Babatunde Ogala, SAN, has asserted that President Bola Tinubu’s economic reforms, including the removal of fuel subsidies and the unification of the foreign exchange market, have restored investor confidence in Nigeria. Ogala, a legal practitioner and chieftain of the ruling party, made this known in an interview with journalists in Abuja, where he lauded the administration’s bold policy decisions.
According to Ogala, the fuel subsidy removal, though initially painful, has freed up significant fiscal space for critical infrastructure and social investment programmes. He noted that previous administrations had shied away from the difficult but necessary reform, leaving the country vulnerable to mounting debt and budgetary deficits. He argued that Tinubu’s decisive action signals to both domestic and international investors that Nigeria is serious about fiscal discipline and long-term economic planning.
On the foreign exchange market unification, Ogala stated that the policy has narrowed the gap between official and parallel market rates, creating a more transparent and predictable environment for business transactions. He emphasised that a unified exchange rate reduces arbitrage opportunities, discourages rent-seeking behaviour, and encourages foreign direct investment. He added that multinational companies, which had previously been hesitant to commit capital to Nigeria, are now showing renewed interest across sectors such as manufacturing, energy, and telecommunications.
Ogala also highlighted the administration’s efforts to improve the ease of doing business through regulatory reforms and digitalisation of government services. He pointed to the recent uptick in portfolio inflows and the positive ratings from international credit agencies as evidence that the reforms are yielding tangible results. He expressed optimism that these gains would translate into job creation, improved living standards, and overall economic growth in the medium term.
However, he acknowledged that the reforms have come with short-term challenges, including rising inflation and increased transportation costs, which have placed a burden on ordinary Nigerians. He called on the government to accelerate the implementation of palliative measures, including cash transfers, mass transit programmes, and agricultural support schemes, to cushion the impact on vulnerable populations. He stressed that sustainable reform requires public buy-in, and that citizens must see and feel the benefits of the policies.
Ogala dismissed critics who have called for a reversal of the reforms, arguing that such a move would undermine the gains already achieved and send a negative signal to the international community. He urged Nigerians to exercise patience and trust in the president’s vision, insisting that the current pains are temporary and necessary for long-term prosperity. He also commended the Central Bank of Nigeria for its disciplined monetary policy stance, which he said complements the fiscal reforms.
In his concluding remarks, Ogala called on the private sector and development partners to support the government’s reform agenda through strategic investments and technical collaboration. He reiterated that Nigeria cannot afford to return to the era of opaque subsidies and multiple exchange rates, which he described as impediments to growth. He expressed confidence that under President Tinubu’s leadership, the country is on a path to sustainable economic transformation and global competitiveness.
