BusinessDay’s January 2025 TalkExchange poll has revealed Nigerians’ opinions on President Bola Tinubu’s economic plans, particularly his strategies to boost food production and reduce inflation.
While some citizens remain hopeful, others are sceptical about the effectiveness of these measures. The poll also highlighted key challenges facing the economy and the sectors that require urgent attention.
Mixed confidence in Tinubu’s food production plans
When asked about the effectiveness of President Tinubu’s plans to boost food production, only 18.5% of respondents said they were “definitely” confident in its success. A larger proportion, 37%, believed the plans would be “somewhat effective,” while 27.8% and 16.7% felt they would be “not very effective” or “not at all effective,” respectively. This indicates a significant level of doubt among Nigerians regarding the government’s ability to address food insecurity.
Inflation reduction targets: Low public confidence
The government’s goal to reduce inflation to 15% by the end of 2025 was met with limited optimism. Only 13% of respondents said they were “very confident” in achieving this target, while 18.5% were “somewhat confident.” However, a combined 68.5% expressed little to no confidence, with 38.9% stating they were “not very confident” and 29.6% “not at all confident.” This reflects widespread concern over the persistent rise in prices of goods and services.
Biggest challenge to economic improvement
Corruption emerged as the most significant barrier to economic progress, with 44.4% of respondents identifying it as the primary issue. Lack of infrastructure followed at 27.8%, while high inflation rates were cited by 20.4%. Political instability was seen as a lesser concern, with only 7.4% of respondents highlighting it as a major challenge.
Government’s economic management: Room for improvement
The poll also assessed the government’s performance in managing the economy over the past year. Only 7.4% rated it as “excellent,” while 13% described it as “good.” Nearly half of the respondents (46.3%) gave a “fair” rating, and 33.3% deemed it “poor.” This suggests that while some Nigerians acknowledge efforts made by the government, many believe more needs to be done to address economic challenges.
Most promising aspect of Tinubu’s New Year address
President Tinubu’s New Year address outlined several initiatives, but boosting food production stood out as the most promising, with 35.2% of respondents expressing optimism. The establishment of the National Credit Guarantee Company was also well-received, with 33.3% supporting it. Reducing inflation (13%) and increasing foreign investments (18.5%) were seen as less impactful.
Prioritising agriculture to tackle food inflation
Improving transport and storage infrastructure was identified as the top priority for addressing food inflation, with 64.8% of respondents supporting this measure. Agriculture subsidies (24.1%) and access to affordable loans (5.6%) were seen as less critical, while irrigation and water resource management received the least support at 5.6%.
Barriers to increasing food production
Poor infrastructure, including roads and storage facilities, was cited as the most significant barrier for farmers, with 50% of respondents highlighting this issue. High costs of inputs such as fertilisers and seeds were also a major concern (35.2%), while lack of access to credit (9.3%) and climate change (5.6%) were seen as less pressing.
Public-private collaboration: A potential solution
A strong majority (81.5%) of respondents believed that government collaboration with the private sector could effectively boost food production. Only 14.8% disagreed, while 3.7% remained unsure. This indicates widespread support for partnerships that leverage private sector expertise and resources.
Inflation control measures
Reducing taxes on essential goods was seen as the most effective inflation control measure, with 46.3% of respondents endorsing it. Monetary policy, such as interest rate controls, was supported by 27.8%, while price control mechanisms (22.2%) and increasing wages (3.7%) were less popular.
Support for small-scale farmers: A call for improvement
The poll revealed dissatisfaction with the current support for small-scale farmers, with 51.9% rating it as “poor.” Only 9.3% described it as “excellent” or “good,” while 29.6% gave it a “fair” rating. This underscores the need for better policies and resources to empower smallholder farmers.
Citizens’ recommendations for boosting food production and reducing inflation
Respondents offered a range of suggestions to address food insecurity and inflation. Key recommendations included:
Improving security: Many emphasised the need to tackle banditry, kidnapping, and other security challenges that prevent farmers from accessing their lands. One respondent stated, “Insecurity, banditry, and kidnapping are the greatest problems we currently have with food production. Once that is addressed, then we can talk about loans and storage.”
Infrastructure development: Better roads, storage facilities, and irrigation systems were seen as critical to reducing post-harvest losses and improving market access. A respondent noted, “We need to treat infrastructure very seriously—whether it is roads, dams, or storage facilities. Agriculture suffers from all of these failures.”
Subsidies and credit facilities: Providing affordable inputs such as fertilisers and seeds, as well as low-interest loans, was highlighted as a way to support farmers. One citizen suggested, “Farming inputs should be given at a subsidised rate to small-scale farmers.”
Public-private partnerships: Leveraging private sector expertise and resources was widely supported as a means to drive agricultural growth. A respondent said, “The government must partner with the private sector to mechanise farming and provide storage infrastructure.”
Price control and tax reductions: Reducing taxes on essential goods and implementing price control mechanisms were seen as effective ways to curb inflation. One participant recommended, “Reducing taxes on essential goods would have the greatest impact on inflation.”
Take a look at previous poll results.
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