Economics Experts Grade Tinubu's Policies Since Becoming President

• President Tinubu's economic policies are set to break records in 2025, with significant growth projected in both oil and non-oil sectors
• Trade surpluses, improved oil production, and rising non-oil exports reflect the success of deregulation, streamlined policies, and targeted reforms
• Liberalized forex markets and increased remittances have bolstered revenues, creating a diversified and resilient economic landscape under Tinubu's leadership

The Independent Media and Policy Initiative (IMPI), a prominent policy think tank, has forecast a record-breaking year for Nigeria’s economy in 2025.

According to the group, the economic reforms introduced by President Bola Tinubu’s administration are reshaping Nigeria’s economic landscape, with substantial progress already visible across key sectors.

In a policy statement signed by its chairman, Dr. Niyi Akinsiju, IMPI revealed its findings after conducting a comprehensive analysis of Nigeria’s economy over the past 19 months.

The group noted that despite initial challenges, the reforms have spurred optimism in both the oil and non-oil sectors.

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IMPI highlighted significant progress in the oil industry, traditionally hampered by crude oil theft, aging infrastructure, and declining investment.

Group hails Tinubu for brilliant policies

The group pointed to key achievements in 2024, including increased local petroleum refining and deregulation of the downstream sector, which reduced smuggling and encouraged price competition.

Analysts expect oil production to average 1.7 million barrels per day in 2025, bolstered by pipeline upgrades and streamlined regulatory processes introduced by the government.

The group also praised Tinubu’s executive orders aimed at reducing project delays in the petroleum sector. By mandating a maximum six-month contracting cycle and simplifying approval processes, the reforms have enhanced Nigeria’s appeal to foreign investors.

Experts laud diversification in agriculture

Beyond the oil sector, IMPI noted impressive growth in non-oil exports, driven by agricultural products like cocoa and sesame seeds. This growth contributed to three consecutive quarters of trade surpluses in 2024, as highlighted in Central Bank of Nigeria (CBN) data.

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The trade surplus in October 2024 stood at $2.21 billion, reflecting a strong performance in both crude oil and non-oil exports.

IMPI emphasized the positive impact of the naira’s depreciation in 2024, which boosted export earnings while curbing imports. This resulted in increased inflows to Nigeria’s federation account, with government revenues rising to ₦6.86 trillion in the third quarter of 2024.

Most of this revenue came from non-oil sources, showcasing a healthier, more diversified economy.

The group also pointed to a 63.7% increase in international remittance inflows in 2024, which they attributed to targeted reforms by the CBN under Governor Olayemi Cardoso.

Mambilla arbitration: Tinubu's govt makes clarification

Earlier, Legit.ng reported that the presidency denied news on social media that President Tinubu forced his predecessor Buhari to take the witness stand in a Paris court in France over a $6 billion Mambilla power contract fraud.

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An online media platform had reported that Buhari was hauled into court on Saturday, January 18, for allegedly breaching the terms of a power generation and distribution contract awarded to Sunrise Power and Transmission Company of Nigeria (TCN).

However, the president, through Bayo Onanuga, Tinubu’s spokesperson, said that the lawsuit was “private” and should not have been reported in the media

Source: Legit.ng