Economists and analysts have called on President Bola Ahmed Tinubu, GCFR, to adopt an economic reform programme to stabilise the economy immediately.

This was analysts' consensus at the 2024 Vanguard Economic Discourse, themed “Reforms in An Era of Global Uncertainties: Whither Nigeria.”

In his presentation, Dr. Ayo Teriba, CEO of Economic Associates, highlighted the immense potential for Nigeria to leverage its assets, ranging from state-owned enterprises to key infrastructure like power transmission and real estate, to unlock liquidity. 

He recognised that countries like the United States of America (USA), Saudi Arabia, India, and Brazil derived value from their assets to attract investments. This has given these countries strong reserves and buffers to withstand external shocks.

“Nigeria at this time needs a robust economic reform programme that can bring stability to the naira, and there is a clear need to liberalise state-owned enterprises, idle government real estate and key infrastructure to unlock liquidity, boost the reserves and attract investments.”

Speaking on the issue of transparency, he argued that leveraging the capital market to list state-owned enterprises would improve corporate governance and efficiency. 

The economist cited the example of Saudi Arabia's state-owned oil company Aramco, listed on the New York Stock Exchange and Saudi Exchange “Tadawul” and is valued today at around $2trn. This has brought efficiency, governance, and transparency to the company's operations. 

In his intervention, Mr Bismark Rewane, an economist and CEO of Financial Derivatives Company, believed that institutional reforms are also needed in addition to the economic reform programme. 

He stressed the need for holistic economic policy reforms that unlock wealth, productivity, growth, and investments.

At the event, the president of the Nigerian Association of Chambers of Commerce Industry, Mines and Agriculture (NACCIMA), Mr Dele Oye, called for a stable policy environment and agreed that a holistic economic reform programme is needed. He believed this would make Nigeria competitive and attract foreign direct investments.

Comrade Joe Ajaero, the President of the Nigeria Labour Congress (NLC) argued that policy steps like removing fuel subsidies, liberalising the foreign exchange market, and increasing electricity tariffs were not reforms.

He also argued for a comprehensive economic policy reform programme that stabilises the economy and is in the interest of Nigerians.