The story of Nigeria’s economy, once told in the language of imports, queues, and ballooning debt, is beginning to change. And at the heart of this shift lies President Bola Tinubu’s insistence that the country must produce what it consumes.
Asiwaju Olayinka Fasuyi, a consultant to the World Bank and the United Nations Development Programme, UNDP, and the Asiwaju of Ijesaland, made this observation as he fielded questions on ARISE Television’s flagship programme, The Morning Show, over the weekend.
Fasuyi, Founder of the Ibadan Business School, IBS, was on a familiar turf as he dissected the nation’s economy vis-à-vis the titanic efforts of the Tinubu Administration to re-direct the ship of state and steer it to a safe economic shore. But he blended praise with a challenge: Nigeria must not borrow to finance consumption.
“When a country borrows to finance consumption, it mortgages its future,” Fasuyi declared matter-of-fact. “But when borrowing is channeled into production and infrastructure, the nation prospers.”
The IBS owner also viewed the country’s debt profile which currently stands at a staggering ₦149 trillion, 73 percent of which is domestic debt, and which sustainability many Nigerians view with concerns. Though he is not bothered about borrowing, he worries about a possible relapse to the past where Nigeria, for decades, borrowed heavily often to fund consumption. But he struck a happy note when he opined that the cycle “is being broken under Tinubu.”
Nothing better underscores such optimism than the recent developments in the petroleum industry, especially the coming of the $20 billion Dangote Refinery and Petrochemicals in Lekki, Lagos, which has fired up that critical sector, eliminating fuel queues and shortages. A game changer.
“Nigeria, a producer of crude, long exported raw oil only to import refined products at great cost,” Asiwaju Fasuyi continued. “The Dangote Refinery, now fully operational, has changed that equation. Filling stations once marked by endless queues are suddenly free, and refined petroleum is flowing not only across Nigeria but also into neighbouring markets. The savings are massive.”
The Tinubu Administration, he noted, deserved credit for tackling problems it never created headlong.
Pinpointing agriculture as the next frontier deserving serious attention and strategic planning, Fasuyi, also the owner of the Supreme Management Training and Consultancy Service Limited, said: “If Nigeria consistently grows what it eats, the naira will stabilise, purchasing power will improve, and the economy will find firmer footing.”
Fasuyi did not dwell on economics alone. Asked whether he thought Nigeria, in its current state, was better than it was decades ago, he answered by doing a quick comparative analysis. At independence in 1960, he began, Nigeria’s population was 45 million. Then, it soared as the years flew past, hitting its current estimate of 230 million. Alongside with the bulging population, universities are multiplying; infrastructure are spreading; regions have become 36 states.
“We may not be where we desire,” he concluded, “but no society remains static. Growth is relative, and we have indeed moved forward.”
He challenged Nigerians to see governance as a partnership, not a spectator sport. With the Supreme Court’s ruling granting local governments financial autonomy, Fasuyi believed real change would come “if development starts from the bottom up. Communities hold enormous social capital. If tapped, it can transform Nigeria.”
On the World Bank, Fasuyi dismissed the notion of external sabotage. Loans, he insisted, “are not the problem-it is what nations do with them. China still borrows. The difference is discipline. Nigeria must follow suit.”
As he prepares to mark his 70th birthday in Ijesaland with nine days of cultural, spiritual, and developmental celebrations, Fasuyi frames his life milestone within Nigeria’s struggle for progress. With national life expectancy pegged at 62 years, he regards his own age as both a blessing and a mandate. “Attaining 70 is a dream fulfilled,” he said. “My joy is to use this milestone to further champion inclusive and sustainable development.”
For Fasuyi, Nigeria’s path is neither hopeless nor complete. His verdict is one of cautious optimism: with disciplined leadership, participatory governance, and a citizenry committed to production over consumption, the country is finally edging onto the right track.
Story Credit: The Crest
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