Former Chairman of the Nigerian Economic Summit Group (NESG), Kyari Bukar, has described President Bola Tinubu’s economic reforms as bold but necessary, noting that they are vital to restoring investor confidence and setting Nigeria on a sustainable growth path — despite the current economic hardship facing citizens.
Speaking in an interview with ARISE News on Monday, Bukar commended the Tinubu administration for implementing decisive measures such as fuel subsidy removal, exchange rate unification, and tax reforms, describing them as policies that “took courage and long-overdue leadership.”
“It took a lot of courage to stay the course. For a nation like Nigeria, where policies are often announced but not implemented, this time, the government fired before it aimed — and that’s what reform sometimes requires,” Bukar said.
He explained that the NESG had long advocated these policies, emphasizing that while they cause short-term discomfort, their long-term benefits would outweigh the pain.
“These are the right steps to put Nigeria on a new growth trajectory. Naturally, they come with challenges, but the government must stay focused while cushioning the impact on vulnerable citizens,” he added.
Bukar noted that while inflation has started to decline marginally, Nigerians were yet to feel the relief.
“A 1.1 or 1.2 percent drop in inflation doesn’t mean cheaper living, but it’s moving in the right direction,” he explained.
He also urged the government to leverage technology for more effective welfare interventions, ensuring that support reaches those who truly need it.
“Instead of handouts, the government can use vouchers or economic exchange systems that promote participation rather than dependence,” he advised.
Despite the hardship, Bukar expressed optimism that investor confidence is returning, citing greater stability in the foreign exchange market as a sign of progress.
“Stability builds confidence, and confidence attracts both local and foreign investors. With continued focus on infrastructure and macroeconomic stability, Nigeria will begin to see real recovery,” Bukar concluded.
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