The Special Adviser on Media and Information Strategy to President Bola Ahmed Tinubu, Mr. Bayo Onanuga, has assured Nigerians that the current economic challenges will ease in the near future as the administration’s sweeping reforms begin to yield tangible results across various sectors.
Speaking during a media interaction with journalists in Lagos on Sunday, Onanuga reaffirmed that President Tinubu’s economic policies, though initially tough, are designed to correct longstanding structural issues and lay the foundation for sustainable national growth. He maintained that the present discomfort is temporary, and signs of progress are already beginning to emerge.
According to Onanuga, it would be unrealistic to expect the full outcome of such far-reaching economic reforms within just two years, as meaningful changes of this nature typically take a decade or more to fully materialize. He emphasized that President Tinubu came into office with a clear agenda, and has since embarked on bold policy decisions that previous administrations either avoided or postponed.
“The President began his tenure with defined economic goals, and has already executed reforms across major sectors. These measures, while challenging, are aimed at resetting the economy and fostering growth,” Onanuga said.
He noted that key government borrowings have been judiciously deployed towards transformative infrastructure projects such as the coastal highway, which requires significant foreign financing due to its scale and strategic importance. Contrary to criticism, he explained, the borrowed funds are being used to boost development, not squandered.
Addressing concerns over currency devaluation and its impact on the populace, Onanuga clarified that currency adjustment is a global economic tool, employed even in developed economies like the United States and the United Kingdom when necessary. He argued that the Tinubu administration’s decision to float the naira and remove fuel subsidies were courageous steps meant to restore fiscal discipline and market confidence.
“While these decisions have come with hardship, they are necessary to steer the country away from financial collapse. At the same time, the administration is creating new opportunities through infrastructure and private sector partnerships,” he added.
Onanuga also cited recent improvements in local production and increased investor confidence. He pointed to companies such as Nestlé Nigeria and Nigerian Breweries, which have begun to overcome earlier operational difficulties by sourcing materials locally and returning to profitability.
He further highlighted the growing success of Nigeria’s agricultural exports, with commodities like cocoa and Zobo gaining increased traction in international markets. This, he noted, reflects the potential of the private sector to thrive under the right conditions.
Encouraging Nigerians to stay hopeful, Onanuga appealed to citizens and the media to maintain perspective and resist the temptation to dwell solely on negative developments.
“It’s important that we do not lose sight of the progress being made. The road to economic recovery is never easy, but the signs are there, the horizon holds promise. There is light at the end of the tunnel,” he stated.
