckload of cassava sold for as high as ₦220,000. You could barely get the same for as low as ₦60,000 or thereabout now. That affects the price of garri.
“The same thing for rice — it went up to ₦100,000. When I bought rice for my staff in 2023, the cheapest was ₦101,000. But this year, people are offering to sell at ₦65,000 — even ₦57,000 in some places.
“So, as Nigerians, politics aside, we should appreciate what is happening. If rice has come down — a major staple — and garri has come down, also a major staple, then what is the noise about government policies?
“So in three years, for example, to have gotten us to this level, we need to put politics aside and commend those handling our economy.”
Omotayo also linked the improvement to the government’s efforts to boost exports and reduce imports.
He said the government’s goal of achieving a $1 trillion economy would significantly grow the country’s GDP and improve living standards.
“At NIPSS, we are happy. All we are doing now is intervening in various sectors to ensure we reach that $1 trillion economy the government has talked about.
“A $1 trillion economy will substantially grow our GDP, and it is GDP growth that determines how people feel about inflation. If GDP grows, people are more productive, they earn more, and prices do not hit them as hard,” he added.
The DG urged Nigerians to leverage emerging opportunities, including education loans and tech jobs.
“For the poor and the youth, there are now opportunities to take loans. If your forefathers were rich, you would probably be rich.
“If your forefathers were poor, without intervention, you would likely remain poor. But Mr President is saying you don’t have to stay poor. Take an education loan if that is what will lift you. Borrow, go to school, graduate, and pay back.
“That is what happens in America: 80% of people who go to school borrow. In America, you pay according to the course you study. It is only in Nigeria that someone studying Mass Communication and someone studying Medicine pay the same in public schools. It shouldn’t be so.
“I know the number of people I personally sponsor in school, and I now tell them: there are loans. Go and take the loan,” he added.
He encouraged journalists to highlight government efforts and sensitise young people about available opportunities.
“Yes, there is hardship. But for every Nigerian willing to work hard, there are opportunities. Some youth don’t even know what opportunities exist for them. Mr President has said there are three million tech jobs available, go online and apply. Many don’t want to go through the process.
“We must keep encouraging ourselves, encouraging women, and inspiring our children to take advantage of the opportunities government has created,” the DG added.