An economist, Prof. Chiwuike Uba, has highlighted how President Bola Tinubu can reposition Nigeria for sustainable growth.
Uba proposed a bold and multi-sectoral reform agenda that should be anchored on economic diversification, human Capital development, debt management and revenue expansion, and accountability.
According to Uba, “To reposition Nigeria for sustainable growth, a multi-sectoral reform agenda anchored on the following pillars must be adopted.
Economic Diversification
The economist urged Tinubu administration to prioritize climate-resilient agriculture through subsidies, irrigation, and farmer support service to diversify the Nigerian economy.
He said: “Prioritize climate-resilient agriculture through targeted subsidies, irrigation, and farmer support services.
“Create regional industrial clusters and export-processing zones. Incentivize SMEs and tech innovation in underserved regions through concessional financing and regulatory reform.”;
Human Capital Investment
He charged the Nigerian government to “allocate a minimum of 10% of the national budget to education, with urgent attention on out-of-school children, teacher shortages, and education infrastructure.
“Raise health sector allocations to 8% of the national budget, expanding primary healthcare coverage and addressing the brain drain of medical professionals.
“Dedicate 1% of GDP annually to vocational and technical training, with centers established across all LGAs.”;
Debt Management and Revenue Expansion
The Professor urged Tinubu’s administration to pursue strategic debt restructuring, rather than further borrowing, to create fiscal space.
He said: “Introduce a robust, digital tax regime to expand the tax net and improve compliance. Reallocate spending from wasteful subsidies to productive sectors.”;
“A renewed emphasis on capital expenditure, including transportation, power, and digital infrastructure.
“These are commendable first steps, but policy design is only as good as its implementation.”;
Uba cautioned that while fuel subsidy removal and exchange rate unification were necessary, their execution lacked sequencing, social cushioning, and institutional preparedness, thus exacerbating hardship.
Uba noted that the “removal caused a spike in transportation and food prices, disproportionately affecting the poor and middle class.”;
He stated that government should have first rolled out targeted investments in cottage industries and support to MSMEs, subsidized public transport, and expanded social registers before deregulation.
On exchange rate unification with FX market reform, he noted that the sudden unification caused a sharp devaluation and inflation surge, worsening the cost-of-living crisis.
He stated that a phased approach with FX market stabilization, credible reserve management, and investor confidence-building would have yielded better outcomes.
Uba added: “It is not just about the what, but the how,”; Uba warned.
“Reform sequencing matters as much as the reform itself.”;
