Chalya Shagaya, Senior Special Adviser to President Bola Tinubu on Entrepreneurship Development, said the government is working round the clock to revive the economy.
Speaking at the Nigerian Indonesian Chamber of Commerce and Industry (NICCI)’s “Nigeria mid-Year Economic Outlook” in Lagos, she said the economy was on the verge of sliding into recession but Tinubu’s policy intervention helped the country escape from a difficult situation. Shagaya said: “When this administration came into office, the economic weather was anything but calm.
“We inherited high inflation, low revenues, growing debt, and frankly a lot of creative accounting. “Nigeria was borrowing to pay fuel subsidies and using foreign reserves to defend an exchange rate that was behaving more like a toddler on a sugar rush than a stable currency. “But this administration rolled up its sleeves.
No magic, no shortcuts, just tough decisions and intentional reforms. “We removed fuel subsidies, opened up the foreign exchange market, recapitalised the banking sector, and introduced tax and power sector reforms.
“Some people said we were being too bold. “Others said we were being too fast. But when your house is on fire, you don’t wait for the weather forecast. You act. “The early signs are encouraging. Foreign reserves have grown from $4 billion to over and 23 billion. “State governments are smiling again.
Monthly allocations have increased. Remittances are improving and exports are finally dancing to the beat of global competitiveness. “Inflation is still high, but at least now it’s walking, not sprinting.”
She added: “The administration has been deliberate about supporting the real MVPs of the economy – the hustlers, the builders, the quiet warriors in markets, kitchens, studios, farms and laptops. “We launched a N75 billion loan through the Bank of Industry to support 75,000 MSMEs at single digit interest. Yes, single digit.”
