• Financial experts review TV interview

Economic and finance experts have said President Bola Ahmed Tinubu’s Monday media chat showed admirable grasp and clarity of thoughts on the nation’s macroeconomic outlook.

The financial markets reacted positively yesterday, in the first trading day after the presidential media chat.

The naira firmed up, it appreciated by four basis points to N1,540.33 per dollar. At the stock market, the benchmark equities index rose by 829.88 points to a new recent high of 102,186.03 points, implying net capital gain of N503 billion.

Reacting to the one-hour, live engagement between the president and senior journalists, business experts said the president showed a commendable understanding of policy expectations and outcomes, which could further reinforce confidence in the overall economy.

Hajiya Maryam Shettima, described the president’s media chat as a demonstration of strong leadership, which is already impacting more public confidence in his administration. 

Managing Director, AIICO Capital, Dr Femi Ademola, said the president’s macroeconomic thoughts were in line with general expectations.

According to him, the presidential media chat provided very good opportunity to hear the thoughts of the president directly from him and he delivered his thoughts and actions quite very well.

“I am generally okay with his responses especially concerning the economic reforms such as fuel subsidy removal, the tax reform bills and the progress on security,” Ademola, a Chartered Financial Analyst (CFA), said.

He noted that while the president’s candour and lack of political correctness could be misread as lacking in emotion, the president showed confidence and ability to deliver on his electoral promises.

He, however said the government needed to  justify the need for borrowing and its cabinet size by outlining clear deliverables expected from such decisions.

“Be that as it may, the media chat is very welcome and I hope it continues regularly as it is an opportunity to inform and educate the people directly on what the government is doing. Communication with the people should be honest, direct, simple and humble,” Ademola said.

Managing Director, Arthur Steven Asset Management, Mr Olatunde Amolegbe, said the president showed consistency of thoughts that reinforced confidence that with steady progress, Nigeria will gradually surmount current challenges.

He said: “I think on the economic front, the president was clear as to the challenges the economy is facing and what it will take to surmount them. I am glad that he recognised that monetary policy could do only so much to tackle the issue of inflation and he articulated the fiscal and structural issues he would aim to tackle in order to control inflation”.

He noted that the move towards a full liberalization of the economy appeared hard on the citizen because of historic default to subsidies and patch-ups, adding that a continuation of the ongoing policies would lead to a sustainable economic rebirth.

“I believe if we stay the course, as the president insists he would, then there should be light at the end of the tunnel,” Amolegbe, a former president of Chartered Institute of Stockbrokers (CIS), said.

Managing Director, HighCap Securities, Mr. David Adonri, said Tinubu’s delivery was both inspiring and educative.

“I listened to President Tinubu’s first media chat, quite an inspiring performance by him. He exhibited sound knowledge of economics and public finance. The programme was informative, engaging and confidence boosting.

“More of such chat should be organised to enable the public understand the president’s thoughts and the philosophy behind his administration’s policies, a glimpse of which he shared on Monday,” Adonri, a senior investment banker, said.

At the stock market, investors showed strong appetite across the sectors of the economy.  Average year-to-date return for Nigerian equities climbed to 36.7 per cent, making Nigeria one of the three best-performing stock markets globally.

There’s nearly analysts’ consensus that Nigerian stock market would close the year stronger.

Analysts at Afrinvest West Africa said they expected the market “to sustain its broad-based bullish performance as investors continue with strategic portfolio realignment, ahead of the new year”.

Shettima said ongoing reforms were indeed timely, considering Nigeria’s current economic landscape, adding that the removal of petrol subsidy, unification of exchange rates, and the financial sector reforms aimed at correcting market distortions and promoting economic stability are already manifesting results.

 Tinubu on Monday made a passionate appeal to Nigerians to have faith in his administration during the inaugural presidential media chat in Lagos.

He emphasised that despite being only 18 months old, his government is headed in the right direction and marks the beginning of a glorious era.

In her reaction to the takeaways from the presidential media chat, Shettima, through her media office emphasised that the president explicitly conveyed his empathy and support for the ideals of Restoration and Hope, demonstrating his commitment to uplifting the country economically.

