Opinion Archives - Page 153 of 2203

Can the new NNPCL Board tackle the industry's critical problems?

BusinessDay Apr 07, 2025

The new directors of NNPCL appointed by President Bola Tinubu last week have been widely welcomed by Nigeria’s oil industry...

AAE Forum 2025: African leaders, diaspora, stakeholders unite to drive economic transformation

Africa, seen and heard

BusinessDay Apr 07, 2025

There has never been a more urgent time to tell Africa’s stories and to tell them right. Today, from digital...

Due diligence review: Curbing contract scams in public service effectively

BusinessDay Apr 07, 2025

Late last month, the country was met with another frightening headline in one of our national dailies, which read: Contractors...

The psychology of Nigerian pricing: Why N999 works better than N1000

BusinessDay Apr 06, 2025

You’re standing in a shop, eyeing two identical products. One costs N1000, the other N999. Logic tells you the difference...

E-commerce business in Nigeria – Fast growing, but there is still more room

BusinessDay Apr 06, 2025

…7 recommended niches for fast market penetration E-commerce business is simply the business of connecting buyers to sellers over the...

NNPC’s $1bn Dangote bet is now worth $2.84bn

Reclaiming NNPC: A necessary reset to rescue Nigeria’s oil industry from systemic rot

BusinessDay Apr 06, 2025

The recent overhaul of the NNPC Limited board and management by President Bola Ahmed Tinubu is not merely an administrative...

Creativity reinventing Nigeria’s tourism experiences – Expert

A stalled dream to a thriving haven: Charting Nigeria’s course to tourism gold in the 21st century

BusinessDay Apr 06, 2025

Nigeria, without a doubt, is a nation rich in ancient traditions, diverse cultures, artistic brilliance, and breathtaking landscapes, at the...

Adeola, Ogun senator, lauds Tinubu for upgrade of poly to tech-based varsity

Open letter to Tinubu on appointment of INEC Chairman

BusinessDay Apr 06, 2025

Dear Mr. President, I warmly felicitate you on your birthday and can only wish you all the best as you...

2027: A divided opposition will help Tinubu’s return to power

Nigeria's Renewed Hope: A vision for 2027 and beyond

BusinessDay Apr 06, 2025

Nigeria’s future looks brighter under President Bola Ahmed Tinubu’s administration. With a focus on the Renewed Hope Agenda, Tinubu’s leadership...

Africa’s digital economy in focus as institute hosts confabs on AI, data governance

How the Nigerian Government and tech industry can partner to defend against digital threats

BusinessDay Apr 06, 2025

Nigeria’s digital economy is rapidly developing, but so are the potential information security risks that threaten its growth. As more...

Power, sovereignty, and the Sahel (Part 2): Nigeria’s balancing act

The Alliance of Sahel States tariff: A brewing trade war in West Africa

BusinessDay Apr 06, 2025

The recent decision by the Alliance of Sahel States – Alliance des États du Sahel (AES)), comprising Mali, Niger Republic,...

Edo State has reaffirmed its commitment to attracting foreign direct investment (FDI) and strengthening international economic partnerships following its participation in the Belt and Road Initiative (BRI) Summit held in Beijing, China.

Uromi 16: Let's stop new hypocrisy, more dangerous politics

BusinessDay Apr 06, 2025

Every life matters. Every life should count. It is along these lines that I see the death of the Uromi...

15% petrol tariff scrapped, but at what cost?

Petrol subsidy removal – What more can be done?

BusinessDay Apr 04, 2025

According to Mr President in his inauguration address of 29 May 2023: “The subsidy can no longer justify its ever-increasing...

Nigeria’s money supply hits historic high of N122.9trn despite CBN’s policy tightening

Re-Chatham House warning to Nigeria against strengthening the naira

BusinessDay Apr 04, 2025

The Chatham House of March 4, 2025, authored by David Lubin, argued that Nigeria’s economy has become more competitive due...

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.

People vs. investment: Navigating Nigeria's path to economic transformation

BusinessDay Apr 04, 2025

Nigeria, Africa’s most populous nation and one rich in natural resources, now stands at a pivotal juncture. Despite a reported...

Nigeria's free zones: Powering inward investment and industrial growth

Mafab’s missed 5G milestone: Lessons for Nigeria’s telecom future

Redefining aid: How African civil society must innovate beyond the funding

Strengthening Nigeria’s agricultural value chain: From farm to fork

Nigeria: Fertile land, empty plates — Fixing food systems now

Opinion

Can the new NNPCL Board tackle the industry's critical problems?

Africa, seen and heard

Due diligence review: Curbing contract scams in public service effectively

The psychology of Nigerian pricing: Why N999 works better than N1000

E-commerce business in Nigeria – Fast growing, but there is still more room

Reclaiming NNPC: A necessary reset to rescue Nigeria’s oil industry from systemic rot

A stalled dream to a thriving haven: Charting Nigeria’s course to tourism gold in the 21st century

Open letter to Tinubu on appointment of INEC Chairman

Nigeria's Renewed Hope: A vision for 2027 and beyond

How the Nigerian Government and tech industry can partner to defend against digital threats

The Alliance of Sahel States tariff: A brewing trade war in West Africa

Uromi 16: Let's stop new hypocrisy, more dangerous politics

Petrol subsidy removal – What more can be done?

Re-Chatham House warning to Nigeria against strengthening the naira

People vs. investment: Navigating Nigeria's path to economic transformation

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