Senator Uche Ekwunife Declares Nigeria Secure Under Tinubu

Senator Uche Ekwunife publicly affirmed Nigeria's stability under President Bola Tinubu's leadership. She made this statement during a political event in Abuja on Tuesday. Ekwunife praised Tinubu's economic reforms and endorsed him for the 2027 presidential election. She also detailed the All Progressives Congress's ongoing voter registration drive across Nigeria.

Ekwunife represents Anambra Central Senatorial District. She serves as the Chairman of the Senate Committee on Science and technology. Her endorsement carries weight in Nigeria's political landscape. The senator emphasized Tinubu's commitment to economic transformation. She cited specific policy directions as evidence of progress.

Tinubu's Economic Reforms Gain Political Support

President Tinubu implemented several economic measures since taking office in May 2023. These include fuel subsidy removal and foreign exchange market reforms. The Central Bank of Nigeria introduced a unified exchange rate system. The government launched a student loan program through the Nigerian Education Loan Fund.

Tinubu's administration established the Presidential Compressed Natural Gas Initiative. This program aims to convert vehicles to CNG. The Federal Ministry of Finance coordinates with the Nigerian National Petroleum Company Limited on these initiatives. The Corporate Affairs Commission reported increased business registrations in 2024.

Why It Matters

Political stability directly impacts Nigeria's business environment. Investor confidence depends on consistent policy implementation. The Nigerian Stock Exchange All-Share Index rose 45% in 2023. Foreign direct investment reached $1.5 billion in the first quarter of 2024 according to the National Bureau of Statistics.

Manufacturing companies like Dangote Cement and Nigerian Breweries require predictable regulations. The Manufacturers Association of Nigeria reported 15% production growth in early 2024. Agriculture firms including Olam Nigeria and Flour Mills of Nigeria need stable input costs. The National Insurance Commission oversees sector reforms affecting companies like AIICO Insurance and Custodian Investment.

What Businesses Should Watch

Monitor the Nigerian Upstream Petroleum Regulatory Commission's licensing rounds. The commission plans to auction new oil blocks in 2025. Track the Nigerian Electricity Regulatory Commission's tariff reviews. These affect operational costs for all businesses.

Watch for Central Bank of Nigeria interest rate decisions. The Monetary Policy Committee meets every two months. Observe the Federal Inland Revenue Service's tax collection improvements. The service collected ₦12.4 trillion ($8.9 billion) in 2023.

Follow the Nigerian Communications Commission's spectrum auctions. MTN Nigeria and Airtel Africa participate in these processes. Note the Nigerian Ports Authority's efficiency initiatives. APM Terminals and Bolloré Transport & Logistics operate major port facilities.

Economic Indicators Show Mixed Results

Nigeria's inflation rate reached 33.2% in March 2024 according to the National Bureau of Statistics. Food inflation hit 40% during the same period. The naira depreciated 70% against the dollar since June 2023. Unemployment remained at 4.1% in the fourth quarter of 2023.

Gross domestic product grew 2.74% in the fourth quarter of 2023. The oil sector contracted 2.22% while non-oil sectors expanded 3.07%. The Debt Management Office reported total public debt at ₦97.3 trillion ($69.5 billion) in December 2023. External debt accounted for 38% of this total.

Political Landscape Ahead of 2027

The All Progressives Congress continues its membership drive nationwide. The party aims to register 50 million members before the 2027 elections. Opposition parties including the Peoples Democratic Party and Labour Party prepare their strategies. State governorship elections occur in 2025 across several states.

Tinubu's economic team includes Finance Minister Wale Edun and Central Bank Governor Olayemi Cardoso. They implement reforms through agencies like the Securities and Exchange Commission and Nigerian Exchange Group. The Federal Competition and Consumer Protection Commission monitors market practices.

Business leaders express cautious optimism about Nigeria's direction. They cite infrastructure improvements but note persistent challenges. The Lagos Chamber of Commerce and Industry surveys show 60% of members expect better conditions in 2024. The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture reports similar sentiments.

Policy Implementation Remains Critical

The success of Tinubu's reforms depends on execution. The Presidential Enabling Business Environment Council coordinates regulatory improvements. Its target includes reducing business registration to 24 hours through the Corporate Affairs Commission.

The Infrastructure Corporation of Nigeria manages road and power projects. It partners with companies like Julius Berger and China Civil Engineering Construction Corporation. The Nigerian Sovereign Investment Authority invests in critical sectors including agriculture and healthcare.

Businesses adapt to the new economic reality. They adjust pricing strategies and supply chains. Companies like Nestlé Nigeria and Unilever Nigeria report margin pressures but maintain operations. The banking sector represented by Access Bank and Zenith Bank navigates currency volatility.

Nigeria's economic future hinges on sustained reform implementation. Political support from figures like Senator Ekwunife provides stability signals. The business community watches for consistent policy application across all sectors.