Presidency Defends Economic Overhaul as Inflation Shows Signs of Easing

The Presidency has reiterated its commitment to the current administration's bold economic reforms, citing recent data that suggests a gradual stabilization of the naira and a slight deceleration in headline inflation. Speaking at a press briefing in Abuja yesterday, presidential spokespersons emphasized that the removal of fuel subsidies and the liberalization of the foreign exchange market were painful but necessary steps to avert a fiscal collapse. They pointed to the 3.4% economic growth projection for 2025 by international financial bodies as evidence that the country is on the path to recovery.

Despite these assurances, the cost of living remains a critical concern for millions of Nigerians. Critics argue that the 'palliative' measures introduced to cushion the effects of subsidy removal have been slow to reach the most vulnerable demographics. The government, however, insists that the savings from subsidy removal—now estimated at trillions of naira annually—are being ring-fenced for critical infrastructure projects in transportation and healthcare, which will yield long-term benefits.

Focus on Non-Oil Exports

A key pillar of the 2025 economic strategy is the aggressive diversification into non-oil exports. The Ministry of Trade and Investment has announced new incentives for agro-processing and manufacturing, aiming to reduce the country's reliance on volatile crude oil earnings. Analysts suggest that if these structural reforms are sustained, Nigeria could see a significant boost in foreign portfolio inflows by the end of the second quarter.