Tinubu’s reforms, performing- Okonjo-Iweala

By Kunle Oyatomi

Less than two months after one of Nigeria’s best exports, Dr Ngozi Okonjo-Iweala, declared that the country’s economy is now stable under President Bola Tinubu, wailers have not stopped faulting her claim.

In fact, they have now taken their outrage against her candid assessment to an unimaginable level by ridiculing and personally attacking her.

One thing is clear: Okonjo-Iweala is head and shoulders above them and, for that reason, won’t descend to their level in justifying her evaluation.

If the first ever woman and also the first African to lead the World Trade Organisation (WTO), as director-general, is not able to speak about her country’s progress without being subjected to physical and emotional abuse by her people owing to a personal hatred for a performing President, then something is not alright.

In one sentence: hate must have completely corroded their hearts.
On a more serious note, can anybody make me understand why Ngozi Okonjo-Iweala, the first Nigerian woman to serve two terms as Finance Minister of Nigeria, first, under former President Olusegun Obasanjo from 2003 to 2006, and second, under former President Goodluck Jonathan from 2011 to 2015, should face so much hostility for honesty?

Her truth, which appears to have harmed troublemakers, is that: “The President and his team have worked hard to stabilise the economy. The reforms have been in the right direction. The next step is growth, and alongside that, building social safety nets so those feeling the pinch of reforms can get support.”

But what is wrong with her statement when available data shows Nigeria is turning a corner for the better?

For context, the country’s gross domestic product, GDP, is now the strongest in about 10 years. Lending credence to this, figures by the National Bureau of Statistics, NBS, showed that the economy grew by 3.38 per cent last year and, in the first quarter of 2025, added another 3.13 per cent.

Helped by subsidy removal, better tax administration and increased remittances, government revenue has also reportedly risen by around 4.5 per cent last year.

Less than 11 months ago, it was reported that Nigeria, under President Bola Tinubu, posted a balance of payments surplus of $6.83 billion, a turnaround from prior deficits.

Under this administration, total capital importation in Q1 2025 was $5.64 billion, up from US$3.38 billion in Q1 2024, an increase of about 67.12 per cent year-on-year.

Between January and July 2025, foreign portfolio transactions in the Nigerian stock market rose to about N1.28 trillion, nearly double the N598 billion recorded during the same period in 2024.

President Tinubu may not be one to talk much, but his quiet, steady approach to governance is showing real results, whether troublemakers, now attacking Okonji-Iweala for that candid assessment, choose to see it or not.

Deal with this: “I keep receiving toxic calls and messages regarding my meeting with the president yesterday, and from those I hold in very high esteem. Honestly, I am shocked at the contents of the messages and the tone of the callers. Has Nigeria sunk this low? A visit I made for the good of our dear nation is what they are using to threaten my life and family! You don’t recognise someone as your president yet, begging him to save you from the hands of killers in your region.

“I am bringing investors to Nigeria using the president’s commendable policies as bait. Is that too difficult to understand? President Tinubu’s reforms might be harsh now, but they would birth a new and prosperous nation. I have lost count of presidents, respected institutions and investors that have called to congratulate me on Nigeria eventually having a focused leader since the reforms were rolled out.

“At least six multinational manufacturing giants are coming with me by December, later this year, to see how their firms can have factories here. It’s all part of my contributions to the progress of Nigeria. I am not a politician. I only desire the best for my dear country. It informed my visit to President Tinubu. The world has accepted him as our president, like it or not. May God heal us.”

This is inconceivable. To say the least, unimaginable and deeply disappointing. Should renowned economic experts like Okonjo-Iweala keep quiet or avoid visiting the president simply because they fear the anger of a few badly behaved individuals?

Today, it is Okonjo-Iweala; tomorrow, I believe it will be Nigerian-born global investor, Bayo Ogunlesi, who has just met with the President and also passed a favourable verdict on the administration.

Ogunlesi has acknowledged that Nigeria has undergone a series of reforms, including phasing out fuel subsidies, liberalising the foreign exchange market and overhauling its tax laws, moves that resulted in “fundamental transformation” of the economy.

Like Okonjo-Iweala, Ogunlesi also said the country is at a point where it needs to encourage international investors, adding that there are “lots of investment opportunities in Nigeria.”

Okonjo-Iweala and Ogunlesi’s verdicts on Nigeria’s economy are proof that Tinubu’s moves to reposition the country are bearing fruit. While troublemakers have decided to wallow in hate, this administration will continue to shock them until the transformation becomes undeniable.

Oyatomi, Former Editor (Sunday Vanguard), Author (FINGERPRINTS, 2008) and a Lawyer, is a member of the Board of Independent Media and Policy Initiative (IMPI), a Think Tank based in Abuja.
Oyatomi can be reached @ olukunleoyatomi@impinigeria.com