Worst of Economic Downturn Is Over, Reforms Yielding Results — Tope Fasua

The Special Adviser to the President on Economic Affairs, Tope Fasua, has asserted that Nigeria has moved past the worst of its economic downturn, pointing to recent national metrics as concrete proof that the administration's structural reforms are taking effect.

Speaking during a weekend television interview, Fasua highlighted that the country’s reported 4.43 percent gross domestic product growth rate alongside improving external reserves crossing the $54 billion threshold, demonstrates tangible recovery from the initial shocks of policy adjustments such as fuel subsidy removal and foreign exchange unification.

Addressing household concerns, Fasua noted that inflation has begun moderating following peaks recorded in previous years, while food prices and exchange rates stabilize through market-driven mechanisms. He emphasized that the government is aggressively pivoting its economic strategy toward boosting domestic productivity, encouraging local value addition, and prioritizing finished product exports over raw material shipments.

"The focus of the government is clearly on productivity and value addition to the raw materials that we send out," Fasua stated. He added that strengthening domestic industrial output remains essential to locking in long-term macroeconomic stability and driving down interest rates.