Nigeria Urged to Move From Stabilisation to Structural Economic Reforms

Nigeria’s recent macro‑economic reforms—foreign‑exchange market liberalisation and the removal of fuel subsidies—have strengthened the country’s external position. Foreign‑exchange reserves rose from about US$33 billion in mid‑2023 to nearly US$50 billion by mid‑2026, the balance of payments posted a surplus of roughly US$6.8 billion, and capital inflows jumped 89 % year‑on‑year, reaching US$23.2 billion in 2025. The Daily Trust Board of Economists, reviewing the external sector, says these gains should now be channeled into structural transformation that creates jobs, expands exports and raises living standards.

In a related commentary, former finance minister Kemi Adeosun argues that Abuja should be placed on a “financial dry fast,” shifting federal SME loan schemes, empowerment programmes and training initiatives to locally administered bodies that understand regional markets. She contends that decentralising financial interventions to the ground level—such as locally managed subsidised loans for cassava farmers in Oyo or leather producers in Kano—will improve effectiveness and reduce the chronic “last‑mile” failures of centrally designed programmes.