Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has stated that President Bola Tinubu’s economic reforms are beginning to yield results, citing a significant drop in the price of a bag of rice from ₦120,000 to ₦80,000.
Edun, in a write-up titled “Nigeria Turns Towards Prosperity” authored by Bayo Onanuga, the Special Adviser on Information and Strategy to the President, said the administration’s policies have placed the nation “firmly on the right path.”
He further noted that prices of essential commodities such as garri, pepper, and tomatoes have also reduced in recent weeks, describing it as evidence of a recovering economy.
“In this role, I often feel a mix of emotions: deep pride in our national journey, regret over the opportunities we failed to seize, and confidence in our direction of travel today,” Edun stated. “Despite some historical shortfalls and present-day challenges, I believe the most difficult phase of our economic journey is behind us.”
The publication added that when President Tinubu assumed office in 2023, Nigeria was on the brink of fiscal collapse. However, reforms introduced since then are reportedly stabilizing the economy, strengthening foreign reserves, and easing food inflation.
While the government insists the economy is stabilizing, many Nigerians argue they are yet to feel any tangible relief, as rice prices still vary across markets, with some locations selling above ₦90,000.
For most citizens, the real impact of these reforms will only be evident when food prices — particularly rice — become affordable across all markets nationwide.
