The fuel subsidy removal and exchange rate unification – the twin policies of the Bola Ahmed Tinubu-led administration came under scrutiny yesterday.

The Nigeria Economic Summit Group (NESG) said while the two policies gave breathing space and stabilized the macroeconomic environment, they cannot deliver the Nigeria envisioned in 2030.

Our correspondent reports that the federal government has a 2030 ambition of achieving a $1 trillion economy.

Chairman of the NESG, Mr. Niyi Yusuf who spoke during a press briefing on the 31st Nigerian Economic Summit (NES#31) acknowledged the economic stability triggered by the reforms which he described as “bold and courageous” but said it is high time the government embarked on second wave of reforms anchored on building strong institutions and strengthening production.

Daily Trust reports that the two reforms have worsened inflationary pressures on Nigerians and driven millions of people into multidimensional poverty.

However, at the macroeconomic level, the business environment, according to experts, has been improved upon with exchange rate stability and the freeing of more revenues to the sub-national governments.

Speaking to the theme of the NES#31, “The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030” holding from the 6th to the 8th of October 2025 in Abuja, the Chairman however stated that macroeconomic stability is not the destination but the starting point.

He said, “We stand today at a crucial turning point. Over the past two years, Nigeria has embarked on bold reforms, notably the removal of fuel subsidies and the harmonisation of foreign exchange. These were not easy decisions.

“They demanded courage from the government, resilience from citizens, and sacrifice from businesses. But as global institutions such as the World Bank have already confirmed, these reforms have begun to yield results: narrowing fiscal deficits, injecting a measure of stability into our economy, and creating the conditions for future growth.

“Yet, if we pause and look deeper, one truth becomes clear: stability is not the destination; it is only the starting point. The reforms of 2023 and 2024 gave us breathing space, but they will not, on their own, deliver the Nigeria we envision by 2030. What is required now is a second wave of reforms—structural, deliberate, and transformative—that move us from crisis management to long-term nation building.”

According to the chairman, the new Tax Acts that will come into effect in 2026 represent “a good start and this is why The Reform Imperative is not a choice, but a necessity.”

He stated the NESG has, “through years of research, dialogue, and policy engagement, consistently highlighted the bottlenecks that constrain our growth.”

Yusuf however highlighted the imperative of industrialization, competitive infrastructure, inclusive growth, strong institutions, and bold investment strategies.

The Chairman disclosed that the NES#31 is anchored around five sub-themes: Driving Industrialization-led Growth; Building Infrastructure for Competitiveness; Advancing Inclusion for Shared Growth; Strengthening Institutions for Sustainable Impact and Unlocking Investment amid Global Trade Shifts.

‘We are laying foundation for growth’

Minister of Budget and Economic Planning, Senator Abubakar Bagudu stated that the past two years have been “challenging in reshaping the economic and social trajectory of our country.”

He stated that decisions such as the removal of fuel subsidies and the unification of the foreign exchange rate “are the key policy directions of the current administration.”

“These twin policies however, came with short-term hardships, testing the resilience of households and businesses alike. But they are essential steps, and the early outcomes show that we are turning the corner,” said Bagudu, represented by the Director of Macroeconomy in the Ministry, Dr. Felix Okonkwo.

He expressed confidence that the federal government’s policies will yield the desired results, adding, “The stabilization of the exchange rate, declining inflationary pressures, and improvements in fiscal management are already setting the stage for a more resilient and diversified economy. Our focus remains on driving job creation, reducing poverty, increasing non-oil revenue, and improving our external financial position.”

The Director-General of NESG, Dr. Tayo Aduloju explained that the NESG has segmented the reforms into three wings – stabilization, consolidation and acceleration.

He also acknowledged that macroeconomic stability has not translated into improved standard of living for Nigerians, adding that the consolidation phase should be used “to attract investment, expand trade and create opportunities, expand the productive sector which creates jobs and increase the incomes of households, expand production and bring down the inflation rate.” (Daily Trust)