Tinubu Has Stabilised Nigeria’s Economy, Says Ezekwesili

Former Minister of Education, Dr Oby Ezekwesili, has said the administration of President Bola Tinubu has made progress in stabilising Nigeria’s economy, particularly in reducing volatility in the foreign exchange market.

Ezekwesili, who also previously served as minister of solid minerals, attributed the relative stability in the naira to the government’s adoption of market-driven foreign exchange policies.

Speaking in an interview on News Central Television, the former minister said the administration had recorded some success in restoring macroeconomic stability, describing it as an important development in efforts to address Nigeria’s economic challenges.

She, however, noted that the gains from the reforms had yet to translate fully into improved living conditions for many Nigerians, with the high cost of living continuing to place pressure on households.

Ezekwesili said that while progress in stabilising major economic indicators was important, the government must also prioritise policies that boost productivity, create employment opportunities and improve 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.

The former minister also stressed that inflation data and other economic indicators should not be viewed separately from the experiences of ordinary Nigerians.

According to her, achieving sustainable economic growth would require addressing deeper structural challenges limiting productivity and expanding economic opportunities for citizens.

Ezekwesili’s comments come amid ongoing discussions over the impact of the Tinubu administration’s economic reforms, particularly the removal of fuel subsidies and the changes introduced to the foreign exchange regime.

The federal government has maintained that the reforms are necessary to rebuild the economy, attract investment and establish a more sustainable economic system.