Nigeria: Economic Transformation – Nigerians Must Be Patient With Tinubu

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Nigerians from all works of life have relentlessly maintained that President Bola Ahmed Tiinubu inherited an unhealthy economy.

However, in recent times, the reality of this assertion has since dawned on all and sundry when viewed against the decision of President Bola Tinubu to reposition the country to the path of sustainable development and progress that all Nigerians dream of.

This unfortunate but not hopeless situation continued to spark anger and bitter complaints from Nigerians who feel that the temporary hardship is really impacting negatively on them.

More importantly, President Tinubu has continued to show empathy with Nigerians and has continued to reiterate that the reforms that are currently ongoing are all aimed at redirecting and to refocus governance for the overall well-being of all Nigerians.

Regrettably, the opposition are playing politics with the painful burden of their compatriots by misinforming and misappropriating facts of the issues , this is so saddening and at the least disappointing.

President Tinubu is not the first leader of any nation to inherit a bad economy upon assumption of office.

Most countries have pulled through worst situation even when their case looked more hopeless as we currently have in the country.

Historically, some countries that had experienced economic recession bounced back to enviable global economic growth achieving worldwide reckoning.

Some example of such nations includes USA, South Africa, and even presently Argentina with stern austere measures that saw their citizens enduring a more severe economic situation than Nigerians presently through the patience and cooperation .

Petroleum being the by products of crude oil which is the main stay of the economy was imported in total disregard of the nation’s available refining capacity and abundant crude oil and gas resources.

In the recent time , manufacturing industries went moribund , agriculture was threatened by insecurity, the CBN Governor was printing Naira without the backing of any meaningful economic activities.

Unemployment and inflation soared very high with over suffocating debt burdens .

Such was the ugly reality of the economic situation inherited by the President Tiinubu led administration when he took oath of office on the 29th May, 2023.

Our economic challenges are peculiar and it’s being tackled by the transformative policies of President Tinubu including providing buffer economic programs aimed at cushioning the effects of the hardship occasioned by mal administration of past governments on the masses .

Nigerians must be patient with President Bola Tiinubu if we are to benefit from the fruits of these policies that are aimed at boosting our economy and to strengthen the Naira, ameliorate the pains of the subsidy removal, provide affordable transportation and food security, curb the insecurity threats and unemployment.

The government is conscious of the fact that no meaningful economic achievement can be made in the midst of heightened security challenges and of course within the last two years, we have witnessed a quantum leap in progress in efforts to restore order.

The combined efforts of the security agencies have quelled the rising dominance of the bandits in the North West and the Boko Haram terrorists in the North East.

Peace have relatively returned to the South East as farmers can now go back to their farms and Nigerians now go about their businesses peacefully without fear of any form of intimidation from criminal elements.

To enhance food production and supplies at reduced cost , the Federal Government’s agricultural policies are on going and yielding results.

Recall that the president at the inception of office declared a state of emergency on food security in 2023 and the move highlighted his commitment , thus prompting him to direct the Ministry of Agriculture to develop initiatives and innovation to achieve self sufficiency in food production .

In order to reduce the hardship on the masses, the Federal Government has embarked on series of projects that will make food available and affordable to the masses.

Following the implementation of the Agricultural policies , the records of government’s achievements in guaranteeing food security have remained in the public domain . The success is mainly due to robust measures taken by President Tinubu which includes the purchase of tractors for mechanized farming , purchase of machines and other equipment required for large scale Agricultural purposes as well as providing financial support programmes to farmers.

These initiatives have personally been unveiled by President Bola Tiinubu on different occasions and the Ministry of Agriculture have since begun distribution of the items to Nigerians.

I am very sure that the harvesting season for all Nigerian farmers will soon come and the people will witness glut of agricultural produce in the markets at minimum prices .

These are commendable results oriented efforts targeted at revamping the economy in order to ease the hardship on the masses and Nigerians are expected to exercise patience as to reap the maximum benefits with time .

In furtherance of his commitment to the state of emergency on food security the president has kick started the process of attracting foreign direct investment in the agricultural sector by going into partnership agreement with the Brazilian government and Brazilian investors to support Nigeria in the development of our agriculture and livestock industries .

The move will not only boost our agricultural yield but will also create job opportunities and stimulate the growth of the Nations economy .

On Education , the President initiated the student loans scheme for the provision of financial support to the less privileged students to benefit from so that they can continue with their education without financial strains and interruptions.

In the year 2024 government budgeted 60 billion Naira for the student loan initiative and 58 billion Naira for it also in the year 2025 , interestingly thousands of Nigeria students in higher institutions have gained from these education support policies of President Tinubu .

In addition , massive infrastructural developments are taking place in our tertiary institutions across the country to improve the standard of our learning environment and the quality of education .

For the avoidance of doubt , Nigerians ought to be aware that Tiinubu’s economic restructuring road map captured other sectors of the economy like the solid Mineral industry .

In the solid mineral sector, the government has recently entered into a Memorandum Of Understanding with France to develop the critical sector of the solid Mineral industry .

Going by the terms of the MOU , Critical minerals such as copper, lithium, nickel, cobalt, and rare earth elements that are essential to clean energy technologies will be developed in partnership with the French government and France Solid Mineral Investors .

Components of the Memorandum Of Understanding requires to develop the over 2000 abandoned mining pits in the North and across the entire country . It is noteworthy that the security challenges bedeviling mining activities as a result of attacks from bandits , Boko Haram and other terrorists organization are being contained by the Nation’s security forces under the command of President Bola Tiinubu .

Nigeria is blessed with abundant and untapped solid mineral potentials of high commercial value.

When fully developed and exploited, the value of the Naira will no longer solely be determined by the fluctuations in the price of crude oil . The Solid mineral sector will be an alternative source of huge foreign exchange earnings for Nigeria .