As Nigeria celebrates its 65th Independence anniversary, the Alliance for Economic Research and Ethics Ltd/Gte has warned that the nation’s economic recovery remains fragile, urging government at all levels to prioritise human capital development as the foundation for sustainable growth.
In a statement signed by its Chairman, Dele Kelvin Oye, the Alliance noted that although Nigeria has made progress in stabilizing key macroeconomic indicators, the country continues to face critical challenges, particularly in debt servicing, poverty reduction, and social sector investments.
“The economy remains the dominant theme of public discourse, but long-term prosperity will only come through measurable investments in education, healthcare, and human capacity building,” Oye stated.
Reviewing policy outcomes since the change of administration on May 29, 2023, the Alliance described recent economic developments as a “mixed bag.” It pointed to the rise in external reserves to about $42 billion, which has helped strengthen exchange rate stability and moderate inflationary pressures.
However, Oye warned that high interest rates and the soaring cost of debt servicing remain major concerns, with debt repayments absorbing the largest share of both federal and state government budgets. This, he stressed, risks undermining the modest gains of ongoing reforms.
“As we enter another year of independence, we remind the government that the recovery is still fragile. The warnings by the World Bank, WTO, and other development partners on rising poverty and vulnerability risks remain paramount,” he said.
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The Alliance called for stricter fiscal prudence and the adoption of a national compact focused on predictable policies, accelerated infrastructure delivery, and stronger social protection measures to reverse the growth in poverty.
It also proposed enforceable borrowing caps for both federal and state governments, to safeguard fiscal stability and prevent future debt crises.
Furthermore, Oye urged the government, legislature, organised labour, private sector, and international development partners to engage in constructive, time-bound dialogue aimed at turning economic reforms into broad-based, inclusive prosperity.
While commending government for maintaining reform momentum, Oye stressed that much more remains to be done to build resilience and reduce vulnerability in the economy.
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“We pray that October 2026 Independence Day will bring better news,” he concluded, reaffirming the Alliance’s commitment to advancing economic accountability and ethical governance.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
