Economist and policy expert Soji Akinyele says the Buhari administration operated under constrained economic conditions, leaving little room for ambitious reforms. Speaking on Talknomics with Ugodre, Akinyele explained that the 2016 recession, followed by the COVID-19 pandemic, forced the government to prioritise social safety nets over structural economic transformation.
“The Buhari administration never had room to breathe,” he said. “They were constantly responding to crises; recession, pandemic, and global shocks.”
In contrast, he described the Tinubu administration as operating in a more stable, albeit fragile, economic environment, enabling it to implement far-reaching reforms like fuel subsidy removal and naira liberalisation. According to Akinyele, both administrations share political lineage but differ in economic latitude and urgency.
On Nigeria’s trillion-dollar GDP ambition, Akinyele was optimistic but realistic. He argued that growth will be driven by services and technology rather than manufacturing. “What we haven’t gained in manufacturing, we’re gaining in fintech, edtech, agritech, and other tech-driven services,” he noted.
Akinyele also called for better data coordination between government agencies to properly capture the scale of Nigeria’s informal economy and the contributions of tech-based firms operating from Nigeria but domiciled offshore.
He stressed the need for policy continuity and a homegrown understanding of formality, saying, “We must define economic formality on our terms while aligning with global benchmarks.”
Watch the full episode of Talknomics with Soji Akinyele now on Nairametrics TV on YouTube.
