Godsent Ogbebor
Nigerian Economy Showing Signs of Improvement, Says NIPSS Director-General
The Director-General of the National Institute for Policy and Strategic Studies (NIPSS), Prof. Ayo Omotayo, has stated that Nigeria’s economy is showing promising signs of recovery under President Bola Tinubu’s administration.
Speaking to journalists in Jos, Plateau State, on Tuesday, Omotayo attributed the positive economic trend to the government’s key reforms, such as the removal of the fuel subsidy and the floating of the naira. He explained that the subsidy removal was necessary to stabilise the economy and address the fraud associated with sustaining the subsidy regime.
“The removal of fuel subsidy was necessary to re-stabilise things and bring reality into our situation. Mr President took that step because of the enormous fraud going on to sustain the subsidy regime,” Omotayo said.
He noted that the naira has started to strengthen, with its value improving against the dollar, and that the prices of goods and services are gradually declining. “The dollar is dropping from ₦1,600 to around ₦1,400, and it will continue to go down as we export more and import less,” he added.
Omotayo highlighted that inflation is already coming down, citing his personal experience with agricultural products. “Last year, a truckload of cassava sold for as high as ₦220,000, but now, it’s as low as ₦60,000,” he said, also noting that the price of rice has significantly decreased. “Rice, which went up to ₦100,000, is now being sold for as low as ₦57,000 in some places.”
He emphasised that Nigerians should appreciate the improvements, especially in staple food prices like rice and garri, instead of focusing on political rhetoric. “In three years, we’ve reached this level. We need to put politics aside and commend those handling our economy,” he stated.
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Omotayo also linked the progress to the government’s focus on boosting exports and reducing imports. He praised the government’s goal of achieving a $1 trillion economy, which would significantly grow Nigeria’s GDP and improve the living standards of citizens.
“At NIPSS, we are happy. All we are doing now is intervening in various sectors to ensure we reach that $1 trillion economy,” he said. “A $1 trillion economy will substantially grow our GDP, and it is GDP growth that determines how people feel about inflation. If GDP grows, people are more productive, they earn more, and prices do not hit them as hard.”
The NIPSS DG urged Nigerians to take advantage of emerging opportunities, including education loans and tech jobs, to improve their prospects. He stressed that the government is offering opportunities to the youth and the poor, including loans for education, which can lift them out of poverty.
“For the poor and the youth, there are now opportunities to take loans. If your forefathers were poor, without intervention, you would likely remain poor. But Mr President is saying you don’t have to stay poor. Take an education loan if that is what will lift you. Borrow, go to school, graduate, and pay back,” Omotayo said.
He also encouraged journalists to help raise awareness about these opportunities and inspire young Nigerians to seize them. “Yes, there is hardship, but for every Nigerian willing to work hard, there are opportunities. Some youth don’t even know what opportunities exist for them,” he concluded.
