Economists Predict Long Wait for Tinubu's Reforms Benefits

Economists have indicated that Nigerians may have to wait between 12 and 20 years to fully experience the benefits of President Bola Tinubu's economic reforms, which he introduced after taking office in May 2023. These reforms include the removal of petrol subsidies, liberalization of the foreign exchange market, electricity tariff increases, and tax reforms aimed at enhancing government revenue and fiscal sustainability.

Experts like Dr. Paul Alaje, Chief Economist at SPM Professionals, and Dr. Felix Echekoba from Nnamdi Azikiwe University, noted that structural reforms typically require a painful adjustment period before yielding visible benefits. They emphasized that the pace of improvement will depend on policy stability, infrastructure development, and institutional effectiveness.

The immediate effects of these reforms have been overshadowed by rising food and service prices, high interest rates, and declining household purchasing power. Alaje warned that the poorest Nigerians would bear much of the burden during this adjustment period, and macroeconomic stability is essential for broader economic transformation.