Revitalizing Nigeria’s Historic Foundations
As President Bola Ahmed Tinubu marks two years in office, Nigeria is witnessing a significant shift from a period marked by economic stagnation and policy gridlock to one characterized by pragmatic reforms and macroeconomic stabilization. Despite ongoing socio-economic hurdles, recent statistics reveal a positive trajectory in critical areas such as economic growth, foreign reserves, revenue collection, and investor sentiment.
This analysis explores Tinubu’s tenure as a deliberate restoration initiative-an effort to reconstruct the “ancient ruins” of Nigeria’s economic and institutional frameworks after years of neglect. Drawing on reliable data from the National Bureau of Statistics (NBS), Central Bank of Nigeria (CBN), Federal Inland Revenue Service (FIRS), and respected international sources, this review assesses the administration’s economic direction, reform rationale, and policy outcomes. The latter section highlights opportunities for further progress.
From Skepticism to Hope
When Asiwaju Bola Ahmed Tinubu announced his presidential ambitions in Ogun State with the memorable “Emi Lokan” declaration, many Nigerians greeted the news with a mix of doubt and weariness. The nation had endured prolonged economic decline, institutional breakdown, and widespread disenchantment. The preceding administration left behind a country grappling with insecurity, mounting debt, fuel subsidy distortions, and a foreign exchange crisis that threatened economic stability.
Yet, two years into his leadership, it is increasingly clear that Tinubu’s presidency represents a pivotal turning point-halting the nation’s downward spiral and reigniting optimism for comprehensive national renewal. Whether embraced by supporters or skeptics alike, Nigeria today stands on a more solid economic and institutional foundation than it did in 2023.
Setting the Stage: A Nation on the Edge
When President Tinubu assumed office in May 2023, Nigeria’s fiscal and economic systems were teetering on collapse. Oil production had plummeted below 1 million barrels per day, well under the OPEC quota of 1.7 million barrels. The government was borrowing billions monthly to sustain petrol subsidies, electricity, and foreign exchange reserves. Airlines threatened to suspend operations due to frozen funds, and reports indicated the federal government borrowed $2 billion to meet payroll obligations in its final months.
In this precarious context, many feared Nigeria might fracture under the weight of its crises. What the country required was not mere political rhetoric but statesmanship-a leader willing to make difficult decisions for sustainable recovery.
The Reformist’s Determination: Courageous Beginnings
Among President Tinubu’s earliest and most consequential actions were the removal of fuel subsidies and the unification of the exchange rate-measures that were bold, challenging, and historic. These reforms ended years of fiscal drain and market distortions that disproportionately benefited a privileged few. While these changes initially sparked inflationary pressures and hardship, they laid the groundwork for fiscal discipline and a market-driven economy.
Unlike predecessors who often cited Nigeria’s complexity as a barrier, Tinubu has exhibited resolve, expertise, and strategic acumen. His economic team has prioritized stabilization, deregulation, and diversification. Within two years, the economy, once hemorrhaging, is now signaling robust recovery, as confirmed by independent national and global data.
Data-Driven Progress
Independent institutions validate the tangible improvements in macroeconomic stability and international perception. Nigeria’s GDP growth now surpasses population growth for the first time since 2019, while inflation has experienced its sharpest decline in three years. Enhanced oil production and trade surpluses reflect improved operational efficiency and a broader export base.
Reconstructing the Foundations
President Tinubu’s leadership can be compared to a contemporary Nehemiah-dedicated to rebuilding the dilapidated structures of a once-promising nation. His administration’s reforms in fiscal policy, digital innovation, and infrastructure development are revitalizing the core pillars of national productivity:
Economic Revival: Reinforced fiscal discipline and expanded revenue through comprehensive tax reforms.
Investment in Human Capital: Introduction of Nigeria’s inaugural Students’ Loan Scheme, providing accessible education financing for youth.
Social Progress: The national minimum wage has more than doubled from ₦30,000 to ₦70,000, with many states exceeding this threshold.
Institutional Strengthening: Renewed confidence in the Central Bank, streamlined ministries for enhanced efficiency, and improved fiscal collaboration between federal and state governments through equitable revenue sharing. These initiatives signify a profound systemic renewal rather than superficial fixes.
The People’s Sacrifice and the Vision Ahead
It would be misleading to overlook the challenges that persist. Inflation, rising food costs, and unemployment remain significant issues. However, meaningful reform inevitably entails short-term discomfort. Tinubu’s economic approach resembles a precise surgical intervention-uncomfortable but essential for lasting recovery. Citizens are beginning to witness the benefits beyond current hardships. Wage increases, tax reforms, student loan programs, and industrial revitalization are clear signs of a nation on a transformative path. The critical task now is to maintain momentum, enhance transparency, and ensure that the gains of reform reach all Nigerians.
Statesmanship as Renewal: A Return to Visionary Leadership
Since 1966, Nigeria has lacked genuine statesmen. The founding leaders-Awolowo, Azikiwe, and Ahmadu Bello-though imperfect, were visionary architects of the nation. Tinubu embodies a revival of this pragmatic and forward-thinking leadership style. He has demonstrated the intellectual rigor and political resolve that many predecessors lacked. His administration is restoring faith in the concept of Nigeria as a united, thriving nation poised for global competitiveness.
Final Thoughts
The Emergence of a Renewed Nigeria Two years into Tinubu’s presidency, Nigeria stands on the cusp of a new chapter. The ruins of mismanagement and despair are being methodically reconstructed. Economic growth is returning, fiscal stability is strengthening, and international confidence is rising. The journey ahead remains challenging, but the signs are unmistakable: a profound national renaissance is underway. Nigeria is no longer on the brink of collapse but is steadily advancing toward restoration. The promised future may still lie ahead, but under Tinubu’s stewardship, the nation’s lost greatness is being reclaimed.
May God bless President Bola Ahmed Tinubu.
May God bless the Federal Republic of Nigeria.
Prof. Lere Baale, FPSN, FPCPharm, FNAPharm, FNIM, FNIMN CEO, Business School Netherlands International, Nigeria
