Admin I Saturday, Sept 27, 2025
IBADAN, Nigeria – President Bola Tinubu declared the Nigerian economy had “turned the corner for good,” assuring citizens that the painful effects of his administration’s two-year-old economic reforms would soon give way to prosperity.
The unexpected economic pronouncement was made during the coronation of his political ally, Oba (Sen) Abdul-Rashidi Adewolu Akanmu Ladoja, as the 44th Olubadan of Ibadanland on Friday.
“Today, I am honoured to bring the cheering news that our economy has turned around and there is now light at the end of the tunnel,” President Tinubu stated.
He attributed the success of the reforms—widely understood to include the contentious removal of the fuel subsidy and the floating of the Naira—to the “support, endurance, and sacrifices of Nigerians.”
The declaration marks a strong claim by the administration that its aggressive, market-driven policy shift is beginning to bear fruit, despite persistent double-digit inflation (currently hovering near 30 per cent) and ongoing pressure on the Naira’s exchange rate. Global financial institutions, while generally supportive of the structural changes, have consistently flagged the lag between policy implementation and tangible economic relief for the populace.
The President’s statement, delivered at a high-profile traditional event rather than an economic forum, suggests a political imperative to reassure a population fatigued by rising costs of living. Economists are likely to scrutinise the claim for supporting data, particularly concerning key metrics like foreign direct investment (FDI), external reserves, and non-oil revenue growth.
Mr. Tinubu used the occasion to thank Nigerians for their “patience and support,” signalling that the path to recovery, while challenging, is nearing a positive inflection point. The reforms are an attempt to overhaul a structurally unsound economy, and the President’s public confidence is likely aimed at bolstering investor sentiment and domestic patience.
The event itself was a gathering of political and traditional heavyweights, with Governor Seyi Makinde presenting the staff of office to the new monarch, a former governor himself. While the ceremony was focused on tradition, the President’s pivot to the economy served as a clear message that the administration intends to intensify its communication of an impending rebound.
