LAGOS— Despite political pressure from the?upcoming 2027 Nigerian general election, Economist and CEO of ThinkBusiness Africa, Dr. Ogho Okiti, has cautioned against reversing the federal government’s current macroeconomic reforms, asserting that Nigeria’s path to sustained economic growth lies in deepening, not abandoning, the current trajectory.
Discussing with WebTV Nigeria on the Q1 2026 GDP report, which showed a growth of 3.89%, the strongest first-quarter performance in a decade-Dr. Okiti emphasized that the economy has seen a “nearly double” rate of growth compared to 2023, and these results validate the profound structural reforms undertaken over the last three years by the Bola Tinubu led administration.
Key to this growth, Okiti noted, are the administration’s most significant policy actions: the removal of fuel subsidies and the liberalization/unification of the exchange rate. He categorized these as the most consequential economic reforms in Nigeria’s history, directly responsible for the current upward momentum in the GDP trajectory.
“This is not the time to reverse any reform. This is the time to do more reforms because there are still structural weaknesses,” Dr. Okiti stated during a recent interview.
He identified four critical structural bottlenecks: unreliable power infrastructure, an excessively large informal sector, significant skills gaps, and systemic income inequality. These factors hinder the translation of macro gains into micro-level benefits.
Dr. Okiti emphasized the need to decentralize economic decision-making. He criticized the reliance on a “one-man” governance style, suggesting that faster, local-level decision-making is essential to catalyze true socio-economic development.
Looking toward 2027, the economist maintains a positive outlook. He believes recent policies have built resilience, pointing to the lack of fuel supply disruptions despite price spikes as a sign of progress.
