Special Adviser to the President on Economic Affairs, Tope Fasua, has indicated that Nigeria's economic recovery will not be experienced by all at once; however, current indicators imply that the reforms initiated by President Bola Tinubu are starting to produce positive outcomes.
In an interview with Trust TV on Thursday, Fasua warned against negative narratives surrounding the economy, emphasizing that transformation is a gradual process that cannot occur instantaneously.
"What is truly at stake now is that many individuals who shape the narrative—particularly in the media—do not seem to be considering whether Nigeria could genuinely improve. Furthermore, when Nigeria does improve, it will not be simultaneously beneficial for everyone. At times, one may not even realize that improvements have taken place," he remarked.
Fasua contended that recent economic statistics suggest that Tinubu's administration is making headway.
"Numerous indicators suggest that this Tinubu administration is on the right track," he asserted.
"If inflation has been decreasing month after month for five consecutive months, if foreign reserves are increasing and we are now discussing $42 billion, and if trade surpluses are rising—this year alone, we have achieved N12 trillion in trade surpluses. Last year, we recorded N16 trillion in trade surpluses. In just half a year, we have reached N12 trillion. We are likely to achieve N20 trillion or N25 trillion this year. If all these factors are improving, then why the complaints?"
The presidential aide also highlighted advancements in energy and food pricing.
He stated that the decrease in petroleum product prices by Dangote Refinery was alleviating cost pressures on Nigerians, despite some criticisms.
"Even the petroleum prices that increased are now decreasing, thanks to Dangote. We have observed cases where food prices are also declining, yet another interest group claims that the government is reducing food prices to harm them, not realizing that with 230 million Nigerians, a drop in food costs benefits everyone, including those who are voicing complaints," Fasua elaborated.
He accused certain vested interests of prioritizing export profits over domestic requirements, emphasizing that such actions compromise the welfare of ordinary Nigerians.
"Every farmer at that level, along with their supporters, including the so-called aggregators, aim to export everything, regardless of the consequences for Nigerians. In their pursuit of exports, they later question the whereabouts of the export proceeds. Perhaps only 20% of the export proceeds return, while the majority of the funds go abroad," he remarked.
Regarding Nigeria's ongoing economic difficulties, Fasua called for patience, asserting that the challenges stem from both colonial history and current circumstances.
"The poverty and inequality present in the country have historical roots... To reach the level that people expect us to achieve now will require a process," he observed.