- Agency Report
The early signs of President Bola Tinubu’s economic reforms are encouraging, says Ms Chalya Shagaya, Senior Special Adviser to the President on Entrepreneurship Development.
Shagaya made the remarks on Saturday at the mid-year economic outlook hosted by the Nigeria Indonesia Chamber of Commerce and Industry (NICCI).
She noted that the administration inherited an unstable economic climate upon assuming office.
She said tough but intentional reforms like subsidy removal, forex unification, and recapitalised banking were fostering resilience in Nigeria’s economy.
According to her, tax reforms and adjustments in the power sector have also contributed to the emerging progress.
“The early signs are encouraging. Foreign reserves have risen from four billion dollars to over 23 billion dollars.
“State governments are smiling again as monthly allocations have increased,” Shagaya said.
She said remittances are improving and exports are becoming globally competitive, though inflation remains high. “But at least inflation is walking, not sprinting,” she noted.
Shagaya said the administration is focused on supporting entrepreneurs and small businesses.
She highlighted several financial interventions for MSMEs and a newly signed tax bill to boost enterprise.
Ongoing investments in digital infrastructure, innovation hubs, and skills development are also in motion, she said.
“This is not charity but smart economics. Entrepreneurs are job creators, problem solvers, and ambassadors building resilience one win at a time,” she stated.
She said the government is designing policies that offer real and accessible support.
“As we move forward, we’ll partner with the private sector and institutions,” she said.
She emphasised the aim is to drive investment, smarter collaboration, and enterprise-led growth.
Dr Biodun Adedipe, Chief Consultant at B. Adedipe Associates Ltd, also spoke at the event.
He noted that global economic conditions have shifted from VUCA to BANI.
VUCA stands for Volatile, Uncertain, Complex and Ambiguous, while BANI is Brittle, Anxious, Non-linear and Incomprehensible.
Adedipe projected a positive economic outlook for Nigeria in 2025.
He urged organisations to adopt resilience pillars such as governance, ethics, and strategic partnerships.
Other key pillars include innovation, technology, leadership development and investment in human capital.
He also advised on securing long-term capital and sustaining sound financial practices. (NAN)