The Nigerian Economic Society (NES) has expressed strong support for President Bola Ahmed Tinubu’s economic reforms, saying the policies are stabilizing the economy and rebuilding investor confidence.
Speaking at the closing ceremony of the NES Annual Conference 2025 in Abuja, the Society’s President, Prof. Adeola Adenikinju, explained that measures once viewed as “destructive” have now proven beneficial. “You know, those policies that the government took very early, they were both. They were destructive, but eventually they are good for the country,” he said.
According to him, the reforms have made the market more transparent and attractive to both local and foreign investors. “Investors are coming back. They are willing to repatriate their money. They have more confidence in the market. The capital market is extremely bullish; it has come up very, very significantly,” Adenikinju added.
NES: Policies Attracting Global Investors
The NES chief noted that the new direction has helped stabilize the Premium Motor Spirit (PMS) market and boosted foreign investment inflows. Rating agencies, he said, are responding positively, a development that has encouraged stakeholders to commit funds to Nigeria’s economy.
However, Adenikinju cautioned that while the economy is stabilizing, social challenges such as unemployment and poverty remain pressing concerns.
AfDB Calls for Inclusive Growth in Africa
At the same conference, African Development Bank (AfDB) Nigeria Country Director General, Dr. Abdul Kamara, highlighted the broader African context. He said Africa must pursue rapid economic transformation to withstand global financial headwinds.
Kamara stressed the importance of scaling up growth rates to at least seven percent annually and ensuring GDP per capita growth of 3.5 percent for several decades. He said this is essential if the continent is to achieve the African Union’s Agenda 2063 goals of inclusive and sustainable development.
“The themes are timely because they address the imperative of economic growth and transformation at a time when the global development financing landscape is changing, with adverse consequences for weak and aid-dependent economies,” Kamara noted.
Fragile States and Rising Conflicts
Also speaking, Dr. Eric Ogunleye, Director at the AfDB’s African Development Institute, warned that fragility and conflict are undermining Africa’s development. He explained that 24 African countries fall into the category of “Transition States,” where political instability, insecurity, organized crime, and climate change have slowed progress.
Ogunleye said over 250 million Africans are affected by conflict, with 44.5 million displaced as of 2024. Rising military spending, he added, continues to divert resources from key sectors such as education, health, and infrastructure.
Studies by the UN Economic Commission for Africa and the IMF show that prolonged conflicts reduce annual economic growth by about 20 percent and leave GDP per capita nearly 28 percent lower within a decade.
Outlook for Nigeria
Despite the challenges, the NES maintains that Nigeria is on the right path under Tinubu’s reforms. Adenikinju urged policymakers to complement economic stabilization with stronger social policies to tackle unemployment and poverty, ensuring that growth translates into improved living standards.
With the capital market gaining momentum and investor confidence returning, the Society believes Nigeria is beginning to reap the benefits of difficult but necessary reforms.
