morganable politics/Governance
Enikanolaiye acknowledged that inflation remains high but maintained that it is trending downward, adding that the country is transitioning toward a more stable economic environment.
KaNo—
The Federal Government has said the sweeping economic reforms introduced by President Bola Tinubu are beginning to stabilise Nigeria’s economy, even as inflationary pressures persist across key sectors.
The Minister of State for Foreign Affairs, Sola Enikanolaiye, made the assertion on Saturday while addressing journalists on the sidelines of a sensitisation workshop on the ECOWAS Trade Liberalisation Scheme in Bauchi.
According to the minister, recent reforms implemented by the Tinubu administration have laid the foundation for long-term economic growth and development, despite short-term challenges reflected in rising consumer prices.
“I can say, without fear of contradiction, that the economic reforms of President Bola Tinubu have achieved a great degree of stabilisation and growth,” Enikanolaiye said.
“You cannot promote economic development without growth. If you have an economy suffering from zero or negative growth, there is no way we can talk about development.”he added
Nigeria has faced significant economic headwinds in recent months, with inflation impacting the cost of food, transportation, and essential services.
FG Insists Reforms Yielding Positive Outcomes
However, the Federal Government insists that current policy measures are gradually yielding positive results, pointing to improvements in macroeconomic indicators.
Enikanolaiye acknowledged that inflation remains high but maintained that it is trending downward, adding that the country is transitioning toward a more stable economic environment.
“Inflation is coming down, even though it is still high. We admit that,” he said.
“But we have achieved a reasonable degree of economic stability, and all of us must now work together to ensure that we move towards development, economic prosperity and shared prosperity.”he added.
The minister spoke at the workshop themed “Increasing Intra-Regional Trade Through ECOWAS Trade Liberalisation Scheme,” organised by the ECOWAS National Unit of the Ministry of Foreign Affairs in collaboration with the Bauchi State Government.
The event brought together stakeholders from across the North-East geopolitical zone, including business owners, trade experts, government officials, and representatives of small and medium-sized enterprises (SMEs).
Sensitization Aims At Aligning Nigeria’s Foreign Policy
He said the initiative aims to educate businesses on opportunities available within West Africa and beyond, particularly under frameworks such as the African Continental Free Trade Area.
“The workshop is designed to encourage Nigerian businesses,small, medium, and large, to explore opportunities within the West African sub-region and the wider African market,” he said.
“We are bringing foreign policy closer to the people by translating it into tangible economic opportunities.”
According to the minister, the sensitisation exercise will be conducted across all six geopolitical zones before concluding in Abuja, ensuring that stakeholders nationwide are equipped with the knowledge needed to benefit from regional trade arrangements.
“We are starting with the North-East, and we will move to other zones before concluding in Abuja,” he said.
FG Strengthening Nigeria’s Productive Capacity
Beyond trade, Enikanolaiye emphasised the government’s focus on strengthening Nigeria’s productive capacity through industrialisation and value addition.
He noted that improving local production is critical to job creation and sustainable economic growth.
“We want to focus on industrial value addition. The productive base of the Nigerian economy has to improve so that we can produce more, generate more jobs, and create opportunities for our growing youth population,” he added.
In his remarks, Bauchi State Governor Bala Mohammed, represented by his deputy, Auwal Jatau, reiterated the state government’s commitment to supporting investment and expanding economic opportunities.
He described the ECOWAS Trade Liberalisation Scheme as a vital tool for promoting legitimate trade in goods produced within the region, strengthening production, and deepening economic cooperation among member states.
“The North-East is richly endowed with agricultural, livestock, mineral, and industrial resources,” the governor said.
“We have hardworking farmers, innovative entrepreneurs, manufacturers, and a growing population of young people seeking productive opportunities.”he added.
Mohammed noted that the sensitisation programme would serve as a bridge between knowledge and opportunity, enabling local enterprises to connect with regional markets.
He also stressed the importance of private sector participation in driving economic growth, arguing that government alone cannot deliver sustainable prosperity.
“We must produce more, process more, add value, and sell to larger markets,” he said.
However, he identified several challenges hindering trade, including delays at border crossings, multiple checkpoints, inadequate transport infrastructure, and non-tariff barriers.
He warned that these obstacles disproportionately affect small businesses and entrepreneurs.
“Stakeholders must address these bottlenecks to unlock the full potential of regional trade,” he said.
In a related development, Katsina State Governor Dikko Radda expressed support for President Tinubu’s re-election bid in 2027, linking his endorsement to the administration’s economic policies.
Speaking at the inauguration of the PBAT Door-to-Door Movement in Katsina, Radda described the state as a stronghold of the ruling All Progressives Congress and pledged continued support for the president.
“President Bola Tinubu came with a lot of reforms which have enabled state governors to do a lot of good work for the people,” he said.
He added that the reforms had increased financial resources available to state governments and enhanced autonomy at the local government level, enabling more grassroots development initiatives.
Analysts say the Federal Government’s optimism reflects confidence in ongoing reforms, including fiscal adjustments and trade expansion strategies.
However, they caution that the real test will be whether the benefits translate into improved living standards for Nigerians grappling with rising costs.
As the government continues to push its economic agenda, stakeholders say sustained implementation, policy consistency, and targeted support for vulnerable populations will be critical to ensuring that stabilisation efforts evolve into inclusive and lasting growth.
