Nigeria Must Act Fast, Says Kale
Yemi Kale has issued a serious warning. He said Nigeria needs to grow its economy by 40% each year to reduce the damage from new U.S. tariffs. Kale, Chief Economist at Afreximbank, shared his thoughts at a public economic discussion in Lagos. According to him, if Nigeria does not move quickly, it will face more economic pain.
Reform, Don’t React
Kale urged leaders to stop waiting for problems to happen. Instead, he wants proactive policies that solve deep-rooted issues. He pointed out Nigeria’s key strengths—its young population and rich natural resources. These, he said, must be used better to gain from African and global trade.
Stabilize the Economy First
He called for quick action to fix the economy. Kale said Nigeria must restore trust in its financial systems. Inflation needs to drop, and investor confidence must grow. He also stressed the need to invest in key areas like farming, tech, manufacturing, and services. Strong institutions will help carry these plans forward.
Farming Is a Weak Spot
Kale raised concerns about agriculture. For example, maize yields in Nigeria are just 1.5 tons per hectare, while the global average is six to eight. This, combined with high post-harvest losses and climate change, makes agriculture risky. Kale believes Nigeria needs more than just any growth—it needs growth that creates jobs and spreads wealth.
Private Sector Calls for Support
Dele Kelvin Oye, head of NACCIMA and leader of the Organized Private Sector, agreed with Kale. He said the U.S. tariff increase will hurt non-oil sectors badly. Oye warned that many businesses could shut down and jobs may be lost. He criticized the government for not consulting business leaders before making major decisions. Sudden changes in taxes and trade rules, he said, make investors nervous.
Time for a Reset
With youth unemployment over 53% and inflation above 23%, Oye believes Nigeria must look beyond the U.S. He advised forming new trade deals with countries in Asia, Africa, and Latin America. Relying on just one trade partner, he said, is risky and limits growth.
Talk Is Not Enough—Act Now
Other experts at the event said Nigeria must move from planning to action. Tayo Aduloju, CEO of the Nigerian Economic Summit Group, said strong institutions are the key. He added that poor leadership and weak systems are the real reasons for Nigeria’s slow progress.
Muda Yusuf, head of the Centre for the Promotion of Private Enterprise, added that Nigeria’s trade rules focus too much on collecting revenue. High tariffs, he said, are putting pressure on businesses and blocking investment.
The Message Is Clear
Nigeria is running out of time. The economy won’t fix itself. Leaders must choose: real growth or more hardship. Kale’s message was loud and clear—the country must act now, or fall further behind.
