By Joshua Tosin Ogunsakin 
An economic expert, Dr. Opialu Opialu, has recognized the economic reforms implemented by President Bola Ahmed Tinubu as essential for Nigeria’s development, despite the temporary hardships they have caused.
He emphasized the importance of these reforms during a one-day intellectual discourse organized by the Beyond Boundaries Legacy Leadership Initiative (BBLLI) and the Civic Centre on Economic Reforms, Policies, and Planning.
At the event, Opialu assessed the economic landscape under Tinubu’s Renewed Hope Agenda, pointing out that Nigeria’s past mismanagement had led to its current challenges.
He highlighted several key reforms introduced by the administration, including the removal of subsidies on premium motor spirit, exchange rate unification, and a review of the Electricity Act.
He explained that these measures are expected to address long-standing issues and facilitate economic recovery.
Opialu noted that while these reforms have resulted in short-term pains such as inflation and increased living costs, the anticipated long-term benefits will outweigh these challenges.
He outlined the medium-term effects of the policies, which include a reduction in pump prices for fuel, the introduction of the Presidential Initiative on Compressed Natural Gas, and an increase in foreign reserves.
According to him, the reforms have already attracted over $30 billion in foreign direct investment and have improved security, contributing to a significant reduction in insecurity in the country.
Opialu, however, urged the government to enhance its efforts to educate Nigerians about these reforms and their implications, preparing the public for the necessary sacrifices required for future prosperity.
He said, “The economic reforms of President Bola Ahmed Tinubu are on the right trajectory notwithstanding the temporary hardship.
“It is a price we all have to accept for the Nigeria of our dreams. The most equipped generation to carry this cross is ours and the time to do it is now.
“The various reforms are timely and welcome and the Government should do more through the appropriate agency to educate Nigerians on the reforms, its effects, both the good and the not too palatable ones… so as to prepare the minds of the masses to the need to fast before feasting.”