In a comprehensive policy advisory released on April 30, 2025, renowned development economist and Chairman of the ACUF Initiative for Policy and Governance, Professor Chiwuike Uba, has called for an urgent and strategic reordering of Nigeria’s economic priorities to avert worsening instability and accelerate inclusive growth.....KINDLY READ THE FULL STORY HERE▶

Prof. Uba warned that Nigeria is at a critical crossroads, citing poor governance, spiraling debt, persistent poverty, and deepening insecurity as symptoms of systemic policy misalignment. Drawing insights from the latest Africa’s Pulse report, he noted Nigeria’s macroeconomic performance continues to underwhelm, with GDP growth lagging behind population expansion, resulting in declining per capita income.

Despite being resource-rich, Nigeria remains over-reliant on crude oil, which accounts for over 75% of foreign exchange earnings. Uba criticized the underutilization of agriculture and manufacturing due to regulatory barriers, poor infrastructure, inconsistent policies, and limited access to financing.

To reposition Nigeria for sustained prosperity, he outlined a multi-sectoral reform agenda built on key pillars:

1. Economic Diversification:
Uba advocated for climate-resilient agriculture, the creation of regional industrial hubs, and enhanced SME and tech sector support, especially in underserved regions.

2. Human Capital Development:
He proposed dedicating at least 10% of the national budget to education and 8% to healthcare. Additionally, he recommended allocating 1% of GDP annually to vocational and technical training, with centers established across all local government areas.

3. Debt Management and Revenue Expansion:
Rather than increasing borrowing, Uba urged the restructuring of existing debt, the implementation of a digital tax system to widen the tax base, and the reallocation of subsidies toward productive sectors.

4. Security Strategy Overhaul:
Highlighting the ₦40 trillion spent on defense since 2014, Uba decried the dominance of security budgets over education and health, arguing that insecurity cannot be resolved by force alone. He called for greater investment in social services, justice, and inclusive governance as preventative measures.

5. Job Creation as a National Emergency:
With unemployment at 33.3% and youth unemployment at 42%, he proposed a National Job Creation Corps to engage youth in agriculture, renewable energy, construction, and digital innovation.

6. Anti-Corruption and Governance Reforms:
Uba emphasized strengthening anti-graft institutions, implementing e-governance in procurement and budgeting, and ensuring fiscal transparency through real-time public dashboards.

He also advocated for electoral reforms that promote youth and women’s political participation through quotas and financial support.

While acknowledging the Tinubu administration’s bold steps—such as fuel subsidy removal and exchange rate unification—Uba criticized the implementation as poorly sequenced and lacking social cushioning. He argued that reforms should have been preceded by support for vulnerable sectors and clear investor confidence measures.

According to him, while these measures sent positive signals to investors and curbed arbitrage, they also triggered inflation and increased hardship due to unprepared institutional frameworks and inadequate safety nets.

He concluded with a call for a new national development compact focused not just on financial injections but on visionary leadership, policy coherence, and delivery excellence. “Nigeria doesn’t just need more money—it needs better ideas, better governance, and better delivery,” Uba stated.

Only by addressing root causes, investing in people, and building inclusive institutions, he asserted, can Nigeria chart a stable and prosperous path forward.