The narrative of Nigeria’s economy, long dominated by imports, fuel queues, and mounting debt, is beginning to shift, according to a management consultant and community leader, Asiwaju Olayinka Fasuyi, during his interview on the Arise Morning Show.
As said by him, the administration deserves credit for confronting long-standing problems head-on.
“When a country borrows to finance consumption, it mortgages its future. But when borrowing is channelled into production and infrastructure, the nation prospers,” he declared.
Speaking against the backdrop of Nigeria’s ₦149 trillion debt stock, 73 per cent of which is domestic, Fasuyi argued that Tinubu’s reforms are breaking the cycle of borrowing to consume.
Using fuel as an example, Fasuyi noted that for decades, Nigeria exported crude oil only to import refined products at great cost. With the Dangote Refinery now fully operational, he said the trend has reversed.
“Filling stations once marked by endless queues are suddenly free, and refined petroleum is flowing across Nigeria and into neighbouring markets. The savings are massive,” he stressed.
Fasuyi described agriculture as the next major opportunity to stabilise the economy. “If Nigeria consistently grows what it eats, the naira will stabilise, purchasing power will improve, and the economy will find firmer footing,” he said.
Beyond economics, Fasuyi reflected on Nigeria’s broader development journey: from a population of 63 million at independence in 1960 to over 230 million today; the growth of universities; expansion of infrastructure; and the restructuring of regions into 36 states.
“We may not be where we desire,” he admitted, “but no society remains static. Growth is relative, and we have indeed moved forward.”
He urged Nigerians to view governance as a partnership, not a spectator sport, pointing to the recent Supreme Court ruling granting local governments financial autonomy as a potential game-changer.
“If development starts from the bottom up, communities can unlock enormous social capital capable of transforming Nigeria,” he noted.
Addressing concerns over loans and external influence, Fasuyi dismissed the notion of World Bank sabotage. “Loans are not the problem—it is what nations do with them. China still borrows. The difference is discipline. Nigeria must follow suit,” he argued.
As he prepares to celebrate his 70th birthday in Ijesaland with nine days of cultural, spiritual, and developmental events, Fasuyi framed his personal milestone within Nigeria’s pursuit of progress.
“With national life expectancy at 62 years, attaining 70 is a blessing. My joy is to use this milestone to further champion inclusive and sustainable development,” he said.
For Fasuyi, Nigeria’s path is neither hopeless nor complete. His verdict: with disciplined leadership, participatory governance, and citizens committed to production over consumption, the nation is edging onto the right track.
“When a country borrows to finance consumption, it mortgages its future. But when borrowing is channelled into production and infrastructure, the nation prospers,” he declared.
Speaking against the backdrop of Nigeria’s ₦149 trillion debt stock, 73 per cent of which is domestic, Fasuyi argued that Tinubu’s reforms are breaking the cycle of borrowing to consume.
Using fuel as an example, Fasuyi noted that for decades, Nigeria exported crude oil only to import refined products at great cost. With the Dangote Refinery now fully operational, he said the trend has reversed.
“Filling stations once marked by endless queues are suddenly free, and refined petroleum is flowing across Nigeria and into neighbouring markets. The savings are massive,” he stressed.
Fasuyi described agriculture as the next major opportunity to stabilise the economy. “If Nigeria consistently grows what it eats, the naira will stabilise, purchasing power will improve, and the economy will find firmer footing,” he said.
Beyond economics, Fasuyi reflected on Nigeria’s broader development journey: from a population of 63 million at independence in 1960 to over 230 million today; the growth of universities; expansion of infrastructure; and the restructuring of regions into 36 states.
“We may not be where we desire,” he admitted, “but no society remains static. Growth is relative, and we have indeed moved forward.”
He urged Nigerians to view governance as a partnership, not a spectator sport, pointing to the recent Supreme Court ruling granting local governments financial autonomy as a potential game-changer.
“If development starts from the bottom up, communities can unlock enormous social capital capable of transforming Nigeria,” he noted.
Addressing concerns over loans and external influence, Fasuyi dismissed the notion of World Bank sabotage. “Loans are not the problem—it is what nations do with them. China still borrows. The difference is discipline. Nigeria must follow suit,” he argued.
As he prepares to celebrate his 70th birthday in Ijesaland with nine days of cultural, spiritual, and developmental events, Fasuyi framed his personal milestone within Nigeria’s pursuit of progress.
“With national life expectancy at 62 years, attaining 70 is a blessing. My joy is to use this milestone to further champion inclusive and sustainable development,” he said.
For Fasuyi, Nigeria’s path is neither hopeless nor complete. His verdict: with disciplined leadership, participatory governance, and citizens committed to production over consumption, the nation is edging onto the right track.
Chuks Egbune/DoP
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