Group Chief Economist & MD of Research & Trade Intelligence at Afreximbank, Dr Yemi Kale, on Wednesday described Nigeria’s current economic story as a “paradox”.
Dr Kale spoke at the 2025 The Platform Nigeria, an Independence Day event hosted by Covenant Nation Church in Iganmu, Lagos, as Nigeria marks its 65th Independence Day on October 1.
According to him, although the country possesses much potential, it still has one of the most difficult business environments to operate in the world.
“Today, October 1, is a day to reflect on how far we have come in terms of our economic endeavors and the future we are working to create.
“It also calls for an honest assessment. What have we learnt? What must change? Where do we want to be when we reach the next milestone?
“Now, Nigeria at 65 years old, but unfortunately, our economic story is still being described as a paradox.
“We have economic potentials which are well recognised, very well documented, and are frequently discussed.
“However, on one hand, we sometimes have a difficult business environment for investors to operate.
“On the other hand, despite our potential and difficult environment, foreign investors are still willing to engage with Nigeria.
“So, while some will stay and navigate those challenges, others will leave temporarily, or even permanently, or delay entry.
“But whatever the case, they really lose sight of this market. They monitor us closely, waiting for the right opportunity or timing to return, because they understand that if Nigeria can get just a few fundamentals right, this is a market that does not demand immense skills, but has opportunities that cannot be ignored.”
He enjoined citizens to be patient as results of reforms often take time to manifest.
“Reforms are not merely designed to be political shifts to adjustments, it is also strategic decisions made by nations committed to stabilising their present and securing a prosperous future.
“They, however, do not yield instant prosperity; they require patience, persistence, disciplined execution, as well as the capacity to execute and follow through.
Reforms are often long before any meaningful changes begin to manifest. So, we don’t have to stop after a few weeks or give up because it is difficult.
“For instance, a population estimated at over 220 million, with over 70 per cent over the age of 30, means Nigeria possesses one of the largest reservoirs of youthful energy deposit anywhere in the world.”
