Stakeholders have warned that Nigeria’s ongoing economic reforms would remain fragile unless the Federal Government tackles widening inequality, strengthens fiscal transparency and improves communication around policy actions.

They noted that although Nigeria is no stranger to reform cycles, many previous efforts either stalled or deepened inequality due to weak implementation, poor incentives and policy capture.

The speakers were the Special Adviser to the President on Economic Affairs, Dr Tope Fasua; Dean, Faculty of Social Sciences, University of Lagos, Prof. Adelaide Odukoya; Director of the Quality Assurance and Servicom Unit, UNILAG, Prof. Olufemi Saibu; Founder and Chairperson of Women in Successful Careers (WISCAR), Mrs Amina Oyagbola, and Director-General, Lagos Chamber of Commerce and Industry, Dr Chinyere Almona.

They shared their views at the Public–Private Dialogue on Nigeria’s Economic Reforms: Advancing Evidence-Driven Policy Solutions, held in Lagos yesterday.

The event was convened by the Nigeria Economy Stability and Transformation (NEST) an FCDO-funded programme in collaboration with the Shehu Musa Yar’Adua Foundation. During the panel sessions, economists, development specialists and public-sector leaders examined key areas of reform, ranging from inflation targeting to tax changes, social protection and agricultural industrialisation.

On monetary policy, Prof. Saibu observed that although the Central Bank of Nigeria (CBN) has intensified inflation-targeting, as reflected in recent Monetary Policy Committee decisions, the sustained regime of very high interest rates continues to hurt manufacturers and borrowers.

“You want inflation down, but you also need the cost of credit to fall so businesses can breathe,” he said.

He aligned with Fasua’s concern over Nigeria’s fiscal management structure, particularly the concentration of responsibilities at the federal level despite states receiving substantial allocations and significantly expanding their budgets since 2019.

Saibu cited examples of states increasing their budgets by 400 to 1,400 per cent, yet offering limited transparency into how these funds translate into development outcomes.

According to Fasua, President Bola Tinubu’s policy direction aims to pull Nigeria “out of longstanding mediocrity.”

He highlighted the naira reforms, which he said have boosted foreign reserves to $51 billion, altered consumption and spending behaviour, and attracted new investments, including foreign universities now establishing campuses in Lagos.

Fasua also pointed to ongoing tax reforms intended to shift the burden to higher-income earners while reducing inequality.