Inflation had subsequently fallen to 15.91 per cent by June 2026, while international institutions projected economic growth to strengthen to between 4.1 and 4.4 per cent during the year
By Moses Okorie
The Independent Media and Policy Initiative (IMPI) has declared that Nigeria’s economic reforms under President Bola Ahmed Tinubu are beginning to deliver measurable results, despite the significant hardship experienced by citizens during the adjustment period.
The organisation, in its latest policy assessment signed by its Chairman, Omoniyi Akinsiju, said the reforms had placed the country on a new economic trajectory focused on production, investment and domestic revenue generation.
IMPI said the removal of the petrol subsidy and the unification of the foreign exchange market represented a fundamental shift from policies that had encouraged consumption, arbitrage and excessive dependence on government intervention.
It acknowledged that the measures initially worsened economic conditions, with inflation rising above 33 per cent and millions of Nigerians facing increased living costs. However, the organisation described the situation as part of a “J-curve” adjustment in which economic conditions deteriorate before the benefits of structural reforms become evident.
According to the group, inflation had subsequently fallen to 15.91 per cent by June 2026, while economic growth was projected by international institutions to strengthen to between 4.1 and 4.4 per cent during the year.
IMPI also noted that Nigeria’s foreign reserves had risen to about $52 billion by June, describing the improvement as an indication of stronger external stability.
The organisation said the government’s fiscal reforms were also producing significant gains, citing the N21.6 trillion collected in taxes by the Nigeria Revenue Service between January and June 2026.
The figure, according to IMPI, represents a 49 per cent increase compared with the N14.27 trillion recorded during the same period in 2025.
It attributed the growth to a broader tax base, digitalisation of revenue collection, electronic invoicing and efforts to block leakages.
IMPI further pointed to increased foreign investment as evidence of improving international confidence in the Nigerian economy. It said foreign capital inflows increased from $12.32 billion in 2024 to $23.22 billion in 2025.
The organisation also highlighted the performance of the Nigerian capital market, noting that the Nigerian Exchange recorded a 51.19 per cent return in 2025 and emerged among the best-performing equity markets globally in July 2026.
While expressing strong support for the administration’s economic direction, IMPI acknowledged that the reforms had placed considerable pressure on households and businesses.
It stressed that government must complement macroeconomic reforms with effective social protection, infrastructure development, job creation and improved public services.
The organisation also commended Nigerians for their resilience and ability to adapt to the changing economic environment, saying citizens had played a critical role in sustaining the reform process.
IMPI maintained that Nigeria’s long-term economic future would depend on moving away from excessive reliance on oil and imported goods towards manufacturing, agriculture, technology and other productive sectors.
The group urged the government to maintain the reform momentum and ensure that the sacrifices made by Nigerians translate into tangible improvements in living standards.
It expressed optimism that sustained implementation of the reforms could transform Nigeria into a major industrial hub and strengthen its position as a leading economic force in Africa.