Nigerian President Bola Tinubu’s aggressive economic reform agenda has been met with mounting volatility, highlighting the perils of rapid transformation. Just months into his term, urgency has created policy whiplash.
Though Tinubu aims to unburden Nigeria from unsustainable fuel subsidies and stabilise its currency, the pace of change has shaken confidence and sparked instability. Inflation is surging, the naira plummeting, and Nigeria’s decrepit power grid collapsing again.
Citizens, fearing further pain from losing subsidies, are panic-buying dollars, worsening the naira’s slide. Businesses now doubt promised reforms will stick after the central bank reversed course on clearing currency backlogs.
While Tinubu’s policies may benefit Nigeria long-term, his rushed execution ignores short-term complexities. Ordinary Nigerians are already struggling with rising costs of living. Further squeezing them too abruptly risks backlash and unrest.
Gradual, clearly communicated reforms could smoothen the transition. But Tinubu appears impatient to overhaul the economy radically. With the appointed central bank chief not yet confirmed, policy uncertainty reigns.
Nigeria’s deeper dysfunction requires systematic rehabilitation, not rushed repair. Strong institutions and social safety nets must be in place as change upends the status quo.
Tinubu’s legacy will hinge on balancing vision with pragmatism. However vital, his transformative agenda cannot outpace the real lives it disrupts, lest volatility tip into chaos. Change is imperative, but prudent timing is key.