Retired investment banker Victor Ogiemwonye has urged Nigerians, particularly the youths, to remain patient as the country navigates its ongoing economic reforms, saying signs of recovery will become more visible in the coming years.
Speaking on ARISE NEWS on Monday, Ogiemwonye stated that while the current administration’s reforms are necessary, the effects would take time to yield results.
“What we are seeing is finally somebody saying, ‘Let’s stop this nonsense.’ The youths are going to suffer for a little while more, but in my estimation, in about two years, we are going to start seeing things turn for the better,” he said.
The retired banker defended the economic policies of the Tinubu administration, explaining that although the pain is significant now, the government is taking steps to stabilise the economy.
“Let me point out that the current reforms are reforms that should have taken place several years ago. When you delay a decision, the consequences are going to be different,” Ogiemwonye explained.
He noted that one of the most impactful policies was the removal of fuel subsidy, which, according to him, had been long overdue.
“If you remember, this same issue of fuel subsidy removal came up in 2014, but unfortunately, the government at that time didn’t have the strength to take the right decision. Deceiving people that the Naira was ₦400, when you and I could exchange it for ₦700, didn’t make any sense,” he said.
Ogiemwonye also addressed criticisms that his article on Nigeria’s economic reforms was biased and lacking in empirical evidence.
“Now, let me also tell you that I have not praised government. I’m only saying that from the results we are seeing, things are moving in the right direction. Inflation is trending down from 30% to 22%. Even in the US, it took Biden over three years to bring inflation down, so it’s not as easy as it looks,” he noted.
On the stability of the Naira, Ogiemwonye highlighted the importance of building strong reserves to boost investor confidence.
“Meanwhile, we now have some stability in the Naira. For over 15 years, we were propping up the Naira with reserves that should have been saved. Reserves are not meant for making payments but for giving confidence to trading partners,” he explained.
He, however, stressed that the government must do more to cushion the impact of reforms on vulnerable Nigerians.
“The truth is that even though they’ve done some things, they are not doing enough. In terms of support, I believe the poor need to be really impacted by these policies. They should hasten the cash disbursement process. They are doing cash transfers, but they must do it properly because there are issues about whether these funds actually reach the right people,” he said.
Highlighting solutions, Ogiemwonye called for urgent intervention in the power and agricultural sectors.
“On electricity, decentralisation is the way forward. Let every state handle its power distribution. For example, if a state builds a grid for ₦200 billion, the federal government can support with ₦100 billion and recover the funds through instruments like convertible securities,” he advised.
“On agriculture, we waste a lot of what we produce. Government should work with the Bank of Industry to fund processing plants across the country. This would create jobs, reduce waste, encourage exports, and generate revenue,” he added.
The former investment banker also criticised the government’s handling of corruption, stating that more decisive action is needed.
“There is no doubt that corruption has not even started to be fought. The people fighting corruption are not really looking at corruption; they are doing other activities. I’ve said before that EFCC should look backwards and forwards. They need to draw a line and declare, ‘From now on, this will not happen again,’” Ogiemwonye said.
Despite acknowledging the hardships, he maintained that the reforms are necessary and called on Nigerians to allow time for the policies to take effect.
“We are already seeing signs in our balance of payments and rising government revenues. These reforms should have been implemented years ago. If we remain consistent, the sacrifices will pay off,” he said.
Faridah Abdulkadiri
The post Ogiemwonye: Nigerian Youths Will Suffer a Little While More, But Things Will Improve in Two Years appeared first on Arise News.
