Tinubu's reforms stabilize Nigeria's economy amid global dollar decline
Nigeria's economy shows signs of stabilization under President Tinubu's reforms, with projected 4.68% growth in 2026 and inflation at 16.5%. The Central Bank of Nigeria's (CBN) independence and unified foreign exchange (FX) market are critical to sustaining these gains. FX unification ended multiple rate windows, reducing arbitrage opportunities and aligning the naira with global markets. While fuel prices quadrupled and poverty rose, the reforms have narrowed the official-parallel market gap to 2%, boosted external reserves to $45.5 billion, and increased non-oil exports by 20%. A weaker global dollar benefits Nigeria through higher oil prices and reduced debt costs, but sustained institutional credibility is essential. The CBN's independence must be protected to prevent policy reversals that could undermine progress.