ABUJA- Dr Ade Omole, the Diaspora Director of the former All Progressives Congress (APC) Presidential Campaign Council, has hailed the Chatham House’s endorsement of the economic reforms under President Bola Tinubu’s administration.
Omole, gave the commendation in an interview with the News Agency of Nigeria (NAN).
”The Chatham House commendation confirmed that Nigeria was on a definitive path toward economic recovery and long-term competitiveness.
“President Tinubu saw into the future and knew what needed to be done to get the country out of the woods,” Omole said.
He noted that while Nigeria’s challenges were not yet over, the country was surely on its way out due to Tinubu’s reforms, foresight, and doggedness.
He said the sweeping economic reforms of the Tinubu-led administration and the gradual inflow of foreign investors into the country confirmed that the reforms were both transformative and essential.
He said this was critical for setting Nigeria on a definitive path toward economic recovery and long-term competitiveness.
Recalling his previous exchanges with the Financial Times in the UK, Omole said the esteemed publication had initially failed to perceive the visionary nature of the current administration’s policies.
He expressed hope that as more international observers reassess their earlier positions, they will begin to report on Nigeria’s positive economic trajectory and President Tinubu’s audacious and legendary leadership.
He stressed that Chatham House’s shift in perspective marked a significant turning point in how Nigeria’s economic progress was understood on the global stage.
He described the British think tank’s commendation as an endorsement of the Tinubu-led administration’s policies, programs, and economic reforms.
Omole expressed optimism that 2025 would bring more positive changes for the country in all aspects of its economy, advising Nigerians to continue supporting the administration in delivering on its Renewed Hope Agenda.
NAN reports that the Chatham House, a UK international affairs policy think tank, said the Nigerian economy was witnessing its most competitive season in 25 years, on the back of President Tinubu administration’s reforms.
Chatham House, in an article titled, “Nigeria’s Economy Needs the Naira to Stay Competitive,” said to secure long-term growth, the government must resist the temptation to fight inflation by letting the naira strengthen against the dollar.
The article was written by Chatham House’s David Lubin, a Michael Klein Senior Research Fellow, Global Economy and Finance Programme, and former Managing Director and Head of Emerging Markets Economics at Citi, an American Bank.
Admitting that two years after electing Tinubu as president, Nigerian voters had good reasons to feel unhappy by their choice, Chatham House said during the time, the value of the naira had collapsed, petrol prices had quadrupled, and food prices were more than 80 per cent higher, while poverty had risen.
In the midst of all these, the organisation stated that Tinubu’s economic reforms gave Nigeria the best hope for sustainable growth for decades, stating that the path the reform process took next will be crucial for the country’s future.
It stated, “At the centre of the reforms has been Tinubu’s decision to allow a very substantial devaluation of the naira, which has fallen from N460 to the dollar around the 2023 election, to just below N1,500 now. Nigeria’s currency adjustment is one of the largest anywhere for years: only the Ethiopian birr has seen a bigger move recently.” (NAN)
