Experts have stressed the need for the government to urgently implement far-reaching measures to directly address the crises of rising insecurity and escalating food inflation, warning that current efforts have yet to ease the worsening economic hardship faced by the citizens.
At the Cowry Asset Management Quarterly Economic Discourse held in Lagos yesterday, stakeholders argued that while the government’s reform agenda, including fuel subsidy removal and foreign exchange liberalisation, has had a remarkable impact on macroeconomic indices, the benefits remain largely intangible for ordinary Nigerians.
The experts affirmed that while the government’s economic reforms have opened up new opportunities, they must be complemented by strong security and inclusive credit access, especially for SMEs and structural consistency to ensure that progress is felt beyond the available data and into the lives of everyday Nigerians.
Managing Director of Cowry Asset Management, Dr Johnson Chukwu, stated categorically that any meaningful attempt to tame food inflation must begin with securing the agricultural value chain. He pointed out that persistent insecurity across farming communities continues to cripple agricultural productivity, making it impossible to meet domestic food demand or stabilise prices.
According to him, attacks on farmers have become a major constraint to expanding Nigeria’s agricultural base, which remains the backbone of the economy.
Chukwu warned that unless the government prioritises food security and rural protection, Nigeria may find itself locked in a vicious cycle of hunger, poverty and unrest, despite bold policy reforms to move the country forward.
Also speaking, Chief Executive Officer of the Nigerian Exchange Limited (NGX), Jude Chiemeka, noted that while investor confidence has shown signs of recovery with foreign portfolio investments rising to 30 per cent this year from 15 per cent previously, the pace of economic growth will remain fragile unless insecurity is tackled head-on.
Chiemeka emphasised that Nigeria can emerge as an export powerhouse, especially with strategic industrial assets like the Dangote Fertiliser Plant already operational.
However, he argued that this potential can only be unlocked if the nation ensures consistent production and builds a safe, stable environment for local and international trade. He added that a stronger export base would help stabilise the foreign exchange market and attract long-term investments.
Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, expressed concern that political distractions are beginning to eclipse urgent economic priorities. He lamented that despite the current administration being only halfway through its first year, politicians seem to be drifting toward election-focused narratives for 2027, sidelining critical policy implementation.
Yusuf argued that no amount of monetary tightening by the Central Bank of Nigeria (CBN) can substitute for a coherent trade and industrial policy. According to him, reforms must extend beyond inflation targeting to include the strategic deployment of trade policy instruments that support domestic production and reduce the cost of inputs.
A professor of capital market at the Nasarawa State University, Uche Uwaleke, also called on the Central Bank to adopt a more rule-based and transparent approach to foreign exchange management.
He criticised the current use of ad-hoc interventions to smooth volatility in the FX market, saying such measures create uncertainty and discourage investor confidence.
He pointed out that a consistent framework is essential for ensuring long-term market stability and planning certainty for businesses.
