Nigeria’s Economic Reforms: Pain Today, Gain Tomorrow
Nigeria’s Economic Reforms: Why the Pain Today Could Be the Gain Tomorrow
Written by Onovughe Igwe
The debate over Nigeria’s economic reforms has become one of the most pressing issues in 2025. From the removal of fuel subsidies to tax restructuring, industry liberalization, and power sector reforms, the government under President Bola Ahmed Tinubu has introduced policies that many citizens find uncomfortable. Yet, as Onovughe Igwe argues in this opinion piece, these tough decisions may be the very steps needed to rebuild Nigeria’s future.
The Early Years of Reforms: A Time of Pain and Opportunity
“The early years of reforms are the best times for citizens to discover themselves and reposition,” Igwe notes. These periods are uncomfortable, filled with rising prices, business uncertainty, and inflationary shocks. But they are also the best seasons for citizens to upgrade their skills, reposition their businesses, and prepare for the ‘new normal’.
When governments remove subsidies, restructure industries, or open up markets, new gaps and opportunities always emerge. Entrepreneurs who are attentive, innovative, and proactive can quickly step in and fill these gaps.
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The Harsh Reality of Reforms
According to Igwe, reforms strip away false protections. “Reform is the only reason a man who does nothing in Nigeria can go abroad and suddenly do two jobs. It’s the same reason a banker in Nigeria may move abroad and become a driver.”
Reform resets expectations. In societies where reforms have taken root, citizens don’t protest to government over unpaid electricity bills or demand that leaders cover personal expenses. Instead, they know that services must be paid for, and productivity must increase if the economy is to grow.
Inflation, rising costs, and salary adjustments are all part of this cycle. Educated citizens understand this, but “crasemen,” as Igwe puts it, believe that making noise can change economic realities. Productivity, not complaints, is what truly drives growth.
Why Subsidy Removal Was Necessary
One of the most divisive reforms has been the removal of fuel subsidies. Many Nigerians argue that subsidy removal only brings suffering. But Igwe reminds us that under the Buhari administration, the same critics mocked the government for borrowing heavily to sustain the subsidies. Nigeria’s debt ballooned, yet the citizens refused to acknowledge the structural problem.
Now that subsidy is gone, the economy is correcting itself. The dollar is available at official rates, though expensive. Still, this transparency is far healthier than the hidden distortions that plagued the previous system.
The Problem with “Crasemen” Politics
Igwe uses the word “crasemen” to describe those who perpetually complain without offering realistic solutions. During Buhari’s 8 years, they lamented about lack of dollars. Now, with dollars available, they lament about high costs. They can never be pleased because their foundation is not in constructive ideas but in endless wailing.
He writes, “The only person who can please the crasemen is the man who takes advice from crasemen.” But leadership, he stresses, is too serious for that.
Tinubu’s Leadership in Focus
In Igwe’s view, Tinubu has displayed the rare courage to ignore populism and take steps that previous governments avoided. Nigeria, he argues, did not fail to develop over the past 63 years due to lack of resources but because leaders chose what was popular instead of what was right.
Tinubu’s reforms, though painful, are systemic:
- Petrol industry reform – completed
- Financial sector reform – completed
- Tax reform – completed
- Electricity reform – ongoing
- Security reform – ongoing
- Education reform – ongoing
- Infrastructure reform – ongoing
- Health sector reform – ongoing
- Agricultural reform – ongoing
- Regional development reform – ongoing
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A Long Journey Ahead
Igwe concludes that reforms are not instant fixes. “It’s a long night, but hopefully by 2031, Tinubu would have successfully concluded these phases of reforms.” Citizens, businesses, and entrepreneurs must brace themselves for long-term adjustments, not quick relief.
Those who continue to support populists or “skit makers” in politics may find themselves disappointed. But those who recognize the seriousness of leadership will understand that reforms, though painful, are the foundation for genuine progress.
Final Thoughts
Reforms are uncomfortable, but they force societies to grow up. They demand responsibility, productivity, and innovation. Nigeria is undergoing a historic transformation, and as Onovughe Igwe emphasizes, citizens must either adapt or risk being left behind.
Written by: Onovughe Igwe
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