Former Minister of Education, Oby Ezekwesili, has acknowledged that the administration of President Bola Tinubu has recorded progress in stabilising the foreign exchange market by adhering to market principles.
Ezekwesili, however, said the improvement in foreign exchange stability had yet to translate into better living conditions for the average Nigerian.
Speaking in an interview with News Central Television, the former minister said Nigerians were yet to fully experience the benefits of the government’s economic reforms.
According to her, the country remains confronted by widespread poverty and a high cost of living despite improvements in some macroeconomic indicators.
She said, “The only thing that, as I said at the beginning, we can give to them is that they are getting a handle on macroeconomic stability. So, for example, the volatility we have with foreign exchange rate is quieter because they are abiding by market principles for foreign exchange policy.
“Then you look at inflation. Inflation, even though they use the methodology to crash it in terms of the numbers, but the real thing is that the cost of living for the average citizen is still pretty high.”
Ezekwesili also criticised the government’s management of inflation, arguing that the sharp increase in prices was avoidable and resulted from a combination of policy decisions.
She maintained that macroeconomic indicators should not be considered separately from the structural challenges limiting Nigeria’s economic development.
The former minister identified low productivity as one of the major constraints to economic growth, job creation and improved household incomes.
She further attributed the country’s economic difficulties to structural misalignments resulting from policy choices that, according to her, have failed to adequately address barriers to productivity and economic opportunities.
