Nigeria at 65: Experts Urge People-Focused Reforms to Drive Growth

By Oluwakemi Kindness

Economists and business experts have called for consistent, transparent, and people-focused reforms if Nigeria is to build a sustainable economy beyond oil dependence.

As Nigeria mark its 65 independence anniversary, Daniel Effah, Senior Business Development Manager at PUPrime Africa, highlighted that while Nigeria’s economy appears diversified, government revenue remains heavily reliant on crude oil.

“In reality, oil contributes less than five percent to GDP. However, government revenue is still tied to oil. Any crash in oil prices throws us into crisis, and we borrow heavily against future revenues,” Effah explained.

He noted that Nigeria has repeatedly failed to maximize opportunities, first in agriculture and later in oil, citing corruption and mismanagement as major setbacks. He added that long-term planning, like China’s 25–30 year economic roadmap, is essential for building beyond oil.

Reforms Must Include Citizens

Another economist Dr. Aliyu Ilias emphasised that reforms such as tax restructuring and the National Single Window for trade facilitation show promise. However,  he mentioned that measures such as subsidy removal and naira floatation have hit citizens hard.

“Reforms must have a human face; otherwise, survival becomes difficult for ordinary Nigerians,” Ilias warned, highlighting inflation, forex instability, and unemployment as major challenges. He noted that most households now spend over 60% of income on food and transport and urged government intervention to stabilize the naira.

Ilias also stressed that real job creation lies in agriculture and industry, not the service sector, dismissing Nigeria’s official 4.3 percent unemployment rate as unrealistic.

SMEs, Farmers Face Challenges

A Financial journalist Olatokewa Ayoade noted that government programs targeting SMEs, farmers, and entrepreneurs often fail to deliver tangible results.

“Programs like SMEDAN’s registration of 250,000 small businesses are commendable. But without access to credit, land, farm inputs, and low-interest loans, many SMEs continue to struggle,” she explained. She also cited corruption and weak monitoring as barriers that allow benefits to bypass genuine businesses.

Ayoade urged the revival of impactful initiatives such as the U-WIN program, stressing that empowered SMEs can drive economic growth similar to China and India.

The Way Forward

All experts agreed that Nigeria’s future depends on transparency, consistency, and enterprise-driven reforms.

“We must be optimistic, but only reforms that truly favor the Nigerian people will take us forward.”