Nigeria’s reform success hinges on living standard

Nigeria's economic reforms have stabilized the country's macroeconomic environment, but experts contend that the real test will be whether these policies result in higher incomes, more jobs, and improved living standards for everyday Nigerians. At the 7th Africa Emerging Markets Forum in Abuja, policymakers discussed how to translate these reforms into tangible benefits for the Nigerian people amidst a rapidly changing global economy.

CBN Governor Olayemi Cardoso emphasized three key forces reshaping the global economy: the fragmentation of global trade, the increasing selectivity of global capital, and the rise of artificial intelligence. He stressed the need for African countries to deepen regional integration, attract investment through credible institutions and transparent policies, and develop home-grown solutions in artificial intelligence.

Nigeria's recent reforms, including the removal of petrol subsidies and banking sector recapitalization, have strengthened macroeconomic foundations, but challenges such as high food prices, high borrowing costs, and weakened purchasing power persist.

World Trade Organisation Director-General Dr Ngozi Okonjo-Iweala cautioned against viewing globalization as collapsing, instead describing the current period as one of "competitive interdependence." She highlighted the record $34.65tn in global goods and services trade in 2025 and urged Africa to transition from commodity exports to higher value-added products by developing sub-regional value chains and integrating into global supply networks.

Cardoso and Okonjo-Iweala both stressed that economic stability is merely a foundation for investment, productivity, and job creation, but ultimately, reforms must improve the quality of life for ordinary Nigerians.