Nigerian economy: The micro sits on the macro, By ‘Tope Fasua

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Luckily the worst is over. The years 2023 and 2024 were for reform adjustments. While 2025 was the year that inflation went down and stayed down. From 2026 and going forward, these are the years we will start to count the sectors that are soaring and the human beings that are touched positively. But all over the world, it is now about hard work, good sense, adaptation, tech and so on. Nobody should sit back to be served on a platter, especially if you are young, able, educated and eligible.

A lot has aligned for the Nigerian economy. It is certainly not the doom and gloom that some people paint. And those of us who keenly study every movement in the economy must never be cowed to point out what’s working. We stand at a threshold, an epoch of greatness. But we must manage our enthusiasm. Life is not a bed of roses anywhere in the world. It will never be in Nigeria – or anywhere – for everyone. We must therefore test our statements, our expectations, for reasonability. For now, a lot is aligning on the macro space, waiting for the micro to layer on. In fact, the micro is already working for some segments of the economy. It’s also important to know that no nation stands in isolation; we work within a global ecosystem. There cannot be job losses and fears from AI in other countries while we merely complain about graduates not finding employment here, rather than think hard and reposition, for instance. That said, here are some 20-ish indices currently ‘giving’ on the macro side, as Gen Zees will say:

Many more developments exist that I may not have captured. These form the MACROECONOMIC FOUNDATIONS upon which microeconomic or the people’s bellies and pockets are meant to thrive. I have preached that building a solid foundation (macroeconomy) for the country was very crucial. Focusing on immediate needs of the people is important, but without a foundation from which we could spring, it will be a waste of time and resources, and a courtship with economic collapse. If you want to build a skyscraper, a solid base is important. The government cannot keep throwing bricks in the hoping that they will stick together. There must be method, deliberateness, seriousness and focus. Even Mr. President’s worst opponents agree that something has shifted for good in the macro space. They cannot wriggle away from that. The international community acknowledges too.

And already, even in the micro space – people’s kitchens, people’s pockets, company balance sheets, some momentum is already being achieved. Some sectors are moving ahead of the pack and redefining their destinies.

Below are the segments already benefiting from this great repositioning:

So, I believe millions of Nigerians are already being touched. The civil service at state and local government level alone consist of between three to four million people, who have multiple dependents. Getting their arrears paid and getting their salaries promptly is something – at least the food poverty problem is mostly solved for them. The other sectors and activities we have analysed above too matter. And for each job or activity that is revived, there are many people who are touched in the loop. As u rounded this up, I was sent one of those viral WhatsApp posts by one of the President’s ardent opposers. It went like ‘Some educated Nigerians believe that hunger is reforms, poverty is reforms’ etc. There you go. I replied to the man – a former bank MD – immediately, wondering how some Nigerians expect reforms to bring no adjustments. Some Nigerians want change. But it has to be someone else changing.

Luckily the worst is over. The years 2023 and 2024 were for reform adjustments. While 2025 was the year that inflation went down and stayed down. From 2026 and going forward, these are the years we will start to count the sectors that are soaring and the human beings that are touched positively. But all over the world, it is now about hard work, good sense, adaptation, tech and so on. Nobody should sit back to be served on a platter, especially if you are young, able, educated and eligible. Step up! Stake your claim in the productive space. Stay positive and things will change for the better. More of the benefits are coming. And you can look at the policies I listed above line by line and see whatever I didn’t capture. Each policy opens a new vista of possibilities.

‘Tope Fasua is the special adviser to the President on Economic Matters.

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