Presidency Defends Tinubu’s Reforms, Says Importers Have Benefited Enough from Nigeria’s Economy

The Presidency has defended the economic reforms being implemented by the administration of President Bola Tinubu, arguing that Nigeria can no longer sustain an economy heavily dependent on imports and must instead prioritise exports, local production and industrial growth.

Special Adviser to the President on Economic Affairs, Dr. Tope Fasua, made the remarks during an appearance on Channels Television's Sunday Politics, where he said businesses that have relied on imports have enjoyed significant gains over the years, while the country's export potential remained largely underdeveloped.

According to Fasua, Nigeria's economic future depends on reversing that trend by creating policies that encourage domestic production, increase exports and generate sustainable foreign exchange earnings.

"The people who have been importing have been making a kill in this economy. Let them slow down. No serious economy continues to drive imports without also thinking about exports," he said.

Fasua argued that no major economy achieves long-term prosperity by depending predominantly on imported goods while failing to develop its productive sectors.

He said the Tinubu administration's economic reforms are designed to reposition Nigeria from an import-dependent economy to one driven by manufacturing, value addition and export expansion.

According to him, the objective is to strengthen local industries, improve the competitiveness of Nigerian businesses and gradually reduce the country's reliance on imported products.

The presidential adviser maintained that a healthy economy requires a balance between imports and exports, stressing that export growth is essential for improving foreign exchange inflows, supporting the naira and creating sustainable jobs.

He said the current reforms are intended to build a stronger economic foundation capable of supporting long-term growth rather than short-term consumption.

Fasua's remarks come amid continuing public debate over the impact of the Tinubu administration's economic policies, including the removal of fuel subsidy, exchange rate reforms and other measures aimed at restructuring the economy.

While the reforms have attracted criticism over rising inflation and the cost of living, the Federal Government has consistently argued that they are necessary to correct longstanding structural distortions and place the economy on a more sustainable path.

The Presidency has repeatedly maintained that encouraging local production, reducing import dependence and expanding non-oil exports remain central pillars of its economic strategy as it seeks to diversify Nigeria's economy and improve long-term resilience.