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The Minister of Industry, Trade and Investment, Jumoke Oduwole, has defended President Bola Tinubu’s economic policies, saying the gains of the administration’s reforms are beginning to reflect in the country.
Oduwole said the removal of the petrol subsidy in 2023 came with economic difficulties but was necessary to address long-standing structural problems.
The minister said Nigeria had experienced decades of economic challenges that required fundamental reforms, adding that the government had to address the underlying problems before expecting lasting improvements.
“Where we’re coming from is like four decades, and we had to fix that foundation. There is no way you can plant new seeds in bad soil and expect anything to germinate, and the President said it from day one, ‘I have to do these reforms. It’s going to be painful. Stay with me,’” she said.
Oduwole argued that the removal of the subsidy and other policy decisions had helped improve key economic indicators, including inflation and foreign exchange stability.
She acknowledged that many Nigerians remained concerned about the high cost of living but maintained that the government had laid the foundation for improved living conditions.
“The foundation has been laid, empirically verifiable. But Nigerians, now, is the cost of living high? Are people in pain?
“Yes, we are also Nigerians, and we know that this is the time you have to just stay through, and it’s already coming down. Prosperity is already flowing,” she said.
The minister also maintained that Nigeria’s economy had become more stable and was better positioned to withstand global economic shocks.
She praised Tinubu for introducing reforms, noting that economic stability was the president’s foremost promise during the 2023 election campaign.
According to her, four of the eight pillars of the administration’s Renewed Hope Agenda focus on the economy.
“Even if it is 50 per cent, it’s a pass mark, not to talk of what he did with infrastructure,” she said.
However, Oduwole acknowledged that more work was needed, particularly in the power sector, adding that the President had continued to demand results from his ministers.
When asked about the administration’s promise to create one million information and communications technology jobs within 24 months and significantly reduce youth unemployment, she said the Ministry of Communications and Digital Economy had facilitated a substantial number of jobs in the sector.
She also highlighted what she described as other achievements of the administration, including Nigeria’s performance in the Jollof rice competition.
The minister said the government had encouraged Nigerian entrepreneurs to produce goods and services locally and expand their businesses into international markets.
She identified the Nigerian Education Loan Fund (NELFUND), increased infrastructure investment and consumer credit programmes as some of the administration’s initiatives expected to have lasting effects on citizens.
Oduwole expressed confidence that Tinubu’s economic policies would receive positive recognition in the future.
“Mr President has done what he knows and believes is right for Nigeria,” she said.
“And I believe, based on evidence – empirical – that posterity and history will be extremely kind to President Bola Ahmed Tinubu.”
