Economy
Tinubu’s Policy Reforms Will Lead to Economic Growth—Morgan Stanley
By Adedapo Adesanya
An American investment management services company, Morgan Stanley, has lauded some of the recent policy reforms introduced by President Bola Tinubu, saying they could create a potential uptick in economic growth.
In its recent advisory report titled Tales From the Emerging World: Nigeria’s New Dawn? seen by Business Post, the firm drew several policies distinction between the two-month-old administration of President Tinubu and the eight years of his predecessor, Mr Muhammadu Buhari.
“Nigeria suffered eight years of economic stagnation under the administration of the previous president, Muhammadu Buhari, a former general who had promised to tackle corruption,” but added that Mr Tinubu’s recent moves could reposition Africa’s biggest economy on track for recovery.
It chastised Mr Buhari’s failure to remove fuel subsidies and the implementation of foreign currency controls hobbled the private sector, while a lack of economic growth exacerbated the level of extreme poverty.
“Today, some 71 million people live below $1.90 a day, a significant jump from 61 million in 2016. By contrast, most countries have reduced their poverty levels significantly – India saw a decline from 74 million people in poverty to 44 million.
“During Buhari’s tenure, the average Nigerian saw their annual income shrink by nearly one-third, from $3,222 to $2,200, one of the steepest declines recorded by any country over that time span, while Kenyans saw their incomes rise by more than 40%,” the note read.
It agreed that while Mr Tinubu’s removal of fuel subsidies has led to higher fuel prices, the advisory company warned that cheap petrol prices were detrimental to the economy and that scrapping the regime that cost the country $10 billion (N4.3 trillion) alone last year was the surest bet.
“The removal of subsidies is likely to prove painful in the near term, especially as it will likely erode consumer confidence, send inflation higher, and hurt consumption,” the report said.
“We believe Tinubu’s actions could potentially mark a turning point and deliver medium-term growth, which will spur the emergence of a mass consumer market in one of the fastest growing populations in the world.”
It also lauded the reunification of the exchange rate and the removal of the CBN Governor, Mr Godwin Emefiele, who it called the architect of the multiple exchange rates.
“The new administration’s challenge is to devise sound policies to unleash the potential of Nigeria’s human capital, perhaps its greatest asset. The reforms are a positive step, but more needs to be done to ensure momentum is not lost.
“Tinubu and his team of technocrats have a unique opportunity to free up the economy and attract foreign investors looking for sustained growth,” it concluded.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
