Economist and lead consultant Prof. Ken Ife has said Nigeria was on the brink of an economic collapse in 2023, arguing that the policy measures introduced after President Bola Tinubu assumed office helped avert a major financial crisis.
Speaking during a television interview, Ife said the country’s economy was effectively in an “intensive care unit” in 2023 and that without the reforms, it could have suffered a full-scale collapse.
“The collapse was in 2023,” he said, adding that Nigeria was “sitting on the edge of a cliff” before emergency measures were implemented.
Ife cited the rise in Nigeria’s foreign reserves to about $51.89 billion as evidence of improved economic stability. He also credited the Central Bank of Nigeria with rebuilding net reserves, clearing outstanding obligations and restoring confidence in the financial system.
Despite those improvements, the economist stressed that stronger macroeconomic indicators must translate into tangible benefits for citizens through job creation, higher incomes and improved living standards. He also called for greater investment in local manufacturing and value addition to raw materials to sustain the country’s economic recovery and reduce the risk of future crises.
