Nigeria’s economy is showing signs of a significant rebound in 2024, building on the firm reforms implemented over the past 18 months by the administration of President Bola Ahmed Tinubu.
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This was contained in a press release issued on Sunday by the Global Economic Policy Initiative (GEPIn) and signed by its President, Mr. Bernard Okri.
“We must say that the Renewed Hope agenda is no longer a specter that we cannot see. It has begun to take shape, yielding tangible economic results that will benefit Nigerians in the months ahead.
“Our position is based on recent macroeconomic indicators, such as improved GDP, a positive balance of trade, and the increased government revenues, all of which suggest a positive trajectory for the nation’s economy.
“Crucially, the two flagship economic policies of the Tinubu administration—the harmonization of exchange rates and the removal of subsidies—though visibly challenging in their initial impact on the macroeconomic landscape, have begun to create diverse opportunities for growth, especially at the subnational level.
“We particularly note the significant impact of these policies on revenue mobilization for the Federation. It is on record that states are now receiving substantially higher allocations compared to the subsidy era. In some cases, allocations have increased tenfold compared to two years ago.
“This scenario means that states now have access to more resources to undertake developmental projects, thereby enabling governance to have a stronger, closer and more direct impact on the grassroots.”
The group further assured that the country would begin to witness improved economic activities and lower inflation rates if the government remains steadfast in its reforms.
“With more liquidity at the subnational level, GEPIn foresees an improved economy nationwide,” the statement added.
The group also urged the country’s economic team to maintain consistency in their policy implementation to curb rising inflation.
GEPIn commended the Minister of Finance and the Coordinating Minister of the Economy, Mr. Wale Edun, for his efforts in achieving the current economic stability and driving the country toward prosperity.
“Mr. Edun has done remarkably well in steering the economy on a positive path of stability and productivity while boosting government revenue. We strongly believe that his unwavering commitment to implementing the tough but necessary reforms—such as subsidy removal and exchange rate harmonization—has averted an economic collapse. Without his resolve, the gains we are witnessing today would not have been possible.”
GEPIn called on Nigerians to remain patient and supportive of the economic reforms of the Bola Ahmed Tinubu administration, noting that the year 2025 is poised to bring tangible results, including reduced foreign exchange rates, improved food security, and increased trade surpluses.
The group also called for greater accountability and fairness at the State levels especially in the expenditure of increased FAAC allocations.
