Nigeria economic recovery is underway, says Tope Fasua, citing improvements in inflation, reserves, and trade surplus under Tinubu’s reforms.
Nigeria economic recovery is beginning to take shape, according to the Special Adviser to the President on Economic Affairs, Tope Fasua, who insists that recent data suggest the country is moving in the right direction under President Bola Tinubu’s administration.
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In an interview with Trust TV on Thursday, Fasua said while the benefits of ongoing economic reforms will not be felt equally or immediately by all Nigerians, key indicators are already turning positive.
“What’s really at stake now is that many people who control the narrative—especially the media—seem not to be trying to imagine whether Nigeria could actually get better.
And when Nigeria is going to get better, it’s not going to get better for everybody at the same time,” Fasua said.
He highlighted a number of promising developments, including the fifth consecutive month of declining inflation, an increase in foreign reserves now at \$42 billion, and a significant boost in trade surplus figures.
“This year alone, by mid-year, we’ve done ₦12 trillion in trade surpluses. The whole of last year we did ₦16 trillion. So we are on track to hit ₦20 to ₦25 trillion this year,” he noted.
The Nigeria economic recovery, he added, is also being bolstered by improvements in the energy sector.
The recent reduction in fuel prices by the Dangote Refinery, for instance, is easing pressure on transport and food costs.
Fasua rejected criticisms suggesting that falling food prices were harmful to producers, stating that lower prices benefit all Nigerians, especially those struggling to make ends meet.
“If the cost of food comes down, it benefits 230 million Nigerians—including the ones complaining,” he said.
He also criticised certain agricultural exporters and aggregators who, he claimed, are more interested in profit than national food security.
“Every farmer at that level, including the people who back them up, they want to export everything.
And in exporting everything, they export the money too,” Fasua said, pointing out that only a fraction of export proceeds ever return to Nigeria.
Addressing the ongoing economic challenges facing many Nigerians, Fasua called for understanding, reminding citizens that much of the hardship is deeply rooted in the country’s colonial past and long-standing structural imbalances.
“The poverty and inequality in the land have a historical background… For us to catch up to the level people want, it’s going to be a process,” he concluded.
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Despite the frustrations of the moment, Fasua maintained that the Tinubu administration’s approach to economic reform is both courageous and necessary, and that sustained effort will eventually produce lasting prosperity.
