The Minister of Industry, Trade and Investment, Jumoke Oduwole, says Nigerians are beginning to experience the benefits of President Bola Tinubu’s economic reforms, despite the hardship associated with the policies.
Gatekeepers News reports that Oduwole stated this on Wednesday during an appearance on Channels Television, where she defended the administration’s economic policies, insisting that “prosperity is already flowing” in the country.
She explained that the government had to address longstanding structural weaknesses in the economy before introducing policies capable of delivering sustainable growth.
According to the minister, Tinubu had warned Nigerians from the outset that implementing the reforms would involve difficult decisions and temporary economic hardship.
“Where we’re coming from is like four decades, and we had to fix that foundation. There is no way you can plant new seeds in bad soil and expect anything to germinate,” she said.
“And the President said it from day one, ‘I have to do these reforms. It’s going to be painful. Stay with me.’ But Nigerians don’t want to hear the statistics.”
Oduwole identified the removal of petrol subsidy, efforts to curb inflation and measures to stabilise the foreign exchange market as some of the administration’s major economic interventions.
Acknowledging the high cost of living and the hardship facing households, she maintained that economic conditions were beginning to improve.
“But Nigerians, now, is the cost of living high? Are people in pain? Yes, we are also Nigerians, and we know that this is the time you have to just stay through, and it’s already coming down. Prosperity is already flowing,” she said.
The minister praised Tinubu for what she described as his courage and understanding of the need for economic reforms, noting that stabilising the economy was his foremost campaign promise in 2023.
She also pointed to the Renewed Hope Agenda, explaining that four of its eight pillars were focused on the Nigerian economy.
“I would say President Tinubu has had the courage; he has the understanding to take on economic reforms, and if you look at what he promised — his number one promise in 2023 was to stabilise this economy.
“Four out of the eight pillars of the Renewed Hope Agenda are centred on the Nigerian economy. Did he deliver? Even if it is 50 percent, it’s a pass mark, not to talk of what he did with infrastructure,” Oduwole said.
She, however, acknowledged that more work remained to be done, particularly in addressing the country’s electricity challenges.
The minister said Tinubu had consistently challenged members of the Federal Executive Council to deliver on their respective assignments, stressing that the administration could not afford to fall short of its commitments.
Responding to questions about the government’s 2023 promise to create one million information and communications technology jobs within 24 months and significantly reduce youth unemployment, Oduwole said the Ministry of Communications, Innovation and Digital Economy had facilitated a substantial number of jobs in the sector.
She also highlighted other government initiatives, including the Nigerian Education Loan Fund (NELFUND), infrastructure development and consumer credit programmes.
According to her, the administration has continued to encourage entrepreneurs to expand their businesses, export Nigerian products and services, and strengthen local production.
Oduwole said the government’s emphasis on domestic production and encouraging Nigerians to consume locally made goods would contribute to economic growth.
Concluding her defence of the administration’s policies, she expressed confidence that Tinubu’s economic decisions would receive favourable historical assessment.
“Mr President has done what he knows and believes is right for Nigeria. And I believe, based on evidence — empirical — that posterity and history will be extremely kind to President Bola Ahmed Tinubu,” she said.
