Despite rising hardship across Nigeria, the Financial Times has praised President Bola Ahmed Tinubu for implementing bold economic and monetary reforms that are yielding early signs of progress, even while describing his government as being “stuffed with cronies.”
“That so much has been achieved by a government stuffed with cronies — and, to be fair, one or two competent technocrats — shows how much could be achieved if Nigeria really got its act together. There are plenty of ways for Tinubu to build on a promising start,” the British newspaper stated in an editorial published on Tuesday, titled ‘Nigeria’s shock therapy: Why President Tinubu should press on’.
The Financial Times editorial noted that while Tinubu’s first two years in office have brought economic strain to many Nigerians, the country is in a better place now than at any time in the last decade.
“Halfway through the first presidential term of Bola Tinubu, who completes two years in office this Thursday, Nigeria is in better shape than at any time in the past decade. That may come as a surprise — or even sound like a sick joke — to tens of millions of Nigerians who are suffering the worst cost of living crisis in a generation,” the publication said.
“Yet Tinubu, a former governor of Lagos and the country’s wiliest politician in a generation, has stabilised the economy and laid the groundwork for a broader recovery. This year, the World Bank expects growth of 3.7 per cent, in what would be Nigeria’s best performance since 2014 save for a post-Covid rebound.”
The publication noted that while most Nigerians may not yet feel the impact of these improvements, they mark a significant shift given Nigeria’s recent economic struggles.
“Most ordinary Nigerians won’t feel that yet. But it is a decent performance when oil prices are weak. The tiny green shoots have come because Tinubu’s government has tackled — albeit in often haphazard fashion — debilitating structural distortions.”
The editorial also criticised Nigeria’s long-standing dependence on oil and widespread leadership failures, arguing that the country should be a leading force on the African continent.
“For years, Nigeria has been not so much a sleeping giant as a comatose one. Home to nearly one in five sub-Saharan Africans, its market of 230mn people should be an engine of continental growth. Instead it has been a drag, stuck in an oil-dependent rut, plagued by banditry and run by a political elite bent on self-enrichment. It is hardly surprising that all but a few investors may have missed the fact that Nigeria has turned a corner.”
The newspaper credited Tinubu’s removal of fuel subsidies and reforms in the monetary system with helping stabilise the naira and boosting government revenue through improved tax collection.
“As Nigeria’s election cycle edges towards 2027, Tinubu may be tempted to slow the pace of change. That would be a mistake. He should forge ahead, with the overriding aim of making ordinary Nigerians — not just investors — feel the benefits of shock therapy,” the editorial concluded.
