Soludo Reveals Secret To Economic Miracle, Gives 10-Year Target

Anambra State Governor and former Central Bank of Nigeria (CBN) Governor, Chukwuma Soludo, has urged Nigeria to pursue consistent economic policies over an extended period, arguing that sustained implementation of the right strategies, rather than sudden interventions, is the key to achieving meaningful economic growth, creating jobs and reducing poverty.

Soludo made the remarks during an appearance on Arise TV on Monday, October 26, 2026, while speaking at a Nigerian Economic Summit Group (NESG) conference focused on job creation and poverty reduction.

During the discussion, the governor referred to Singapore’s development experience, explaining that the country’s transformation was not the result of a miracle but of identifying effective policies and maintaining them over time.

According to Soludo, Nigeria could draw valuable lessons from Singapore’s economic progress by focusing on policies that promote productivity, strengthen institutions and create an environment for businesses to grow.

He recalled a conversation about Singapore’s development model and the explanation given by its former prime minister, Lee Kuan Yew, regarding the factors behind the country’s success.

Soludo quoted the response as follows: “We asked him about the miracle in Singapore and his response was there was no miracle. We got a few things right. We kept doing them right for a sustained period of time and the real change happened.”

The governor used the example to emphasise that lasting economic transformation requires discipline, continuity and a willingness to maintain effective policies even when the results are not immediately visible.

He argued that Nigeria should move away from the expectation that economic challenges can be resolved within a short period, stressing that meaningful improvements in living standards and employment opportunities would depend on sustained efforts across successive years.

Soludo also highlighted the importance of maintaining macroeconomic stability, describing it as a critical foundation for achieving long-term growth. He noted that Nigeria had reached a point where improvements in the macroeconomic framework needed to be protected rather than taken for granted.

According to him, a stable economic environment would provide a stronger basis for investment, production and job creation, particularly if supported by policies designed to improve the country’s competitiveness.

The Anambra governor also referred to the development experiences of Indonesia, China and other East Asian economies, suggesting that Nigeria should study how these countries pursued economic reforms and sustained policies that supported growth.

He maintained that the lessons from these economies should inform Nigeria’s approach to development, particularly in addressing unemployment, poverty and structural weaknesses that have constrained productivity.

In discussing possible measures to strengthen the Nigerian economy, Soludo turned attention to exchange rate policy, proposing that the country should deliberately pursue a competitive real effective exchange rate over an extended period.

He argued that maintaining an appropriately undervalued real effective exchange rate could help improve the competitiveness of domestic producers, encourage production and support economic expansion.

In his words, “We should actually be targeting a real effective exchange rate undervaluation of at least 25 to 30% year on year for the next 10 years.”

Soludo’s broader argument was that Nigeria’s economic future would depend on the consistency of its policy choices and the ability of successive administrations to sustain reforms that deliver measurable benefits.

By pointing to Singapore and other Asian economies, the governor stressed that development should be viewed as a long-term process requiring sound policies, institutional commitment and sustained implementation.

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