Just as Manu Dibango popularized the Makossa dance, taking it from the streets of Cameroon to the global stage, President Bola Ahmed Tinubu is taking on the much-talked-about economic reforms that have the potential to transform Nigeria’s economy. These reforms, though daunting, are necessary for the nation’s prosperity, yet no previous administration had the courage to implement or enforce them. Like the Makossa, which remains timeless and impactful, President Tinubu’s economic reforms are designed to leave an indelible mark on Nigeria’s economic landscape—unless future successors derail the progress.
The Makossa dance is known for its energetic and dynamic movements, symbolizing vitality and celebration. Similarly, President Tinubu’s economic reforms are characterized by bold, decisive actions aimed at revitalizing Nigeria’s economy. From the removal of the fuel subsidy to the unification of the exchange rate, these reforms are not just policy changes but a deliberate attempt to inject energy and dynamism into a system that has long been stagnant.
Take, for instance, the removal of the fuel subsidy—a move that many considered politically risky but economically necessary. Before the reform, petrol prices soared to an all-time high of ₦1,500 per liter at the Black Market, with persistent Fuel Scarcity but under Tinubu’s administration, prices have currently stabilized at ₦860 per liter & there’s been no needless queue. This adjustment, though initially met with resistance, has begun to yield positive results, reducing the fiscal burden on the government and redirecting funds to critical sectors like infrastructure, education, and healthcare.
Another significant achievement is the stabilization of the naira. When President Tinubu assumed office, the naira traded at an alarming rate of ₦1,800 to ₦1,900 against the US dollar. Today, the currency has strengthened to ₦1,450, reflecting the administration’s commitment to restoring confidence in Nigeria’s monetary policy. This improvement is not magic but the result of deliberate reforms aimed at unifying the exchange rate and curbing speculative activities in the forex market.
Inflation, a major concern for Nigerians, has also seen a downward trend. From a peak of 34.8%, inflation has dropped to 24%, signaling a gradual return to price stability. The cost of foodstuffs, which had become a source of frustration for many households, is beginning to reduce, offering a glimmer of hope to millions of Nigerians.
President Tinubu’s administration has also made significant strides in managing Nigeria’s debt profile. Inheriting a staggering $113 billion in debt from his predecessor, Tinubu has reduced the total debt to $88 billion within just 18 months—a remarkable achievement that demonstrates fiscal discipline and strategic planning. Additionally, the external reserves, which stood at $33 billion at the start of his tenure, have been increased to $41 billion, further strengthening Nigeria’s economic position.
These achievements stand in stark contrast to the economic mismanagement of previous administrations. For instance, under President Goodluck Jonathan, Nigeria’s total debt increased from $35 billion to $63 billion, while the external reserves plummeted from $45 billion to $27 billion. The Excess Crude Account (ECA), which held $22 billion, was nearly emptied, leaving only $2 billion. Such mismanagement, coupled with the average crude oil price of $100-$110 per barrel during that period, highlights the missed opportunities of the past.
President Tinubu’s reforms are not just about numbers; they are about laying a foundation for sustainable growth and development. Like the Makossa dance, which requires rhythm, coordination, and energy, these reforms aim to harmonize Nigeria’s economic sectors—agriculture, infrastructure, social welfare, and more—into a cohesive and thriving system. The ultimate goal is to create an economy that celebrates the prosperity and well-being of its citizens.
Critics may argue that the reforms are too harsh or that the benefits are not immediately visible. However, history has shown that meaningful change often requires sacrifice and patience. The Makossa dance did not achieve global recognition overnight; it took time, effort, and persistence. Similarly, President Tinubu’s economic reforms are a work in progress, but the early results are promising.
As we look to the future, it is crucial to recognize that these reforms are not designed to fade. Like the Makossa, which continues to inspire and entertain generations, Tinubu’s economic policies are built to endure. However, their longevity depends on the commitment of future leaders to uphold and build upon this foundation.
In conclusion, President Bola Ahmed Tinubu’s economic reforms are a bold and necessary step toward a prosperous Nigeria. They embody the energy, rhythm, and celebration of the Makossa dance, offering hope and optimism for a brighter future. May his administration succeed in bringing joy and happiness to his numerous followers and supporters, while silencing the doubts of those who stand against him.
Oluwatosin Arike Oyeniyi is a passionate advocate for economic development and good governance, with a keen interest in Nigeria’s political and economic landscape.
