According to a statement made by economist Oyedele, policy inconsistency has been a significant hindrance to Nigeria’s economic progress. Speaking to Tribune Online, Oyedele pointed out that while Nigeria has made strides in various sectors, the lack of a consistent policy framework has hampered sustainable growth. ‘Success cannot be declared in aggregate numbers alone. It must be proven on the ground and over time,’ Oyedele said. ‘Our economy needs a stable policy environment to thrive, and this is what we have been lacking.’
This sentiment is shared by many experts, who argue that Nigeria’s economy has been plagued by policy inconsistency for decades. The country’s frequent changes in policy direction have made it difficult for businesses to plan for the future and invest with confidence.
The impact of this policy inconsistency is particularly evident in sectors such as oil and gas, where Nigeria is the largest producer in Africa. Despite this, the country’s oil sector has struggled to compete on a global scale due to a lack of long-term planning and policy stability.
The call for a more consistent policy framework is not new, and Oyedele joins a chorus of voices urging the Nigerian government to prioritize stability and predictability in its policy-making. ‘The time for action is now,’ Oyedele said. ‘We need to put in place a policy framework that fosters growth and development, and that is what I am advocating for.’
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