Tope Fasua, Special Adviser to President Bola Tinubu on Economic Matters, says the country is beginning to recover from the economic shocks caused by the administration’s reforms.
Fasua spoke during an interview with Arise News on Saturday, saying the removal of the petrol subsidy and unification of the foreign exchange market triggered significant economic disruptions, particularly in late 2023 and 2024.
“The worst we got was late 2023, the shock, immediate shock, after-effect of those reforms in 2023. And of course, 2024 was a tough year. 2025 was the year that inflation started to reduce, not only because it was rebased, but because prices started to fall,” he said.
According to him, recent economic indicators suggest that the economy is now recovering from the initial impact of the reforms.
Fasua cited Nigeria’s 4.43 percent gross domestic product growth recorded in the second quarter of 2026 as evidence of improving economic activity.
“The 4.43 percent growth you’re seeing is the highest in 11 years, since 2015 first quarter. In fact, if you like, since 2014 fourth quarter. That is the highest growth rate,” he said.
The presidential aide also addressed concerns over the manufacturing sector’s declining share of GDP, attributing it largely to the rapid expansion of the services sector rather than a significant decline in manufacturing activity.
“The manufacturing sector has always over between 7 to 9 percent in this country. And it’s because of the growth in services sector nationwide that you have come down to 7.7 percent,” he said.
“It only went down 0.01 percent between one quarter to the other, because services sector is growing.”
Fasua said other indicators, including bank recapitalisation, growth in the stock market and increased investment in the insurance sector, also pointed to improving economic conditions.
He, however, said the government’s focus should now shift from managing the immediate shocks of the reforms to increasing productivity and adding value to Nigeria’s resources.
Fasua urged the administration to maintain its current policy direction rather than reverse the reforms already implemented.
Asked about the government’s economic direction ahead of the 2027 elections, he said the administration would continue with the reforms.
“Certainly to stay the course, really,” he said.
Fasua acknowledged that the initial adjustment had been painful but argued that the economy was now entering a phase where the benefits of the reforms could become more evident.
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