Yemi Kale explains what Okonjo Iweala means by Nigerian economy is “stable”

Yemi Kale, the former head of Nigeria's National Bureau of Statistics, has clarified what economist Ngozi Okonjo-Iweala meant when she described the Nigerian economy as "stable." Kale explained that while the assessment may seem at odds with the reality of citizens grappling with high costs and economic hardship, stability in economic terms refers to key macroeconomic indicators like inflation, exchange rates, and GDP growth. He emphasized that this stability does not necessarily translate to immediate relief for households, but rather signals that the economy is no longer experiencing sharp and unpredictable swings.

Kale stressed that stability is a necessary foundation for recovery, but it does not automatically end hardship. He commended the administration of President Bola Tinubu for reforms aimed at restoring stability in the Nigerian economy, but noted that growth, job creation, and income expansion are essential measures to cushion the impact on vulnerable Nigerians.