Nigeria’s Minister of Information and National Orientation, Mohammed Idris, has asserted that the Federal Government’s sweeping economic and governance reforms are boosting global confidence and attracting investment — claims that critics say contrast sharply with the economic realities facing many Nigerians.
Idris made the remarks in London during a world press conference ahead of President Bola Ahmed Tinubu’s official visit to the United Kingdom at the invitation of Charles III.
In a statement issued by his media aide, Rabiu Ibrahim, the minister described the administration’s policies as transformative, saying they are opening “new opportunities for trade, investment, and international cooperation.”
However, economists and civil society observers argue that while reforms may be improving macroeconomic indicators, ordinary citizens continue to grapple with rising living costs, unemployment, and declining purchasing power.
According to Idris, the presidential visit underscores the longstanding diplomatic, economic, and cultural relationship between Nigeria and the United Kingdom.
He said the trip aims to deepen cooperation in areas including:Trade and investment; Security collaboration; Climate action; Education; Technology and innovation
The minister also insisted that Nigeria’s democracy has grown stronger after more than two decades of uninterrupted civilian rule since 1999, supported by active institutions and civil society.
Critics, however, note persistent governance challenges, including corruption, insecurity, and weak public service delivery.
Yet labour unions and policy analysts maintain that subsidy removal triggered a surge in fuel prices, transportation costs, and inflation, worsening hardship for low-income households.
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The minister cited signs of economic recovery, including declining inflation, expanding trade surplus, and sustained growth in the Central Bank’s Purchasing Managers’ Index.
Data from the National Bureau of Statistics shows headline inflation eased slightly to 15.06 percent in February, down from 15.10 percent in January.
Year-on-year, inflation dropped significantly from 26.27 percent recorded in February 2025.
However, analysts caution that month-on-month inflation rose to 2.01 percent, indicating continued upward pressure on prices.
Food inflation stood at 12.12 percent year-on-year but increased sharply on a monthly basis, driven by rising prices of staples such as beans, cassava, millet flour, and yam flour.
Economists warn that food costs remain the most critical burden for households, particularly in rural and low-income urban communities.
Idris also announced that Nigeria’s external reserves have surpassed $50 billion as of February 2026, partly held in gold as part of diversification efforts.
He highlighted plans for a Customs Single Window — a digital platform designed to streamline trade documentation and improve efficiency — as well as Nigeria’s recent removal from the Financial Action Task Force grey list after reforms targeting money laundering.
On security, he claimed enhanced coordination among agencies and stronger international partnerships with countries such as the UK and the United States.
Despite these assertions, insecurity remains widespread in several regions, with ongoing concerns over terrorism, banditry, kidnapping, and maritime crime.
Separately, newly sworn-in Minister of State for Finance, Taiwo Oyedele, pledged to accelerate implementation of the administration’s economic agenda.
Oyedele emphasised that policy reforms must translate into tangible improvements in citizens’ welfare, stressing revenue mobilisation, spending efficiency, and debt sustainability as key priorities.
“Reforms are only as good as the paper on which they are written. What is really important is the diligent execution,” he said.
He described his appointment as a responsibility at a critical moment for Nigeria’s economy, promising to work with the Ministry of Finance to strengthen fiscal management.
Policy experts and opposition figures argue that government messaging emphasises international perception rather than domestic welfare
They warn that without visible improvements in employment, real incomes, public services, and security, claims of economic progress may struggle to resonate with the public.
Analysts say Nigeria’s challenge is not only attracting investment but ensuring that growth translates into broad-based development and poverty reduction.