She added that the president’s exemplary leadership, highlighting his responsiveness to the nation’s needs and willingness to take bold steps, even in the face of adversity.

Notably, she said Tinubu “has refrained from blame game, instead expressing his commitment to shouldering the responsibilities of leadership, a trait that underscores his accountability, transparency and strong sense of ownership”.

Said she: “Mr. President has demonstrated to Nigerians that he does not only care but is responsive. He has not shied away from all the decisions he has taken since he assumed office 18 months ago, despite the challenges that came with them. He hasn’t blamed anyone for any reason, rather he keeps telling Nigerians that he asked for the job and he will live up to expectation. This is what leadership is all about.

“By engaging in direct dialogue with the public, this administration has effectively bolstered the people’s trust and faith in its leadership. This approach has further helped to foster a sense of transparency and accountability, which is essential for building strong relationships between the government and its citizens. Through this engagement, the President, again has been able to communicate policies, decisions, and visions directly to the public. These engagements build public trust, shape public opinion, and demonstrate leadership, allowing the president to address concerns, showcase his capacity, and influence the national agenda”.

On the ongoing reforms in various sectors of the economy, Shettima appealed to Nigerians to be prepared to withstand short-term challenges associated with the ongoing economic reforms, just as China did, in order to reap the long-term benefits.

She also  hailed President Tinubu’s deliberate approach to implementing these reforms,  urging Nigerians to support him while also constructively criticising areas that require improvement”.

 She said: “It is imperative that we acknowledge and applaud the sweeping reforms implemented across various sectors, which are reinvigorating Nigeria’s economic landscape. Most of these reforms are timely and these are necessary sacrifices that patriotic Nigerians must make for the betterment of the country and future generations.

“This collective effort will ultimately determine the success of the reforms. The administration’s commitment to transparency and dialogue is crucial in navigating the challenges associated with the reforms. The anticipated benefits of these reforms, including improved economic stability, increased investor confidence, and enhanced competitiveness, make them a crucial step towards Nigeria’s economic revival.

“The administration’s bold policy initiatives on fuel subsidy, though initially daunting, are yielding tangible dividends. This bold move has been instrumental in freeing up resources for critical infrastructure development, social welfare programmes, and human capital development.

“The recent decline in petroleum pump prices nationwide can be attributed to the positive impact of market competition, as seen with the operationalization of the Dangote refinery and the Port Harcourt refinery. The crude-for-naira deal has also contributed to this downward trend. As more players, such as BUA and others, enter the market, we can expect even greater competition, which will likely lead to further reductions in pump prices.

“The financial sector, the lifeblood of any economy, has witnessed significant reforms under President Tinubu’s leadership. The administration’s commitment to strengthening the financial system is evident in the establishment of a robust framework for banking operations. This has enhanced the stability and resilience of Nigerian banks, positioning them to support the country’s economic growth.

“Furthermore, the government has introduced measures to deepen financial inclusion, ensuring that more Nigerians have access to formal financial services. This initiative has been bolstered by investments in digital infrastructure, facilitating the proliferation of fintech services and mobile banking platforms.

“The agriculture sector has received a major boost as seen in the 2025 budget with a difference of over 100 per cent  allocation compare to previous year. Just this week, the  President approved N95 billion for the rehabilitation of over 16 Kano dams to boost irrigation farming and the construction of the state Eastern Bypass Road, which will connect the southern region to the city. This is huge, particularly for my people in Kano State and neighbouring states.

“The administration has also implemented policies to attract private sector investment in agriculture, recognizing the critical role that the sector can play in creating jobs, generating revenue, and ensuring food security.

“The Nigeria’s infrastructure sector has received considerable attention. This has been evident in the massive investments in road construction, rail development, and aviation infrastructure. These projects are not only creating jobs and stimulating economic activity but also enhancing the country’s competitiveness and business environment.

 “The reforms implemented across various sectors, though challenging in the short term, hold immense promise for long-term prosperity and stability. I appeal to Nigerians to rekindle their faith in President Tinubu’s leadership and the Renewed Hope Agenda”.

[TheCable]