Inflation, poor governance fueling Nigeria’s economic woes — Economist

The Group Chief Economist and Managing Director at the African Export-Import Bank, Dr. Yemi Kale, has blamed Nigeria’s economic woes on domestic policy errors, noting that policies are introduced without adequate safeguards.

 

He stated this while delivering his keynote address at the 2025 Vanguard Economic Discourse held on Wednesday in Lagos.

He said, “Most of Nigeria’s economic hardship is not caused by unforeseen events but by policies introduced without adequate safeguards. Public trust is built not just by making policies—but by implementing them with foresight, fairness, and firmness.”

Kale emphasised that the country must shift from reactive crisis management to anticipatory governance to cushion Nigerians from economic shocks.

Reflecting on the broader social impacts of economic instability, Dr. Kale said, “In uncertain times, households prioritise stability over ambition—choosing secure jobs in the public sector over higher, unstable incomes.”

He also addressed the devastating effects of inflation, noting, “Inflation erodes purchasing power, stifles demand, and pushes both businesses and families into survival mode.”

Kale also cautioned against relying on populist economic measures, explaining that while they may provide temporary relief, they tend to worsen long-term instability and erode investor confidence.

Drawing a direct connection between poor governance and economic decline, he stated, “Capital flight, weakened investor confidence, and rising poverty are not abstract theories—they’re symptoms of poor economic governance.”

Concluding on a call to action, Kale stressed the urgency of addressing economic mismanagement.

He said, “Economic disruption is not just a technical challenge—it is a social emergency, and we must treat it with the urgency it deserves.”

The Vanguard Economic Discourse, an annual event hosted by Vanguard Newspapers, is a platform for public-private sector collaboration to discuss economic development.

It brings together policymakers, industry leaders, economists, and key stakeholders to address Nigeria’s pressing economic challenges and explore actionable recovery strategies.

This year’s discourse is themed “Nigeria’s Economic Outlook 2025: Hardship and Pathways to Sustainable Recovery.

 

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