12 ways the economy has changed structurally, by Tope Fasua
- Only 3% of GDP is oil and gas. The rest is non-oil.
- Better capturing of the entertainment sector where many youths are involved.
- Higher volumes of local manufacturing due to weaker naira and reduced imports.
- 30% increase in non-oil exports and 30% reduction in all imports.
- New oil and gas industry where Nigeria is net exporter of refined petroleum to US, Saudi, and UAE while it has become a new importer of crude oil. Disappearance of fuel queues with ease of local production by Dangote, etc.
- Incentives for non-oil exports like cocoa, cashew, soybean, etc., with cheaper naira. Cocoa exports made N4 trillion for Nigerians in 2024. It may be better in 2025. Many have returned to the land. Palm oil, cocoa, cashew, soybean are driving the market and making profits for companies and individuals alike.
- Value addition to raw materials becoming a main driver of the economy. Export of manufacturers, especially FMCGs and even cars, along the West African region.
- Explosion of hard infrastructure at state levels: Roads, bridges, captive electricity like solar, complemented by Federal Government investment in infrastructure, which is the only way to reduce multidimensional poverty.
- Stable naira good for planning. Reversal of unnecessary hemorrhage of foreign currency. Many foreign schools now establishing in Nigeria, e.g., Charterhouse, King’s College, etc. Japa for Master’s degree has reduced sharply.
- Stable naira is helped by increasing foreign reserves of $42 billion and growing.
- Higher salaries for many workers in private and public sectors, helping to mitigate the inflationary effects. More tax reliefs coming January 1, 2026.
- More business opportunities in the local economy as a result of focus on naira and not dollar.
–Fasua (PhD) is Special Adviser to the President on Economic Matters, Office of the Vice President
