Economist and Investment Specialist, Dr. Vincent Nwani, has said Nigeria could experience exponential positive transformation within six months if the Federal Government addresses electricity costs and availability, insecurity on farmlands and the country’s deteriorating road network.
Speaking during an interview with ARISE NEWS on Saturday, Nwani said the government had already completed the difficult phase of its economic reforms and should now focus on translating improvements in the macroeconomy into better living conditions, jobs and stronger businesses.
“In the next six months, we will see exponential positive transformation in the country.”
Nwani while assessing President Bola Tinubu’s Independence Day address and his claim that Nigeria had moved from the pain of economic reforms into an era of prosperity. “At the macro level, which the president read out, we’re seeing positives. Macro level, we have at least got it steady. It can be better, even at macro level.”
He said those gains had yet to translate clearly into improved incomes and living standards for ordinary Nigerians. “You know, so we are saying that there is a kind of mismatch between the macro numbers and the micro numbers.”
Nwani said inflation may be moderating at the macroeconomic level, but the cost of living remained high, while purchasing power was still weak. “Purchasing power, while the inflation number is showing that inflation is moderating at the macro level, the cost of living is still very high.”
He said Nigerians were still dealing with high costs of education, electricity and petroleum products. “School fees, we just have finished, we are still paying summer, still paying. It goes up every year. My income, your income has not increased.”
“You know, the same with the price of petroleum, price of electricity and all of these things are still very high, probably even going up.”
The economist said the government must now move beyond economic reforms and focus on measurable results that affect households and small businesses. “And that is by moving from reforms to results, especially impact results, that impact household and small businesses, micro businesses.”
He identified energy, security and transportation infrastructure as three immediate areas requiring government attention. “Let me just tell you, if government can address just three things. Energy, energy availability and costs in terms of electricity. Insecurity of our farmlands and rural roads. And ability to move goods and raw materials from one part of the country to the other seamlessly.”
Nwani said improving the country’s roads would have a wider economic effect by reducing the difficulty businesses face in moving goods and raw materials. “And if you see the multiplier effect.”
He also called for urgent action on the country’s major and minor roads, particularly as the rainy season draws to an end. “In the next six months, I expect something to be done to our roads, both major roads and minor roads.”
Nwani also identified the regulatory burden on businesses as another area requiring government intervention. “Moving from the policeman to monitoring and mentoring will be very, very important.”
He said a business climate survey by the National Association of Chambers of Commerce, Industry. They call it a business climate survey.”
“And they find out that logistics and transportation is one of the biggest problems. The other one, energy problem.”
“Then the third one is regulatory and monitoring. The overhang of regulatory agencies in Nigeria.”
Nwani said these issues could be addressed relatively quickly through government action and would have a direct effect on economic activity. “These things are within the phone call or one memo of the president to do. And these are low-hanging fruits that can easily be resolved in the next few months.”
He also said the government’s economic reforms should be judged against conditions when President Tinubu took office on May 29, 2023.
“The cutoff time is May 29, 2023 as far as I’m concerned.”
Nwani said that while economic indicators in 2026 were better than those recorded in 2024 and 2025, Nigerians were still struggling with their quality of life. “I believe that 2026, the numbers we have seen is far better than what we had in 2024 and 2025. We cannot take that away.”
But when asked whether Nigerians were better off than they were on May 29, 2023, he gave a different assessment. “Is our life better now compared to May 29, 2023 in terms of quality of living, household, welfare and everything? The answer is no.”
Nwani said the challenge for the Tinubu administration was to ensure that positive macroeconomic indicators eventually translate into improved household welfare, poverty reduction and employment. “The question now is how and when do we transmit from the positive macro numbers to quality of living, to poverty reduction, to employment?”
He expressed optimism that sustained improvements could produce better economic outcomes. “If the current trend continues at a higher momentum, I believe that post-election, if we come back around this time next year, I think we’ll be singing a better song, better than we’re singing today.”
Erizia Rubyjeana
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