Presidency: Importers have benefited enough from Nigeria’s economy

By Lawrence Agbo

The Presidency has defended the Federal Government’s economic reforms, saying businesses that rely heavily on imports have enjoyed significant gains over the years and that the country must now shift its focus toward expanding exports.

Special Adviser to President Bola Tinubu on Economic Affairs, Tope Fasua, made the remarks during an appearance on Channel TV Sunday Politics, where he stressed that Nigeria cannot continue to build its economy around imports while neglecting export growth.

According to Fasua, importers have profited substantially under the previous economic structure, making it necessary for policies that encourage domestic production and export expansion.

“The people who have been importing have been making a kill in this economy. Let them slow down. No serious economy continues to drive imports without also thinking about exports,” he said.

He argued that a sustainable economy requires a healthy balance between imports and exports, adding that countries seeking long-term economic growth must prioritise production, value addition and foreign exchange earnings.

Fasua maintained that the Tinubu administration’s economic policies are designed to reposition Nigeria toward a more productive and export-oriented economy, rather than one driven primarily by imported goods.

He said the reforms are intended to strengthen local industries, improve competitiveness and reduce the country’s dependence on imports over time.