12 ways the economy has changed structurally

By Tope Fasua

 

 

1. Only 3% of GDP is oil and gas. The rest is non-oil.

 

2. Better capturing of the entertainment sector where many youths are involved.

 

3. Higher volumes of local manufacturing due to weaker naira and reduced imports.

 

4. 30% increase in non-oil exports and 30% reduction in all imports.

 

5. New oil and gas industry where Nigeria is a net exporter of refined petroleum to US and Saudi and UAE while we have become a new importer of crude oil. Disappearance of fuel queues with ease of local production by Dangote etc.

 

6. Incentive for non-oil exports like cocoa, cashew, soybean, etc, with cheaper naira. Cocoa exports made N4 trillion for Nigerians in 2024. It may be better in 2025. Many have returned to the Land. Palm oil, cocoa, cashew, and soybean driving the market and making profits for companies and individuals alike.

 

7. Value addition to raw materials is becoming a main driver of the economy. Export of manufacturers, especially FMCGs and even cars along west African region.

 

8. Explosion of hard infrastructure at the state level. Roads, bridges, captive electricity like solar, complemented by FG investment in infrastructure, which is the only way to reduce multidimensional poverty.

 

9. A stable Naira is good for planning. Reversal of unnecessary haemorrhage of foreign currency. Many foreign schools are now coming to establish in Nigeria, eg Charterhouse, King’s College etc. Japa for Master’s degree has reduced sharply.

 

10. Stable naira is helped by increasing foreign reserves …$42 billion and growing.

 

11. Higher salaries for many workers in private and public sector …helping to mitigate the inflationary effects. More tax reliefs coming Jan 1 2026.

 

12. More business opportunities in the local economy as a result of focus on naira and not dollar.

 

*Fasua (PhD) is Special Adviser to the President on Economic Matters, Office of the Vice President