The Federal Government has said Nigerians should begin to experience greater benefits from ongoing economic reforms as it seeks to consolidate improvements in inflation, foreign reserves, economic growth and investment.
Dr Tope Fasua, Special Adviser to the President on Economic Affairs in the Office of the Vice President, gave the assurance in an interview with the News Agency of Nigeria (NAN) on the sidelines of the International Monetary Fund (IMF) and World Bank Annual Meetings in Thailand.
Fasua said the government remained committed to sustaining the reforms while developing social protection measures to reduce the impact of economic hardship on vulnerable Nigerians.
According to him, the government believes recent improvements in key economic indicators provide a foundation for stronger economic activity and better living conditions.
Nigeria's Inflation Rate Falls to 14.63%
Fasua said Nigeria's inflation rate had declined to approximately 14.63 per cent in September, expressing optimism that the downward trend could continue in the coming months.
“I am optimistic that the downward trend will continue towards the 10 per cent range in the coming months, barring unforeseen circumstances,” he said.
He identified declining inflation, easing interest rates, improved foreign reserves and growth in Gross Domestic Product (GDP) as signs that the economy was moving in a positive direction.
However, a decline in the inflation rate does not necessarily mean that prices have fallen. It means prices are rising more slowly than before, although the cost of essential goods and services may remain high for many households.
The government faces the challenge of ensuring that improvements in these economic indicators translate into meaningful relief for ordinary Nigerians.
Nigeria Secures Over $6 Billion in Investment Commitments
Fasua also highlighted Nigeria's investment engagements in Thailand, which he said showcased 65 transactions and secured more than $6 billion in private capital commitments.
He said the positive response from international investors reflected growing confidence in Nigeria's macroeconomic environment.
“What we have seen here is a very good reception towards Nigeria because they see that the macro-economy is doing extremely well,” he said.
Fasua further cited developments in the Nigerian capital market, noting that investments attracted by the market were estimated at N133 trillion, equivalent to approximately $100 billion.
He stressed that both domestic and foreign investment would be important in expanding economic activities, creating opportunities and improving living standards.
FG Targets Six Per Cent Economic Growth
The Federal Government is targeting an increase in Nigeria's economic growth rate from the reported 4.43 per cent to six per cent, with the possibility of reaching seven per cent in subsequent years.
Fasua said the government was encouraged by developments across several sectors, including real estate, oil and gas, entertainment and electronic commerce.
He maintained that the country needed to sustain its reform programme to build on the progress recorded so far.
According to him, reversing the reforms at this stage would undermine efforts to establish a more stable economic environment.
The government is therefore expected to continue pursuing policies aimed at improving economic stability, attracting investment and supporting long-term growth.
FG Admits Many Households Are Yet to Feel Economic Relief
Despite the improvements highlighted by the government, Fasua acknowledged that many Nigerians were yet to experience corresponding relief in their daily lives.
Rising fuel prices, alongside the cost of essential goods and services, continue to place pressure on households and businesses.
He explained that improvements in the broader economy were necessary before sustainable benefits could be achieved at the household level.
“The micro-economy can only stand on the macro-economy. If you do not fix the macro, you cannot do anything with the micro,” he said.
Fasua compared economic reforms to laying the foundation of a building, arguing that a stable economic environment was necessary to support lasting improvements in people's welfare.
He also said President Bola Tinubu had indicated that the period of economic sacrifice was approaching its end, with the government's focus shifting towards consolidating the gains of its reforms.
However, the extent to which households experience relief will depend on how economic improvements affect purchasing power, employment, incomes and the prices of essential goods.
FG Plans Social Protection Package for Vulnerable Nigerians
To address continuing hardship, Fasua said the Federal Government was developing a social protection package for the most vulnerable members of society.
The proposed initiative would prioritise elderly people, children and persons living with conditions that limit their ability to support themselves.
He said the government was working on documentation to identify eligible beneficiaries and ensure that assistance reached those who needed it.
Although Fasua expressed a preference for policies that help people become economically self-sufficient, he acknowledged that direct cash assistance remained necessary for vulnerable citizens requiring immediate support.
“We are not very much a big fan of just collecting money and giving people money. It is better to teach people how to fish than to just give them fish,” he said.
The proposed package is expected to combine longer-term support with assistance for people who cannot independently meet their immediate needs. Details of the programme, including eligibility requirements and implementation arrangements, were not provided in the remarks quoted by NAN.
FG Says It Will Not Reverse Economic Reforms
Fasua said the government would resist calls to reverse its economic reforms, arguing that the current period was not appropriate for abandoning the policies.
The administration believes that sustaining the reforms will help consolidate improvements in economic stability and encourage further investment.
Nevertheless, the government must also address concerns about the cost of living and the pressure on households that have struggled to adjust to changing economic conditions.
The effectiveness of the reform programme will ultimately be judged not only by macroeconomic figures but also by its impact on jobs, incomes, purchasing power and access to essential services.
FG Promises Greater Focus on Nigerians' Welfare
Addressing concerns about when citizens would begin to feel the benefits of the reforms, Fasua said the government was conscious of its responsibility to deliver on its promises.
He added that the approach of another election year provided an additional incentive for the administration to focus on citizens' welfare.
For many Nigerians, the key question remains whether falling inflation, increased investment and stronger economic growth will lead to lower financial pressure and improved living conditions.
While the Federal Government says the economic reforms are beginning to yield results, the coming months will be important in determining whether those gains translate into tangible improvements for households across the country.
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