Prof. Chiwuike Uba: Nigeria Must Rethink Its Economic Priorities Now

Nigeria is at a crossroads, and the time to act is now.

That’s the urgent message from Prof. Chiwuike Uba, a respected development economist and chairman of the ACUF Initiative for Policy and Governance, who on Tuesday called for a decisive, inclusive, and methodical approach to Nigeria’s economic transformation.

In a strongly worded statement, Uba urged the Bola Tinubu-led administration to realign national priorities, warning that Nigeria’s economy is being derailed by flawed policies, poor execution, and misplaced focus.

“This is a defining moment for Nigeria. The choices we make now will determine whether we entrench resilience or spiral further into instability,” he said.

Uba identified critical issues driving Nigeria’s economic crisis: policy inadequacies, mounting national debt, deepening poverty, persistent insecurity, record unemployment, and a macroeconomic environment that continues to spiral.

Citing the April 2025 Africa’s Pulse Report, Uba highlighted that Nigeria’s economic performance now lags behind that of many regional peers.

“Despite our immense resource endowments, Nigeria remains trapped in cycles of low growth. GDP growth lags behind population growth, per capita income is declining, and we are grappling with fiscal distress and insecurity. We cannot afford to continue business as usual.”

According to Uba, overdependence on crude oil, which still accounts for over 75% of Nigeria’s foreign exchange earnings, remains a major vulnerability. While other sectors have high potential, they remain underutilized due to chronic structural issues.

He pointed to key barriers hindering economic diversification and inclusive growth:

• Regulatory bottlenecks

• Inadequate infrastructure

• Inconsistent policies

• Poor access to funding

• Lack of coordination across policymaking institutions

Industries like manufacturing and agriculture, which could drive job creation and economic stability, are being stifled by these persistent problems.

Prof. Uba called for an urgent reassessment of policy objectives, one that reflects Nigeria’s current realities and includes broad-based input from both the private and public sectors. He emphasized that inclusive prosperity is impossible without structural reform and unified national direction.

As inflation, unemployment, and poverty continue to rise, Uba’s message is clear: Nigeria must act strategically, and fast, or risk falling even further behind.