Tinubu’s reforms harsh but unavoidable, says ex-NBS chief Yemi Kale

Nigeria’s former statistician-general, Yemi Kale, says the sweeping economic reforms introduced by President Bola Tinubu are painful but inevitable, arguing that the country has “no credible alternative” if it hopes to escape its fiscal and structural crises.

Kale, now group chief economist and managing director of research and trade intelligence at Afreximbank, spoke at The Platform Nigeria’s Independence Day programme themed “Rebuilding Our Nation.”

He noted that Nigeria’s long-delayed policy adjustments, particularly around foreign exchange management, subsidy removal, and monetary policy distortions, should have been implemented over a decade ago when warning signs were already clear.

“Acting sooner would have significantly softened the impact on households and businesses, sparing the economy years of compounding fiscal and inflationary pressures,” Kale said. “Instead, distortive monetary and exchange rate policies lingered, eroding investor confidence and choking off investment.”

The economist acknowledged the widespread hardship triggered by the reforms but maintained that they are the only path to sustainable growth.

“The series of reforms recently introduced are challenging and painful, but they are absolutely necessary. There is really no credible alternative,” he said.

Kale added that the success of Tinubu’s policies will depend less on their design and more on consistent, transparent, and humane execution.

“The challenge is to ensure that the path of reform is as painless, humane, and well-sequenced as possible. Too often in Nigeria this has been poorly implemented, resulting in avoidable hardships,” he said.

Kale emphasised that government must urgently strengthen social protections to cushion the most vulnerable, given that about 89 million Nigerians, roughly 40 percent of the population, already live below the poverty line.

He said the reforms, if sustained with integrity, could unlock Nigeria’s economic potential and translate statistics into tangible improvements in people’s lives.