IMPI Hails Nigerians as Drivers of Tinubu’s Economic Reforms as Economy Shows Signs of Recovery
Oru Leonard
The Independent Media and Policy Initiatives (IMPI) has commended Nigerians for their resilience and sacrifices in supporting the economic reforms introduced by the administration of President Bola Ahmed Tinubu, saying citizens remain the ultimate drivers of the ongoing economic transition.
The Abuja-based think tank said the reforms were beginning to produce positive results, with Nigeria moving gradually from a consumption-driven economy towards greater productivity, investment and industrial growth.
In a policy statement issued on July 31, 2026, titled “Nigerians as Actual Executors of Tinubu’s Reforms as Economy Transits from Consumption to Productivity,” Chairman of IMPI, Dr Omoniyi Akinsiju, said Nigerians had played a critical role in sustaining the reforms despite the severe economic pressures experienced during the adjustment period.
“While the administration sets the policy framework, Nigerians are the actual executors of the reform,” Akinsiju said.
He said the resilience of Nigerians should be matched by greater government accountability and visible improvements in living standards, stressing that the sacrifices made between 2023 and 2026 should become the foundation for Nigeria’s long-term economic independence.
According to him, Nigeria is beginning to show signs of emerging as a major industrial and economic power, with the country positioned to become “the industrial engine house of Africa and a leading force in the global economy.”
Akinsiju said Nigeria’s economic narrative had for decades been dominated by resource dependence, structural stagnation and short-term policy interventions, including fuel subsidies, artificial exchange-rate regimes and multiple currency windows.
He said the Tinubu administration represented a significant departure from that pattern by pursuing structural reforms aimed at transforming the economy into a more competitive, market-driven and production-oriented system.
The IMPI chairman acknowledged that the reforms initially imposed significant hardship on Nigerians, but maintained that the emerging macroeconomic indicators suggested that the country was moving towards greater stability.
“Capital inflows, industrial repositioning, and external rating outlooks collectively demonstrate returning global institutional confidence,” he said.
Akinsiju described the reform trajectory as a classic “J-curve”, in which economic conditions deteriorated significantly before the benefits of structural adjustments began to emerge.
He divided the reform period into three phases: the Shock Phase (2023–2024), Stabilisation and Disinflation (2025–mid-2026) and the Structural Growth and Jobs Phase (2026–2030).
He noted that the removal of the petroleum subsidy and the liberalisation of the naira initially pushed headline inflation above 33 per cent in 2024, while poverty also worsened during the adjustment period.
However, he said inflation had subsequently moderated to 15.91 per cent as of June 2026, while economic growth was projected by the IMF and World Bank at between 4.1 and 4.4 per cent for 2026.
He added that Nigeria’s gross foreign reserves had risen to about $52 billion as of June 2026, describing the development as evidence that the reforms had significantly strengthened the country’s external position.
Akinsiju, however, acknowledged that significant structural challenges remained, particularly in electricity, agriculture, infrastructure and job creation.
Quoting the World Bank’s Nigeria Development Update, he said Nigeria was moving from the initial task of repairing its fiscal and external balance sheet towards addressing deeper structural constraints to sustainable growth.
“We stand at the precipice of an era where structural adjustments are crystallizing into tangible microeconomic relief. The ground has been laid for an industrial renaissance that will redefine Nigeria’s role on the global stage,” he said.
