Onyinye Nwachukwu, Author at Businessday NG

World Bank’s $540m fund ‘ll empower women, combat GBV – Experts

World Bank dashes hope of countries seeking debt relief

Onyinye Nwachukwu Oct 14, 2022

Financially distressed countries hoping for debt relief may have to wait a little longer as the world, already facing a...

FG strengthening policies to improve economy – Finance Minister

Nigeria’s debt restructuring plan amidst overspending raises fiscal policy questions

Onyinye Nwachukwu Oct 13, 2022

From Washington DC || A disclosure by Zainab Ahmed Nigeria’s minister of finance that the government intends to restructure it’s...

Banks pass on rate hikes faster than cuts, IMF says

IMF laments Nigeria’s widening fiscal deficit

Onyinye Nwachukwu Oct 13, 2022

From Washington DC| The International Monetary Fund (IMF), on Wednesday, raised concerns that Nigeria has not been able to save...

If the economy is improving, why are Nigerians still struggling? Q: “Citizens are more willing to accept difficult reforms when they see measurable improvements in their daily lives. When those benefits remain invisible, confidence in both government and reform inevitably weakens.” Nigeria has never lacked economic ideas. Successive administrations have unveiled ambitious blueprints, introduced sweeping reforms and launched programmes to stimulate growth, attract investment and improve living standards. The country’s development story is littered with well-conceived policies that delivered only a fraction of their promise. The problem has rarely been the absence of reform. It has been the inability to translate policy into tangible improvements in the lives of ordinary Nigerians. That reality has become even more apparent over the past three years. The removal of fuel subsidies, the liberalisation of the foreign exchange market, tighter monetary policy and tax reforms were among the most consequential economic decisions in decades. Most economists agree that many of these measures were necessary to correct long-standing distortions. But reforms cannot be judged solely by their technical soundness. They ultimately stand or fall on whether they create jobs, raise incomes and improve living standards. The establishment of a ministerial advisory committee to monitor these reforms reflects an important recognition within government. Nigeria’s challenge is no longer policy formulation but execution. Whether this committee succeeds or not, the larger question remains: can the Nigerian state consistently implement reforms in ways that deliver measurable benefits to citizens? This challenge extends well beyond the current administration. From Vision 2010 and Vision 2020 to the Economic Recovery and Growth Plan and successive national development plans, Nigeria has produced no shortage of policy frameworks. Indeed, implementation has repeatedly been undermined by weak institutions, poor coordination, policy inconsistency and inadequate accountability. Governments announce reforms with confidence, but the institutions responsible for delivering them often lack the capacity to sustain them. The consequences are evident across the economy. Although external reserves have strengthened, capital inflows have improved and exchange rate volatility has eased, these gains have not translated into broad-based prosperity. Businesses continue to struggle with unreliable electricity, poor transport infrastructure, multiple taxation and high borrowing costs. These constraints discourage investment, limit industrial expansion and weaken job creation. Agriculture illustrates the same implementation gap. Despite Nigeria’s vast agricultural potential, insecurity continues to displace farming communities, rural roads remain inadequate, irrigation is limited and post-harvest losses remain high. These challenges fuel food inflation, reduce farmers’ incomes and undermine food security. Macroeconomic reforms alone cannot stabilise prices while food production faces such structural obstacles. The informal economy exposes another weakness. According to the National Bureau of Statistics, most employed Nigerians work outside the formal sector. Traders, artisans, transport operators, farmers and owners of microenterprises sustain economic activity, yet many government interventions fail to reach them. Limited access to finance, business support and social protection means policies designed around the formal economy exclude the majority of the workforce. The result is a widening disconnect between improving economic indicators and everyday reality. Inflation has moderated from previous highs, but households continue to grapple with elevated prices for food, transport, housing, healthcare and education. For families whose incomes have not kept pace with the cost of living, stronger macroeconomic indicators provide little comfort. Economic recovery becomes meaningful only when citizens experience higher purchasing power, better employment opportunities and improved public services. This is not merely an economic problem but a governance challenge. Effective reforms depend on institutions capable of implementing policy consistently, monitoring outcomes and responding to unintended consequences. They also require public trust. Citizens are more willing to accept difficult reforms when they see measurable improvements in their daily lives. When those benefits remain invisible, confidence in both government and reform inevitably weakens. Nigeria’s implementation deficit is evident beyond the economy. Security strategies have struggled to curb insurgency, banditry and kidnapping because intelligence, inter-agency coordination and the justice system remain weak. Education reforms continue to confront inadequate funding and poor learning outcomes, while the healthcare sector faces persistent shortages of personnel and facilities. Across sectors, the pattern is the same: sound policies constrained by weak institutions. Breaking this cycle requires stronger state capacity. Public institutions need the expertise, resources and operational independence to implement policies effectively. Performance should be measured by outcomes rather than announcements, while ministries and agencies must coordinate more effectively. At the same time, the government must reduce the structural barriers that limit business growth through reliable electricity, efficient transport infrastructure, secure farming communities, predictable regulations and a simpler tax environment. Equally important is rebuilding public confidence through accountability. Citizens should see how increased government revenues translate into better roads, reliable electricity, improved schools, functional healthcare and safer communities. Every government earns legitimacy not through policy announcements but through visible results. Nigeria has reached a decisive moment. Difficult economic reforms have been undertaken, but the harder task lies ahead: building institutions capable of turning sound policies into measurable progress. Until execution becomes as strong as policy design, the country will remain trapped in a cycle of ambitious reforms, modest outcomes and declining public confidence. Nigeria’s greatest challenge is no longer finding the right policies. It is delivering the ones it already has.

IMF slashes Nigeria’s growth forecast to 3.2%

Onyinye Nwachukwu Oct 11, 2022

The International Monetary Fund (IMF), on Tuesday, sliced its earlier 2022 growth forecast for Nigeria to 3.2 percent from the...

Recession, election, other factors combine to foist dull moment on IMC industry

Looming global recession tops discussions as IMF/World Bank begin annual meetings

Onyinye Nwachukwu Oct 11, 2022

Talks around how to navigate a looming global recession next year is already highlighting conversations at the 2022 annual meetings...

Property tax defaulters in FCT to face legal action

Onyinye Nwachukwu Oct 06, 2022

The Federal Capital Territory Administration (FCTA) has vowed to clamp down on property tax defaulters, including instituting a court action...

FG appoints Aminu Umar-Sadiq as new NSIA CEO

Onyinye Nwachukwu Oct 04, 2022

The federal government has appointed Aminu Umar-Sadiq as the Managing Director/Chief Executive Officer of the Nigeria Sovereign Investment Authority (NSIA),...

Why DBN’s N5bn lending scheme deserves accolades

DBN disburses N512bn loans in 5 years to MSMEs

Onyinye Nwachukwu Sep 30, 2022

The Development Bank of Nigeria (DBN) has successfully disbursed over N512 billion in loans to no less than 225,000 Micro,...

How we made payment system in Nigeria globally competitive – CBN

Emefiele seeks reciprocity in flight frequencies for Nigerian airlines abroad

Onyinye Nwachukwu Sep 28, 2022

Nigeria’s Central Bank Governor, Godwin Emefiele on Tuesday urged countries with the Bilateral Air Services Agreement (BASA) with Nigeria to...

DMO explains FG’s $2.35bn external borrowing plan

Petrol subsidy majorly behind Nigeria’s surging debt - DMO DG

Onyinye Nwachukwu Sep 28, 2022

Huge petrol subsidy payment is majorly the reason Nigeria continues to stockpile recent debts, according to the Director General of...

Onyinye Nwachukwu