Tinubu has achieved what many doubted in Nigeria’s economy – Oby Ezekwesili

Former Minister of Education, Dr Oby Ezekwesili, has acknowledged that President Bola Tinubu’s administration has recorded progress in stabilising Nigeria’s economy, particularly in the foreign exchange market.

Ezekwesili, a former Minister of Solid Minerals and Education, said the government’s decision to allow market-driven foreign exchange policies had helped reduce the volatility that previously affected the naira.

Speaking during an interview on News Central Television, the former minister noted that the administration had made progress in achieving macroeconomic stability, describing it as a significant step in addressing some of Nigeria’s economic challenges.

She, however, stressed that the impact of the reforms was yet to fully reflect in the daily lives of Nigerians, noting that the cost of living remained a major concern for citizens.

According to her, while stabilising key economic indicators was important, the government must continue to focus on policies that improve productivity, create jobs and increase household incomes.

“The only thing that, as I said at the beginning, we can give to them is that they are getting a handle on macroeconomic stability. So, for example, the volatility we have with foreign exchange rate is quieter because they are abiding by market principles for foreign exchange policy,” she said.

Ezekwesili also acknowledged that inflation figures and economic indicators should not be considered in isolation from the realities faced by ordinary Nigerians.

She argued that Nigeria’s long-term economic growth would depend on addressing structural issues affecting productivity and expanding opportunities for citizens.

The former minister’s comments come amid continued debate over the impact of the Tinubu administration’s economic reforms, particularly following the removal of fuel subsidy and changes in foreign exchange policies.

The Federal Government has maintained that the reforms are aimed at rebuilding the economy, attracting investment and creating a more sustainable economic system.