‘Tinubu’s reform gains rising’
Nigeria’s sweeping economic reset is beginning to yield measurable gains, but its long-term success will depend on whether policymakers can convert reform momentum into structural transformation, Chief Economic Adviser to
Nigeria’s sweeping economic reset is beginning to yield measurable gains, but its long-term success will depend on whether policymakers can convert reform momentum into structural transformation, Chief Economic Adviser to the President, Tope Fasua, has said.
Delivering a speech at the Nigeria–South Africa Chamber of Commerce breakfast meeting which held in Lagos, he described the administration’s policy direction as a decisive break from incrementalism- one anchored on “hard resets” rather than postponing difficult decisions.
He spoke on the theme: “Nigeria’s Economic Environment in 2026 and Beyond.”
“We are defined by reforms, not because everything is perfect, but because the cost of delay has become too high,” he said.
According to Fasua, the elimination of petrol subsidies alone has freed up about $10 billion annually. This, he noted, is now filtering into federal allocations and, increasingly, subnational spending. Besides, the policy of exchange rate unification has replaced a fragmented FX system with a managed float, improving transparency but also triggering sharp currency adjustments.
Also, are the tax reforms introduced in January 2026, which is aimed at expanding the revenue base by capturing activity in the vast informal economy, while oil revenue reforms seek to improve transparency and fiscal accountability.
Also speaking, the Managing Director/CEO of Financial Derivatives Company Limited, Bismarck Rewane said: “Nigeria has taken the right first steps. But reforms are not events—they are processes. The sequencing, consistency and institutional backing will determine outcomes.”
Experts agreed that the rise of Dangote Industries refinery is beginning to reverse a decades-old paradox in which Nigeria exported crude oil but imported refined products. The facility is reducing import dependence and enabling exports, while modular refiners such as Waltersmith are strengthening domestic capacity. The implications, they argued, are significant: improved foreign exchange retention, job creation and the development of local supply chains.
One of the most consequential outcomes of the reforms is the growing role of subnational governments. With higher allocations following subsidy removal, experts maintained that states are ramping up spending on infrastructure, particularly roads and transport.
“This is a redistribution of development responsibility from the federal government to the states,” Fasua submitted.
