The Chairman of the Alliance for Economic Research and Ethics, Dele Oye, has called on President Bola Ahmed Tinubu’s administration to ensure that recent improvements in Nigeria’s economic indicators translate into lower food prices, more jobs and better living conditions for citizens.
Oye acknowledged the government’s economic reforms over the past three years, including the removal of petrol subsidies, foreign exchange reforms, tighter monetary policy and efforts to rebuild the country’s external reserves.
According to him, the measures have helped address some longstanding weaknesses in the Nigerian economy and contributed to improved macroeconomic stability.
He, however, stressed that economic stability should only be regarded as the beginning of the reform process, arguing that its ultimate success must be judged by how much ordinary Nigerians benefit from it.
Oye pointed to Nigeria’s foreign exchange reserves, which reached a 17-year high of $53.11 billion as of August 24, 2026. He also noted that the 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 said the stronger growth recorded in both the oil and non-oil sectors indicated that the economy was gaining momentum. However, he cautioned that improved reserves and gross domestic product figures would not automatically translate into better living conditions.
Oye also referenced an International Monetary Fund assessment that highlighted the continued challenges of poverty and food insecurity in Nigeria, saying the figures demonstrated the gap between macroeconomic performance and the everyday realities of households.
He urged the Federal Government to focus on converting economic stabilisation into tangible improvements for Nigerians, particularly through lower living costs, productive employment and stronger public services.
The economist said the government should measure the success of its economic programme by whether families can afford basic necessities, young Nigerians can find meaningful work, businesses can operate fairly and public revenue is reflected in improved services.
Oye maintained that Nigerians should recognise genuine progress while also demanding results where reforms have yet to improve their daily lives.
He said the next phase of the economic programme should focus on ensuring that the benefits of stabilisation reach households, describing this as the necessary transition from economic policy to real improvements in people’s lives.
