Tinubu’s Difficult Reforms Beginning To Bear Fruit, Says Adesina

Former African Development Bank (AfDB) President Akinwunmi Adesina has said President Bola Tinubu’s economic reforms are beginning to yield results, citing increased foreign exchange availability, renewed portfolio investments and a downward trend in inflation.

Adesina, who visited Tinubu on Tuesday, described the removal of the petrol subsidy and the harmonisation of exchange rate windows as “very important, difficult reforms”, adding that the government must now focus on translating economic stabilisation into growth and prosperity.

Speaking to State House correspondents after the meeting, the former AfDB chief said Nigeria’s international perception had also improved, pointing to the outlooks assigned to the country by rating agencies.

If you look at it, you have a lot more FX available today. You have a lot of portfolio investors that are coming into the country. You have inflation trending downwards.

Adesina also briefed Tinubu on his 10-year tenure as AfDB president, which ended after two terms, and the bank’s support for Nigeria.

So, within 10 years, we were able to do 63 percent, literally, of that.

He said that Tinubu was pleased with the bank’s support to Nigeria during his tenure.