The Independent Media and Policy Initiative (IMPI) has said the economic reforms introduced by President Bola Ahmed Tinubu’s administration are beginning to produce measurable macroeconomic gains, despite the significant hardships experienced during the initial phase of implementation.
In a policy statement released in August 2026 and signed by its Chairman, Dr. Omoniyi M. Akinsiju, the policy group described the reforms as a “structural paradigm shift” aimed at repositioning Nigeria from a consumption driven, rent seeking economy to a competitive, market oriented and production based economy.
According to IMPI, the removal of fuel subsidy and the liberalization of the foreign exchange market marked a decisive departure from previous economic policies that relied on subsidies, exchange rate controls and other short term interventions.
The group acknowledged that the reforms triggered high inflation and increased poverty in their early stages, noting that inflation rose above 33 percent in 2024 while millions of Nigerians experienced worsening living conditions during the adjustment period.
However, it argued that recent economic indicators suggest the economy has entered a stabilization phase.
Citing official and international projections, IMPI noted that headline inflation had moderated to 15.91 percent as of June 2026 following monetary tightening by the Central Bank of Nigeria. It also referenced GDP growth projections of between 4.1 and 4.4 percent for 2026 by international financial institutions.
The policy group further stated that Nigeria’s foreign reserves had risen to about $52 billion by June 2026, describing the improvement as evidence that the country’s macroeconomic fundamentals were strengthening.
According to IMPI, the next phase of the reforms should focus on addressing structural challenges in electricity, agriculture, infrastructure and job creation to ensure that macroeconomic gains translate into improved living standards.
The organisation commended Nigerians for what it described as their resilience during the difficult transition, saying citizens had played a critical role in sustaining the reforms by enduring economic hardship, demanding greater accountability in public spending and supporting local production.
“Nigerians have been the primary shock absorbers of these reforms while also serving as the drivers of behavioural changes required for a market based economy,” the statement said.
IMPI also highlighted improvements in government revenue, noting that tax collections increased significantly in the first half of 2026 following reforms aimed at widening the tax base, digitising tax administration and reducing leakages.
The group said these reforms would reduce Nigeria’s dependence on crude oil revenues and create a more sustainable fiscal framework for national development.
On investor confidence, IMPI pointed to increased foreign capital inflows, stronger performance of the Nigerian capital market and positive assessments from international institutions as indicators that confidence in Nigeria’s economy was gradually returning.
The organisation further argued that power sector reforms and investments in industrial infrastructure, including the Ajaokuta-Kaduna-Kano gas pipeline corridor, would help strengthen regional manufacturing and reduce production costs.
While acknowledging that the reform process remained challenging for many Nigerians, IMPI said targeted government intervention programmes, including social investment initiatives and support for vulnerable households and small businesses, would help cushion the effects of the transition.
Reaffirming its earlier policy position, the group said it remained committed to supporting reforms designed to establish a market driven economy, insisting that Nigeria’s long term prosperity depended on sustaining the current policy direction.
IMPI concluded that although the adjustment period had imposed considerable hardship, the country was beginning to witness signs of economic recovery and structural transformation.
It urged the government to match citizens’ sacrifices with greater accountability and visible improvements in infrastructure, social services and economic opportunities, while encouraging Nigerians to remain committed to the reform agenda in pursuit of long term national development.
