Image of NIPSS DG, Prof Ayo Omotayo

The Director General of the National Institute for Policy and Strategic Studies, Prof. Ayo Omotayo, says Nigeria’s economy is showing signs of recovery under President Bola Tinubu’s administration, crediting ongoing reforms for stabilising key indicators.

Speaking with journalists in Jos, Plateau State, on Tuesday, Omotayo pointed to government decisions such as the removal of fuel subsidy and floating of the naira as central to improving macroeconomic conditions.

“The removal of the fuel subsidy was necessary to restabilise things and bring reality into our situation. Mr President took that step because of the enormous fraud going on to sustain the subsidy regime,” he said.

According to the DG, the policy changes are beginning to yield tangible results, including a stronger naira, reduced inflationary pressure and lower food prices.

“Now, with what has happened, we are beginning to see shifts. The dollar is dropping — from ₦1,600 to around ₦1,400 — and it will continue to go down as we export more and import less,” he noted.

He cited examples from the agriculture sector to show declining prices in staple foods compared to last year.

“Inflation is already coming down. Personally, I invested in cassava last year. A proper truckload of cassava sold for as high as ₦220,000. You could barely get the same for as low as ₦60,000 or thereabouts now. That affects the price of garri,” he said.

“The same thing for rice — it went up to ₦100,000. When I bought rice for my staff in 2023, the cheapest was ₦101,000. But this year, people are offering to sell at ₦65,000 — even ₦57,000 in some places,” Omotayo added.

He urged Nigerians to look beyond political divisions and acknowledge positive economic shifts.

“So, as Nigerians, politics aside, we should appreciate what is happening. If rice has come down — a major staple — and garri has come down, also a major staple, then what is the noise about government policies? So in three years, for example, to have gotten us to this level, we need to put politics aside and commend those handling our economy,” he said.

Omotayo also linked improving economic indicators to the administration’s push to expand exports and reduce import dependency. He said the government’s vision of a $1 trillion economy would significantly boost productivity and standard of living.

“At NIPSS, we are happy. All we are doing now is intervening in various sectors to ensure we reach that $1 trillion economy the government has talked about. A $1 trillion economy will substantially grow our GDP, and it is GDP growth that determines how people feel about inflation. If GDP grows, people are more productive, they earn more, and prices do not hit them as hard,” he said.

The DG encouraged young Nigerians to take advantage of new opportunities, including education loans, skills development and tech innovations.

“For the poor and the youth, there are now opportunities to take loans. If your forefathers were rich, you would probably be rich. If your forefathers were poor, without intervention, you would likely remain poor. But Mr President is saying you don’t have to stay poor. Take an education loan if that is what will lift you. Borrow, go to school, graduate, and pay back,” he said.

He faulted the uniform school fee structure in public institutions and praised the expansion of student loan schemes.

“That is what happens in America: 80% of people who go to school borrow. In America, you pay according to the course you study. It is only in Nigeria that someone studying mass communication and someone studying medicine pay the same in public schools. It shouldn’t be so,” Omotayo stated.

He added that government programmes now create opportunities across sectors, particularly technology.

“Yes, there is hardship. But for every Nigerian willing to work hard, there are opportunities. Some youth don’t even know what opportunities exist for them. Mr President has said there are three million tech jobs available; go online and apply. Many don’t want to go through the process,” he said.

Omotayo urged journalists to help raise awareness about government initiatives and empower citizens with information.

“We must keep encouraging ourselves, encouraging women, and inspiring our children to take advantage of the opportunities government has created,” he added.