IMPI Defends Tinubu’s Economic Reforms, Says Nigerians Are the Real Drivers of Recovery A Productive, Gobally Competitive Rconomy By Raymond Enoch
The Independent Media and Policy Initiative (IMPI) has mounted a robust defence of President Bola Ahmed Tinubu’s economic reform agenda, declaring that ordinary Nigerians—not government alone—have become the real executors of the administration’s far-reaching economic transformation.
In its Policy Statement 040, released in August 2026, the policy think tank argued that despite the severe economic hardships experienced since the removal of fuel subsidy and the unification of the foreign exchange market, the reforms are beginning to produce measurable macroeconomic gains capable of repositioning Nigeria for long-term prosperity.
IMPI described the Tinubu administration’s economic agenda as the most significant structural shift in recent history, aimed at moving Nigeria from a consumption-driven economy dependent on subsidies and rent-seeking to a productive, market-based and industrial economy.
According to the organisation, previous administrations relied heavily on artificial exchange rate controls, fuel subsidies and short-term populist measures that weakened productivity, encouraged corruption and left the economy vulnerable to external shocks.
It noted that the current administration chose the difficult path of correcting long-standing distortions through subsidy removal, exchange rate liberalisation and fiscal reforms despite the immediate social and economic consequences.
The policy group acknowledged that the reforms initially triggered soaring inflation, rising transportation costs and increased poverty levels, describing the period between 2023 and 2024 as the “shock phase.”
However, it maintained that the economy has since entered a stabilisation phase, pointing to declining inflation, improving foreign reserves, stronger revenue generation and renewed investor confidence as evidence that the reforms are beginning to yield results.
IMPI said Nigeria’s headline inflation had moderated significantly while foreign reserves had risen to about $52 billion, with international financial institutions projecting stronger economic growth in 2026.
The organisation also cited improved tax revenue performance, saying collections reached ₦21.6 trillion between January and June 2026, representing a substantial increase over the corresponding period in 2025.
It attributed the increase to tax reforms, automation, digital compliance systems and efforts to block revenue leakages rather than higher tax rates.
Beyond government policies, IMPI argued that Nigerians themselves deserve the greatest credit for sustaining the reform programme.
“The ultimate hero of this economic transition is the Nigerian citizen,” the group stated.
According to IMPI, Nigerians have demonstrated exceptional resilience by absorbing the immediate economic shocks while adapting their businesses and consumption patterns to the realities of a market-driven economy.
The organisation said households, entrepreneurs and Micro, Small and Medium Enterprises (MSMEs) helped prevent economic collapse by adjusting to higher production costs, embracing local alternatives and supporting domestic manufacturing.
It also praised civil society groups and citizens for demanding accountability in the utilisation of funds saved from fuel subsidy removal, insisting that sustained public oversight remains essential for the credibility of government interventions.
IMPI further noted that Nigerians are increasingly supporting locally produced goods, reducing dependence on imports and contributing to efforts to diversify the economy away from oil.
The think tank highlighted improvements in Nigeria’s investment climate, citing increased foreign capital inflows, improved performance of the Nigerian stock market and favourable assessments by international financial institutions and global consulting firms.
According to the policy statement, these developments reflect growing confidence in Nigeria’s economic direction and demonstrate that investors now view the country as a more transparent and predictable investment destination.
Despite expressing strong support for the Tinubu administration’s policies, IMPI acknowledged that many Nigerians continue to face significant economic challenges.
It therefore urged the Federal Government to ensure that the benefits of the reforms become more visible through expanded infrastructure, improved electricity supply, enhanced agricultural productivity, targeted social investment programmes and stronger support for vulnerable households.
The organisation stressed that while macroeconomic stability is being restored, sustained attention must now shift towards job creation, industrial expansion and improvements in living standards.
Reaffirming its earlier policy position, IMPI said it remains convinced that Nigeria’s future lies in building a productive economy anchored on manufacturing, technology, agriculture and sustainable domestic revenue rather than dependence on subsidies and oil earnings.
It concluded that if the current policy direction is maintained and matched with transparent governance and inclusive development, Nigeria could emerge as Africa’s industrial powerhouse and one of the world’s leading economies in the decades ahead.
