Prof. Kazeem Oshikoya, Vice-Chancellor of the Federal University of Science and Technology (FUSTECH), Epe, says President Bola Tinubu's economic policies may appear harsh but are necessary for long-term national prosperity.
Oshikoya said this in an interview with the News Agency of Nigeria (NAN) in Lagos on Saturday.
He said although the removal of the fuel subsidy and other reforms initially put financial pressure on Nigerians, the policy has gradually translated into economic gains and created opportunities for sustainable national development.
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According to him, the Nigerian economy is showing signs of stability, while renewed confidence from foreign investors indicates growing prospects for economic recovery.
“Economic reforms are not always comfortable, particularly at their initial stages.
“However, difficult decisions are sometimes necessary to reposition a nation for sustainable growth and prosperity.
“President Tinubu’s decision to remove fuel subsidy may appear harsh, but it was a necessary step towards addressing some of the structural challenges confronting the Nigerian economy,” he said.
The vice-chancellor said growing investment interest in Nigeria indicated that international investors were beginning to recognise the country’s economic potential.
He expressed optimism that prices of food and other essential commodities would become increasingly affordable as the benefits of the ongoing reforms continued to manifest.
Oshikoya said the education sector was improving, particularly with the establishment of more universities and expanded opportunities for young Nigerians to access higher education.
“Today, more universities are being established, creating additional employment opportunities for academic and non-academic staff, while providing more admission opportunities for students to pursue their educational aspirations.
“This is important because education remains a major instrument for human capital development, innovation and national transformation,” he said.
He urged Nigerians to remain patient and supportive of government policies, stressing that economic reforms required consistency, effective implementation and collective commitment to produce the desired results.
Oshikoya emphasised the need for the Federal Government to sustain investment in infrastructure, education, agriculture and technology to strengthen the country’s productive capacity and improve the standard of living.
“There is light at the end of the tunnel. What is important now is for the government to remain focused, address areas of concern and ensure that the benefits of economic reforms reach ordinary Nigerians.
“With sustained commitment, transparency and effective implementation, Nigeria can overcome its present challenges and emerge as a stronger and more prosperous nation,” he said.
Oshikoya said a second term for President Tinubu would offer an opportunity to consolidate the administration’s ongoing reforms and complete some unfinished economic programmes.
He said continuity in governance, if accompanied by improved policy implementation and accountability, could help strengthen the economy and accelerate national development.
He said the ultimate measure of the reforms' success would be their positive impact on Nigerians' welfare, job creation, purchasing power, and overall economic opportunities.
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