The Chairman of the Basic Metal Sector, Iron and Steel Manufacturers Association of Nigeria (BMSISMAN), Prince Lekan Adewoye, has said the economic reforms introduced by President Bola Tinubu have brought stability to the Nigerian economy.
Speaking with journalists in Ilorin, Kwara State, during a stakeholders’ meeting organized by the Kwara South Development Initiative, Adewoye acknowledged the initial challenges following the removal of petroleum subsidy but said the policy is beginning to yield positive results.
“At the initial stage, we saw a sharp increase in the prices of commodities, but now things are stabilising. Prices are gradually coming down, and you can see this with essential items like rice,” he said.
Adewoye appealed to Nigerians to be patient with the administration, stressing that the reforms are necessary for long-term growth. “I believe the government is doing the right thing. We all have to wait and see the results of these necessary policies,” he added.
He also called on Nigerians to support Tinubu beyond 2027 to allow the president to fully implement his economic agenda. “Giving Tinubu another four years will enable Nigerians to feel the full impact of his economic policies,” he said.
The BMSISMAN chairman noted that subsidy removal and currency floatation were steps long overdue, adding that all major presidential candidates in the last election had pledged to remove fuel subsidy.
“When this administration came on board in 2023, the policies on the ground were not sustainable. The president took bold steps by removing subsidy and floating the currency—measures that ought to have been done earlier,” he said.
Adewoye described Tinubu’s performance as “fantastic” and urged Nigerians to focus on the progress made since the reforms began.
