Nigeria’s economy has long existed on a tightrope, constantly buffeted by internal challenges and external perceptions. While reforms and development strides have been made over the years, the narrative surrounding Nigeria’s economic outlook remains overwhelmingly negative, often amplified by both international institutions and local media. In an era where perception can drive investment, confidence, and policy success, the need for a reimagined communication strategy has become urgent. Particularly now, as President Bola Ahmed Tinubu implements sweeping reforms, the way Nigeria’s economic story is told could make the difference between stagnation and progress.
Despite persistent narratives of decline, pockets of real economic growth are visible across Nigeria. A booming real estate sector in cities like Lagos, Abuja, and Port Harcourt, largely funded through private resources rather than formal mortgages, showcases a vibrant informal economy often overlooked in official GDP calculations. This growth demonstrates that Nigerians are resourceful and that opportunities still exist, even amid broader economic difficulties.
Moreover, President Tinubu’s track record, especially in Lagos State, offers concrete evidence that determined leadership can drive significant transformation. Over the last two decades, infrastructure upgrades, real estate expansion, and urban renewal projects have reshaped Lagos and its adjoining areas. This experience underpins confidence in the President’s ongoing national reforms, which seek to recalibrate Nigeria’s economy for sustainable growth.
However, the impact of international organizations’ communications — particularly the World Bank and IMF — has been problematic. Grim projections about Nigeria’s economic future are often released without sufficient context, quickly seized upon by the media and transformed into panic-inducing headlines. While these institutions have a mandate to report economic risks, their approach tends to demoralize the very nations they aim to support.
These communications create psychological and real economic consequences: scaring away investors, emboldening price gouging among retailers, and fostering widespread pessimism. When organizations predict a sharp rise in poverty or spiraling inflation without acknowledging ongoing reforms and improvements, they inadvertently undermine the very developmental efforts they finance. A more balanced approach to economic reporting is necessary — one that acknowledges challenges but also recognizes progress, encourages resilience, and fosters hope.
President Tinubu’s leadership style, often mischaracterized, is marked by frugality and pragmatism. His decision to purchase a second-hand presidential jet, for instance, was a cost-saving move compared to the long-term costs of private jet rentals. Furthermore, his foreign trips have been targeted and strategic, focusing on securing investments and strengthening international partnerships, rather than ceremonial visits.
Significant macroeconomic achievements under Tinubu’s administration support the argument for cautious optimism. Nigeria posted a $6 billion positive balance of payments in 2024. A trade surplus of $16 billion was recorded, strengthening the naira. Foreign reserves have risen to over $40 billion, an increase of $20 billion in unencumbered assets. State government allocations have tripled compared to 2023 levels. Massive investments in youth empowerment through AI training, outsourcing opportunities, and educational loans have been launched, benefitting over 500,000 students. These successes, though incremental, point to a reform agenda that is beginning to bear fruit. Proper communication of these achievements is vital for building momentum and restoring confidence among citizens and investors alike.
Given Nigeria’s delicate position, a shift in communication strategy is imperative — both internationally and locally. International institutions must consider the real-world impact of their statements. Economic reports should be delivered thoughtfully, highlighting areas for improvement without condemning the entire economy. This would provide space for governments to respond, adjust, and drive positive change without being preemptively judged.
Similarly, local media must adopt a more responsible posture. While sensationalism may drive clicks and sales, excessive negativity erodes public morale and undermines national progress. Reporters and commentators must balance critique with acknowledgment of progress, fostering a more nuanced understanding among the populace.
Senator Jimoh Ibrahim’s bold intervention during the IMF/World Bank meetings — challenging the lack of empirical support behind some dire projections — exemplifies the assertiveness Nigeria must embrace. His call for the establishment of a proper economic databank is crucial for ensuring accurate, responsible reporting going forward.
Nigeria stands at a pivotal moment. The hard choices have been made; the foundation for future growth is being laid. However, without a deliberate and thoughtful communication strategy, these efforts risk being undone by fear, pessimism, and misinformation. As a nation, we must insist on narratives that are honest but hopeful, critical but constructive. International partners must also recognize their role in shaping perceptions and outcomes in developing economies like Nigeria. Together, through responsible communication and resilient leadership, Nigeria can and must progress.
