The only thing we can give Tinubu’s administration credit for is getting a handle on macroeconomic stability — Former Minister Oby Ezekwesili

Former Minister of Education and economic policy expert, Oby Ezekwesili has raised concerns about Nigeria’s economic condition, arguing that improvements in some macroeconomic indicators do not mean the country has overcome its deeper economic challenges.

Speaking on 60 Minutes with Mr Kay, Ezekwesili said Nigeria’s major problem is structural, particularly its low productivity and inability to create enough economic opportunities and higher household incomes. She noted that without productivity, Nigeria cannot compete effectively in the global economy.

She acknowledged some progress in macroeconomic stability, particularly the reduced volatility in the foreign exchange market, but said this has not translated into relief for ordinary Nigerians.

“The real pain is that the cost of living for the average citizen is still pretty high,” she said, while also criticising the government’s fiscal management and overlapping budgets.

Ezekwesili urged the government to be more transparent about its performance and acknowledge the country’s challenges rather than relying solely on macroeconomic indicators to suggest that Nigeria is “out of the woods.”