As Nigeria grapples with a faltering economy, high inflation, and a depreciating currency, a development expert, Dr Segun Akinloye, has called for an urgent structural change to rescue the country from deepening fiscal and economic distress.
In a newly released article titled “10 Solutions to Nigeria’s Problems: A Critical X-Ray of the Nation,” on Friday, Akinloye outlines a comprehensive blueprint for repositioning Nigeria’s economy.
While releasing a detailed economic reform agenda, Akinloye warned that the nation is on the brink of collapse if bold reforms are not urgently implemented.
“What Nigeria needs now is not just change, but economic transformation driven by competence, courage, and accountability,” said Akinloye, who is the Principal Partner at Diesel Solicitors and a seasoned public affairs analyst.
According to him, Nigeria’s overreliance on oil revenues has left the economy vulnerable to external shocks, while persistent fiscal indiscipline, a fragmented foreign exchange market, and a weak industrial base have hindered sustainable growth.
“We must move away from our dangerous dependence on oil and pursue economic diversification with urgency. Agriculture, solid minerals, and the creative industry hold enormous untapped potential,” he stated.
Akinloye emphasized the need for policies that support small and medium-sized enterprises, noting that they are key drivers of employment and innovation. He called for simplified tax regimes, easier access to finance, and infrastructure support to help local businesses scale.
In a direct critique of the current monetary and fiscal environment, Akinloye advocated for the harmonization of the foreign exchange market, increased local production to reduce imports, and strict adherence to fiscal discipline to stabilize the naira.
“A unified exchange rate and responsible fiscal policy are not optional. They are essential to rebuilding investor confidence and halting the naira’s free fall,” he said.
On public finance, Akinloye proposed a national infrastructure development fund, backed by both public and private sector investment. The fund, he argued, should be managed transparently under a robust public-private partnership (PPP) framework to accelerate infrastructure delivery and stimulate economic activity.
He also warned that corruption and weak institutions continue to undermine economic progress, calling for full digitalization of government operations, strengthened anti-corruption frameworks, and legal protections for whistleblowers to improve transparency and reduce leakages.
“Without tackling corruption head-on, no economic reform will be sustainable. Public trust is the bedrock of any thriving economy,” he noted.
In the area of education, he recommended a significant boost in public investment, with at least 20 percent of the national budget allocated to the sector.
He emphasised the need to reform the curriculum to produce a workforce that is equipped for the digital economy.
Despite the daunting challenges, Akinloye remains optimistic about Nigeria’s future if the right reforms are embraced.
“Nigeria’s economic crisis is serious, but not beyond redemption. With the right leadership and the political will to execute bold policies, the country can achieve inclusive and sustainable growth.
“The time for incremental reforms is over. Nigeria’s economy needs a bold reset, and the window of opportunity is rapidly closing,” he concluded.
