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From Romanus Ugwu, Abuja
Policy think-tank under the auspices of Independent Media and Policy Initiative (IMPI) has claimed that the current Nigerian economic woes is buffeted from different sides by many domestic and global assailing factors during former president Muhmmadu Buhari administration between 2016 and 2020.
The group however expressed optimism that no rational investor can afford to ignore Nigeria considering the economic reforms introduced by President Bola Tinubu.
In a statement signed by its Chairman, Niyi Akinsiju, and issued on Wednesday in Abuja in the aftermath of the President’s visit to Qatar, the policy think tank noted that reforms will sooner than later yield fruitful dividends.
It said: “President Tinubu reinforced his commitment to going the whole hog with the implementation of these policies when he publicly declared during his visit to Qatar that: “This economy, we will grow it, and we will feed ourselves out of penury…if it’s corruption, we must exterminate it no matter how hard it is fighting back.
“We find this declaration instructive. It affirms the President’s unwavering commitment to seeing through the reforms he has undertaken to implement.
“We also agree with the President’s call on Nigerians to persevere at this time because, according to him, nation-building requires perseverance and patriotism to succeed.
“It is to these two value orientations that we call the attention of Nigerians.”
The policy think tank also emphasised its support for the President’s market-driven policies on the grounds that it is the best option for the country.
IMPI said: “In truth, the Nigerian economy had been buffeted from different sides by many domestic and global assailing factors between 2016 and 2020 which may provide an understanding of the Federal Government and CBN’s insistence on state controlled and managed economy for the benefits of the poor and vulnerable.
“Yet, after many years of the control and managed options, we are left with an economy in stagnation; one that depends on the periodic boom in the oil and gas sector to deliver momentary economic prosperity.
“By 2023, an economic template change had become inevitable. In our consideration, we believe that the Tinubu administration read the situation well by making overtures to the CBN to revert to the free float exchange policy.
“Of course, the economy, like in 2016 has since responded to the policy with a volatility that is not only immediate but intense with macroeconomic rates flaring up disconcertingly. This had led to high cost of living uproar across different segments of the nation.
“But rather than beat a retreat and embrace the populist option, the President has determinedly decided to walk the hard, lonely route of application of unpopular yet result oriented policy, by insisting on sustaining and driving the national economy on the wings of the already introduced policies, chief of which are the fuel subsidy removal and unification of Forex rates,” the statement read.
While rallying support for the reforms,the group added that individuals and groups who are optimistic about the reforms would be proved right on the long run.
“As one of the nation’s global entrepreneurs puts it, while pessimism abounds, it is crucial to keep our eyes on the bright spots in Nigeria’s economy. ‘We write off and ignore the country at our own peril; it could very well become a 22nd century superpower’.
“This should be the big picture for every forward looking Nigerian. Our fate should not be about existing from one day to the other; it should be about accepting the generational responsibility of standing in the gap for future generations. “To sacrifice our today to change the economic trend of our country where rather than have millions numbered in poverty, we will have millions counted in wealth.
“It is to this end we declare that we are unpretentious about our support and advocacy for the policies being advanced by the Tinubu’s administration targeted at enabling a market-driven economy. This is where we believe the fortunes of this great country can and would be unlocked,” it argued in the statement.
