A comprehensive report by Agora Policy, supported by the UK’s NEST programme, has analyzed President Bola Tinubu’s three core economic reforms and their profound impact on the Nigerian landscape.
The review found that while these policies have successfully fortified public revenue and bolstered official reserves, they have simultaneously triggered a dramatic surge in the cost of living.
According to the findings presented at the Yar’Adua Centre in Abuja on Thursday, everyday life has become an endurance test for many.
With food prices at a 20-year high and skyrocketing transportation costs, inflation is severely exacerbating the national cost-of-living crisis.
The event, held in partnership with the Nigerian Economic Summit Group (NESG) and covered by Persecondnews, brought together a high-level assembly of government officials, corporate leaders, and international development partners.
Under the theme “Sustaining and Deepening Economic Reforms in Nigeria,” stakeholders discussed how to preserve macroeconomic gains while easing the social hardships they have caused.
The dialogue featured a distinguished panel, including Dr. Mohammed Sani (CBN Deputy Governor), Ms. Sanyade Okoli (Presidential SA on Finance), and senior experts from the World Bank and the Lagos Chamber of Commerce.
Opening with a stark warning, the CBN Deputy Governor noted that Nigeria’s economy was on the verge of collapse before the 2023 reforms.
Dr. Sani contrasted current challenges with the “golden era” of 2012 to highlight the scale of earlier fiscal management issues.
He pointed out that with oil prices at $110.03 and production at 2.2 million bpd, the country was generating roughly $62.9 billion in revenue—a sharp contrast to the tighter fiscal environment of today.
“But in 2025 average oil production stood at 1.45 million barrels per day (mbpd) for the year, with a price average of $72.08 per barrel. The shortfall caused a ₦16.2 trillion deficit in expected oil earnings.”
He framed the past two-and-a-half years of policy action as essential repair work, adding: “In the last 2½ years the economic reform is geared towards correcting this distortion, people do not understand how bad the economy was. Nigeria’s annual inflation rate has continued a, notable, 10-month, downward, trend, dropping to 15.10% in January 2026 from 15.15% in December 2025.”
Turning to the road ahead, the deputy governor voiced determination to push further: “We are determined to stabilize our economy and bring inflation rate to a single digit so we can have inclusivity growth, we are among the top 3 emerging markets in the world, even with the ongoing hostilities between Iran and America capital inflow into the economy is on the upward trajectory.
“We made $6 billion from the non oil sector last year and we are poised to take that figure to $12 billion soon.”
Agora Policy Board Chair Ms Ojobo Atuluku, a lawyer and recognised governance specialist, underscored the gathering’s purpose: “We are gathered here to sustain and deepen economic reform. Reforms should be inclusive and beneficial to the people.
“Agora is a safe space were strategies of government is interrogated and clarity is achieved in every Policy.”
She defined the dialogue’s practical focus: “How the policies are doing? Where they can be improved upon or made better? What is needed to do more or less.”
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