The Independent Media and Policy Initiative (IMPI) has stated that it is convinced that the economic reforms introduced by President Bola Tinubu would encourage foreign investors and stimulate economic development.
In a statement by its Chairman, Niyi Akinsiju, following the President’s visit to Qatar, the policy think tank noted that the reforms would yield fruitful dividends sooner rather than later.
The statement read: “President Tinubu reinforced his commitment to implementing these policies fully during his visit to Qatar when he publicly declared, ‘This economy, we will grow it, and we will feed ourselves out of penury. If it’s corruption, we must exterminate it, no matter how hard it is fighting back.’
“We find this declaration instructive, affirming the President’s unwavering commitment to seeing through the undertaken reforms.
“We also agree with the President’s call on Nigerians to persevere, as nation-building requires perseverance and patriotism to succeed.
“It is to these two value orientations that we call the attention of Nigerians.”
The policy think tank also emphasized its support for the President’s market-driven policies, asserting that it is the best option for the country.
IMPI stated: “In truth, the Nigerian economy faced various domestic and global challenges between 2016 and 2020, which may provide an understanding of the Federal Government and CBN’s insistence on a state-controlled and managed economy for the benefits of the poor and vulnerable.
“Yet, after many years of controlled and managed options, we are left with an economy in stagnation; one that depends on periodic booms in the oil and gas sector to deliver momentary economic prosperity.
“By 2023, an economic template change became inevitable. In our consideration, we believe that the Tinubu administration read the situation well by making overtures to the CBN to revert to the free float exchange policy.
“Of course, the economy, like in 2016, has since responded to the policy with immediate and intense volatility, with macroeconomic rates flaring up disconcertingly. This has led to a high cost of living uproar across different segments of the nation.
“But rather than beat a retreat and embrace the populist option, the President has determinedly decided to walk the hard, lonely route of applying unpopular yet result-oriented policies, insisting on sustaining and driving the national economy on the wings of the already introduced policies, chief among them being the fuel subsidy removal and unification of Forex rates.”
While rallying support for the reforms, the group added that individuals and groups optimistic about the reforms would be proven right in the long run.
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“As one of the nation’s global entrepreneurs puts it, while pessimism abounds, it is crucial to keep our eyes on the bright spots in Nigeria’s economy. ‘We write off and ignore the country at our own peril; it could very well become a 22nd-century superpower.’
“This should be the big picture for every forward-looking Nigerian. Our fate should not be about existing from one day to another; it should be about accepting the generational responsibility of standing in the gap for future generations. To sacrifice our today to change the economic trend of our country, where rather than having millions numbered in poverty, we will have millions counted in wealth.
“It is to this end we declare that we are unpretentious about our support and advocacy for the policies being advanced by the Tinubu administration targeted at enabling a market-driven economy. This is where we believe the fortunes of this great country can and would be unlocked.”
