Nigeria’s economic crisis predates Tinubu, says ex-minister, Ikoh

By Steve Oko Former Minister of State for Science and Technology and Abia State Coordinator of Renewed Hope Ambassadors, Chief Henry Ikechukwu Ikoh, has said Nigeria’s economic crisis predates President Bola Tinubu’s administration, urging Nigerians to assess the government’s reforms against the country’s longstanding structural challenges. Ikoh, who made the submission in a statement by his media aide, Smart Anthony Ogbonna, said Nigeria’s overdependence on crude oil, inadequate industrial diversification, inflation and inconsistent economic policies had contributed to decades of economic difficulties.

He noted that Tinubu inherited these challenges in May 2023 and introduced reforms, including petrol subsidy removal and foreign exchange market adjustments, to address fiscal imbalances and establish a more sustainable economy. While acknowledging the hardships caused by the measures, Ikoh argued that their success should ultimately be measured by their impact on employment, food affordability, investment and citizens’ purchasing power.

He called for sustained reforms, increased agricultural and industrial production, infrastructure development and effective policy implementation to translate macroeconomic gains into tangible improvements in living standards. The Abia APC chieftain expressed confidence that a second term for Tinubu would consolidate the ongoing reforms, create jobs, attract investment and accelerate economic recovery.

He urged Nigerians to support the continuation of the administration’s Renewed Hope Agenda, arguing that policy consistency would provide an opportunity to deepen reforms and expand economic opportunities.