In Nigeria, there exists a unique kind of silence that accompanies progress—when food prices drop, inflation eases, the country garners positive recognition, debts are settled, or systems start functioning effectively.
This silence often prefers to keep good news hidden rather than shared. However, it’s crucial to understand that the current improvements in the market aren’t fortuitous; they are the result of the thoughtful vision and execution by the Tinubu-Shettima administration.
When President Bola Tinubu authorized a six-month waiver for the importation of specific food items, it wasn’t merely a political stunt; it was a strategic economic move. This decision dismantled a group of hoarders who had profited from food insecurity. However, a strategy alone cannot lower rice prices; it is the prompt response from industry leaders that makes a difference.
Recently, Abdul Samad Rabiu visited The Aso Villa, not just to express gratitude to President Tinubu but to showcase tangible results. He presented data demonstrating how the president’s policies translated into real outcomes. For instance, the price of a 50 kg bag of rice has decreased from N110,000 to under N70,000. Prices of flour and maize have similarly decreased. For once, the voices dominating the conversation belong to those who had previously benefited from scarcity, rather than those fighting against it.
This disruption in the market came from Rabiu and other prominent Nigerian manufacturers who embraced President Tinubu’s initiative. They flooded the market, altered the economics of hoarding, and revealed an uncomfortable truth: the true adversary is often the silence and obstruction that follow reform, rather than the system itself.
Rabiu didn’t stop with food items; following advice from fellow billionaire Aliko Dangote, he announced a significant commitment in the cement industry. In an economy grappling with foreign exchange fluctuations and rising energy costs, cement manufacturers have agreed to maintain stable prices for contractors involved in government infrastructure projects. This move isn’t mere charity; it reflects a conscious effort to balance profit with social responsibility. Both Dangote and Rabiu exemplify how to set positive examples for Corporate Nigeria.
Cement represents more than just a construction material; it is essential for infrastructure development. By keeping prices stable for public works under the Renewed Hope Agenda, companies like Dangote Cement, BUA Cement, and Lafarge are not just making a corporate statement; they are enhancing the government’s fiscal position and supporting long-term growth.
Additionally, in collaboration with Dangote, Rabiu and other cement manufacturers are committing up to N20 billion annually to revitalize the Cement Technology Institute of Nigeria to train skilled workers. This initiative focuses on human capital rather than theoretical plans, as discussions around growth often neglect skill development. This commitment reflects a belief in investing in people, leading to durable, well-built projects.
During their meeting, President Tinubu emphasized the importance of private sector commitment to Nigeria’s progress, referring to it as “economic patriotism.” While many wait for stability before acting, the proactive steps taken by Nigerians can help create that environment.
Nigeria requires not only successful business leaders but also bold initiatives. The actions of Rabiu, Dangote, and their peers—such as freezing prices, breaking hoarding, and funding skill development—reflect authentic policy execution that distinguishes companies that create value from those that merely extract it.
As Nigeria undergoes this transformation, we need more committed business leaders who recognize the private sector’s role in fostering stability and understand that creating trust among the population involves demonstrating efforts toward a better future.
If we amplify these positive narratives effectively, shifting the focus from negative portrayals to encouraging stories, we can enhance the national outlook from despair to productivity.
When industries start to respond positively, it signals more than just a market correction; it indicates a favorable shift in momentum.
Our nation must embody hope and productivity. Despite ongoing nation-building challenges, we should continually remind those exploiting citizens that it is possible to generate fair profits without adding to their burdens.
President Tinubu recognized from day one that reforming and enhancing our economy would be challenging, but he also understood the historical significance of making the tough decisions necessary for sustainability and prosperity.
While the past two years have posed economic challenges, positive changes are beginning to emerge as reforms take effect. Key economic indicators are improving, the fiscal environment is strengthening, debts are being settled, and investor confidence is returning at an accelerated pace. Nigeria is receiving better credit ratings from international agencies, inflation is slowing, and the balance of trade is strengthening with increased foreign reserves.
These uplifting signs reflect the effectiveness of current policies. The government is also making strides in addressing insecurity across the nation and investing in essential infrastructure like roads, energy, railways, ports, and social services.
Overall, the economy recorded a 3.84% GDP growth in Q4 2024, the highest in three years. The Tinubu administration has revitalized investment decisions in the oil and gas sector by implementing an executive order that streamlined contracting processes and enhanced fiscal incentives. This effort has led to over $8 billion in new investments from major players like SHELL, ExxonMobil, and TotalEnergies.
The economic outlook is bright, and the shared prosperity promised by President Tinubu is materializing. Nigeria requires more dedicated and passionate citizens committed to its progress.
As President Tinubu has reiterated, the future of Nigeria will be shaped by its people, not external forces. It is crucial that we build the Nigeria we aspire to together, starting now.
