By Chioma Favour
The Independent Media and Policy Initiative (IMPI) has said Nigerians are playing a central role in sustaining the economic reforms of President Bola Ahmed Tinubu’s administration, describing citizens as the “actual executors” of the ongoing transition from a consumption-driven to a production-oriented economy.
In its Policy Statement 040, titled “Nigerians as Actual Executors of Tinubu’s Reforms as Economy Transits from Consumption to Productivity,” the policy advocacy group said the reforms initiated since May 2023 are gradually reshaping Nigeria’s macroeconomic landscape despite the significant short-term hardship experienced by households and businesses.
IMPI said the removal of the petrol subsidy and the liberalisation of the foreign exchange market initially triggered substantial economic pressure, including rising inflation and increased costs of transportation, food and energy.
The organisation, however, argued that the measures were necessary to address what it described as long-standing structural distortions in Nigeria’s economy.
Nigerians Bearing the Cost of Adjustment
According to IMPI, Nigerians have played three major roles in the reform process: absorbing the immediate economic shock, demanding accountability from government and institutions, and adapting their consumption and production patterns to the changing economic environment.
The organisation said households and businesses have demonstrated resilience by adjusting to higher operating and living costs while continuing to sustain economic activity.
It also said Nigerians, through civil society organisations, public discourse and social media, have increasingly demanded that savings and additional revenues generated through reforms be channelled into infrastructure, healthcare, education and other areas of human development.
IMPI identified programmes such as the Nigerian Education Loan Fund (NELFUND), compressed natural gas (CNG) initiatives and social investment programmes as areas where effective public monitoring would be important to ensure that intended beneficiaries receive the benefits.
From Consumption to Production
The group said the central objective of the reform programme is to move Nigeria away from excessive dependence on imports and oil revenues towards increased domestic production.
It argued that the naira’s depreciation and higher import costs are encouraging businesses and consumers to explore locally produced alternatives, while manufacturers are increasingly looking towards domestic raw materials.
IMPI said the long-term objective should be for Nigeria to produce more of what it consumes while adding greater value to its exports.
The organisation also linked the transition to ongoing efforts to expand the tax base, digitise revenue collection and simplify Nigeria’s tax system.
It cited reported tax revenue of ₦21.6 trillion between January and June 2026, compared with ₦14.27 trillion during the corresponding period in 2025, describing the increase as evidence of stronger domestic revenue mobilisation.
Reform Gains and Continuing Challenges
IMPI acknowledged that the reforms have imposed significant pressure on Nigerians, but maintained that economic restructuring often produces short-term disruptions before potential long-term gains emerge.
The organisation pointed to moderating inflation, stronger foreign reserves, economic growth and increased capital inflows as indicators it believes demonstrate improving macroeconomic stability.
It also highlighted Nigeria’s capital market performance, citing the reported 51.19 per cent return recorded by the Nigerian stock market in 2025 and increased market capitalisation.
On investment, IMPI said foreign capital inflows increased from $12.32 billion in 2024 to $23.22 billion in 2025, which it interpreted as evidence of improving international confidence in the Nigerian economy.
The organisation further cited growth in real GDP and manufacturing output as signs that the economy is gradually moving beyond macroeconomic stabilisation towards broader production-led growth.
Power, Industry and State-Level Growth
IMPI said reforms in the power sector could help states become stronger economic centres by creating opportunities for alternative electricity generation and supporting industrial development.
The organisation specifically referenced infrastructure linked to the Ajaokuta-Kaduna-Kano (AKK) gas pipeline, arguing that improved energy availability could support manufacturing and reduce production costs.
It maintained that resolving structural constraints in electricity, agriculture, infrastructure and industrial capacity would be critical to translating macroeconomic improvements into tangible benefits for ordinary Nigerians.
IMPI Calls for Accountability
While expressing support for the Tinubu administration’s reform direction, IMPI said government must ensure that the sacrifices made by citizens ultimately translate into visible improvements in their living conditions.
The organisation said Nigerians’ resilience should be matched by greater accountability, transparency and effective delivery of public services.
It also referenced government-backed social intervention programmes, including NG-CARES, SOLID and HOPE, as part of efforts to cushion the impact of economic adjustments on vulnerable households and businesses.
‘Nigerians Are the Actual Executors’
Reaffirming its position in support of the administration’s market-oriented economic policies, IMPI said the success of the reform programme would ultimately depend on both government policy and citizens’ participation.
The group described Nigerians as the “actual executors” of the reforms, arguing that their decisions to support local production, adapt business models, participate in the formal economy and demand accountability would influence the sustainability of the economic transition.
IMPI said Nigeria’s long-term objective should be to build a diversified economy driven by manufacturing, agriculture, technology, innovation and sustainable domestic revenue rather than excessive dependence on crude oil and consumption subsidies.
The organisation concluded that maintaining the current reform direction, while strengthening accountability and protecting vulnerable citizens, could position Nigeria as a major industrial and economic force in Africa.
The statement was signed by Omoniyi M. Akinsiju, PhD, Chairman, Independent Media and Policy Initiative (IMPI).
