Adeduntan Hails Tinubu’s Economic Drive, Urges Sustained Focus On Growth

According to Ireporter Online, former Group Managing Director and Chief Executive Officer of First Bank of Nigeria Limited, Dr. Adesola Adeduntan, has commended President Bola Tinubu and his Economic Management Team for what he described as the evident rebound and upward trend in Nigeria’s economy.

Dr. Adeduntan, who is also the Pro-Chancellor of Abiola Ajimobi Technical University, stated that it would be unprofessional for any economic analyst to ignore the visible improvements recorded under the current administration. While acknowledging that there is still room for growth, he maintained that the nation’s economy has been effectively redirected towards recovery.

He made these remarks while featuring as Guest of the Month on the Broadcasting Corporation of Oyo State (BCOS) live television and radio programme monitored by reporters. The discussion centered on the state of the nation and ongoing government reforms.

Adeduntan urged President Tinubu to remain focused and continue accelerating efforts to transform the economy, stressing that citizens at the grassroots would begin to feel tangible impacts when the country’s Gross Domestic Product (GDP) doubles.

“There is a clear rebound in the economy, and one must give due credit to the current administration,” he said. “While there are still areas for improvement, it would be a loss of professionalism not to recognize the progress made. The economy is on an upward swing, and the government’s policy direction is yielding results.”

The financial expert further observed that both federal and state governments have embarked on massive infrastructure projects that have contributed to the growing economic momentum. He emphasized the need for policy harmonization to ensure consistent progress, noting that when Nigeria’s growth rate reaches eight or nine percent, citizens will begin to experience more visible benefits.

Speaking on agriculture, Adeduntan highlighted remarkable strides in local production, particularly in rice cultivation. He recalled that about a decade ago, Nigeria spent significant foreign exchange on rice imports, but domestic production has now expanded substantially.

He added that many of the ongoing economic reforms are medium- to long-term projects, and their full impact will take time to materialize. “The journey toward economic diversification has begun, and it is a positive step in the right direction,” he remarked.

Adeduntan also advised the federal government to embrace further price liberalization instead of strict regulation, explaining that policies such as subsidy removal and currency harmonization have allowed market forces to deliver more realistic outcomes.

“Our agriculture is not yet where it should be, but we have made undeniable progress,” he said. “If the government can replicate the successes recorded in rice production across other agricultural sub-sectors, particularly livestock, the economy will grow even faster.”