The Independent Media and Policy Initiative (IMPI), a national think tank, has said the resilience and patriotic endurance of Nigerians have been the foundation sustaining President Bola Ahmed Tinubu’s bold economic reforms.
In a statement issued in Abuja on July 31, 2026, IMPI Chairman, Dr. Omoniyi Akinsiju, said the administration’s transition from a consumption-driven economy to a productivity-based model would not have been possible without the sacrifices made by ordinary Nigerians.
According to him, by resisting calls for a return to unsustainable populist policies, Nigerians have provided the stability needed for the reforms to take root and mature.
He described Nigerians as the “actual executors” of the reforms, noting that they have served as the country’s primary shock absorbers, enforcers of accountability, and drivers of the behavioural changes required for a market-driven economy.
Akinsiju identified three major ways citizens have contributed to the reform process: enduring the immediate economic shocks, demanding accountability in the use of public resources, and embracing local production and productivity.
He noted that the removal of fuel subsidy and the floating of the naira triggered significant increases in transportation, food, and energy costs, placing enormous pressure on households and businesses. However, he said Nigerians’ ability to withstand these challenges created the fiscal space required to avert a sovereign default and rebuild the country’s external reserves.
“The resilience of Nigerian households and Micro, Small and Medium Enterprises (MSMEs) kept the economy functioning and prevented widespread structural collapse during the inflationary peaks of 2024 and 2025,” he said.
The IMPI chairman further stressed that public participation remains essential in ensuring the gains of the reforms are sustained. He said citizens, through civil society organisations, public discourse, and social media engagement, have consistently demanded transparency in the management of funds saved from subsidy removal.
According to him, programmes such as the Nigerian Education Loan Fund (NELFUND), the Compressed Natural Gas (CNG) transport initiative, and direct cash transfer schemes can only succeed if Nigerians continue to monitor their implementation and hold public institutions accountable.
Akinsiju also argued that long-term economic stability depends on a shift towards domestic production and reduced dependence on imports.
He said the depreciation of the naira has made imported goods more expensive, encouraging consumers and businesses to support locally manufactured products, agriculture, and technology-driven enterprises. He added that this transition would reduce Nigeria’s vulnerability to foreign exchange fluctuations.
He also emphasized that as the Federal Government expands non-oil revenue, more citizens and businesses must embrace the formal economy to strengthen a sustainable, tax-based fiscal system and reduce dependence on oil earnings.
Reflecting on Nigeria’s economic history, Akinsiju said previous administrations relied heavily on command-and-control monetary policies, currency controls, and subsidy-driven consumption, which weakened national reserves and discouraged local production.
He argued that successive governments often reversed difficult reforms in response to political pressure, creating opportunities for rent-seeking while starving productive sectors of much-needed investment.
“In contrast, the Tinubu administration has confronted the root causes of Nigeria’s economic challenges by unifying the foreign exchange market, allowing transparent price discovery, and removing the corruption-ridden petrol subsidy,” he said.
According to him, these reforms have improved international confidence in Nigeria, with investors increasingly viewing the country as a transparent frontier market committed to long-term economic stability.
Akinsiju concluded that the administration’s economic philosophy is centred on producing what Nigeria consumes and adding value to its exports. He said the ongoing transition to a production-driven economy is being supported through fiscal reforms, institutional digitisation, and long-term industrial planning.
