Nigeria’s Minister of State for Trade, Industry and Investment, John Owan Enoh, says President Bola Ahmed Tinubu’s decisive leadership and reform policies have stabilised the country’s economy after a period of severe uncertainty.
Speaking during an exclusive interview with ARISE News in Riyadh, Saudi Arabia, on the sidelines of the Future Investment Initiative, Enoh said Nigeria had been on the verge of collapse before Tinubu’s administration took bold steps to restore confidence and order.
“I think it’s amazing, you know, when you look at where we were post this administration and where we are now. We passed through a period characterised by so much uncertainty and distortions, and therefore the country was almost at a brink. Unfortunately, not too many Nigerians were or are in a position to appreciate it,” he said.
According to the minister, Nigeria’s turnaround was driven by what he described as “bold, disciplined and focused leadership” from the president.
“What the government and the country needed was bold, disciplined and focused leadership. And all of these, President Bola Ahmed Tinubu embodied, which is why the very profound decisions he took on day one became so very consequential in terms of getting us to where we are,” Enoh stated.
He praised the removal of the fuel subsidy as a defining moment, describing it as a decision that freed up national resources. “The oil and fuel subsidy was something that nobody thought could happen. What was required to match the data was leadership, and President Bola Ahmed Tinubu provided it. So resources were freed up instead of being wasted,” he said.
Highlighting the impact of monetary reforms, Enoh noted that the exchange rate gap between the official and parallel markets had drastically narrowed. “The exchange rate gap between the official and parallel markets was close to 70 percent, but now it’s gone down to about 1 percent. That’s amazing. That stable, focused, courageous leadership has gotten Nigeria to navigate through a period in which we can talk about economic stability,” he explained.
He added that the country’s net foreign reserves had also improved, saying: “As of two months ago, our net foreign reserves had climbed to about $2.2 billion or $2.5 billion. Now, we’re not yet where we should be, but we are where we can comfortably cope with whatever shocks Nigeria experiences.”
On the politics surrounding subsidy removal, Enoh said leadership was about taking decisive action regardless of political consequences. “Politics does matter. There’s no situation in which politics will not matter. But it also depends on the direction of the politics that matters or doesn’t matter,” he said.
He added: “When President Tinubu took that decision, I’m not too sure that it was even contained in the speech prepared for him. That is what leadership is about. He knew what he wanted to do and went ahead and did it.”
The minister acknowledged the challenges that came with reforms but maintained that leadership must remain resolute. “Reforms are not easy matters. They come with backlash. What is important is to identify that and remain focused because you know where you are headed. The mass of the people are prepared to follow only if the leader is prepared to provide leadership. And we’ve got a president who’s providing leadership,” he asserted.
Responding to questions about the slow pace of foreign direct investment (FDI) inflows, Enoh said confidence building was key to attracting investors. “Nigerians have good reason to be impatient. Unfortunately, that impatience is towards the present administration. FDIs haven’t come in as much. There are a lot of pledges, but we’re not seeing them fulfilled,” he said.
He explained that the government was working to build investor confidence through its consistent presence at global investment platforms. “When we attend investment forums like this, and others like BRICS or UNIDO meetings, we’re telling the Nigerian story. The more we go out, the more we build confidence. The investing public is still trying to see whether the present direction will be sustained,” Enoh stated.
He maintained that stability under President Tinubu’s leadership was key to unlocking long-term investment. “The country has achieved stability, and as long as that continues, investments will come. The world recognises that Nigeria has a business-friendly president who has done it before in Lagos and continues to take sides with the business community,” he said.
On concerns that the upcoming political season could slow down governance, the minister insisted that government operations would not stop. “The country will not stop because politics has come in. This government was elected for a four-year term, and governance will continue,” Enoh said.
He added that President Tinubu remained sensitive to the plight of Nigerians. “The president himself has admitted that he knows Nigerians are suffering. No leadership is elected to make people suffer.
He also has an eye on ensuring that economic progress is not reversed,” he said.
Discussing industrial policy, the minister revealed that Nigeria’s long-awaited industrial plan was finally ready. “Thank God that we’re even talking about an industrial policy. It was totally lacking for decades. We’ve always had a trade policy, investment policy and all that, but not an industrial policy,” Enoh said.
He continued: “We now have the policy ready. It has been validated, and the only thing left is for it to go to the FEC for final approval. If the FEC were to hold today and approve it, what would remain would just be the formal unveiling.”
Emphasising the importance of execution, he noted: “The policy is defining, but policy alone will not get us there, implementation will. So far, the government has shown that it will.”
On the Nigeria First policy, Enoh said the administration was determined to strengthen local production. “The Nigeria First policy is in focus. The BPP, working with the Ministry of Industry, Trade and Investment, is key in implementing it,” he said.
He added: “Before the end of the year, BPP and the Ministry will come up with the broad framework for its implementation. But we’re not necessarily waiting for that framework before starting. For instance, both my colleague, the Minister of Trade and Investment, and I use made-in-Nigeria vehicles as our official cars. Bit by bit, we’ll turn the needle.”
Enoh also stressed the importance of institutional reform and results-oriented governance. “When we talk about adjustments, institutional adaptability is key. We must match the dynamism of the global order,” he said.
He added: “The difference between this administration and others is the focus on outcomes not just input and output. How does government policy affect citizens’ earnings, industrial production, and export volumes? There’s data showing progress has been made, and I think we’re moving in the right direction.”
On tax reforms, Enoh described them as progressive steps to improve Nigeria’s fiscal system despite public anxiety. “There is that initial anxiety driven by the fact that something new is coming from January. But the new tax laws represent the most progressive attempt by any administration,” he said.
He assured that the government was engaging stakeholders to mitigate unintended consequences. “The fears Nigerians are expressing are not hidden from the government. There’s been a lot of back and forth between different agencies and affected groups,” he stated.
“When Mr President assented to the tax laws, it was agreed that implementation would start from January. But there’s been a conscious effort to understand the mood and mitigate unintended consequences. All of these are meant to address and ease the fears people have expressed,” he concluded.