Young finance and legal professionals in Nigeria have raised doubts about whether the economic reforms introduced by the Bola Tinubu administration have improved household incomes, even as headline macroeconomic indicators show signs of stability.
The concerns were aired during the youth edition of the Drinks and Mics podcast hosted by Nairametrics. Participants pointed to stagnant earnings, elevated living costs and little evidence that the gains from recent reforms have filtered down to ordinary Nigerians.
The conversation follows recent government efforts to highlight the benefits of its economic policies, including stronger external reserves and a more stable foreign exchange market. Central Bank of Nigeria Governor Olayemi Cardoso said last week that Nigeria's $55.1 billion in foreign exchange reserves offers a cushion against global economic shocks and helps shield Nigerians from external pressures. Cardoso noted he is often asked how the CBN's policy achievements translate into tangible benefits for citizens, and argued that without the buffer, Nigeria could have faced greater economic difficulties.
However, panellists questioned whether these macroeconomic gains are being felt in wages and living standards.
Chidinma Okoli, Senior Principal, M&A and Investor Relations at Moniepoint, said she did not believe incomes were growing meaningfully when asked by Oluwaseyi Akindutire, a Fixed Income Broker at Krosk Partners, whether Nigerians were earning higher incomes. She referenced income reports published by PiggyVest and Zikoko, stating that about 40% of Nigerians still earn below N100,000, a level she described as lower than five years ago. She also expressed concern that younger Nigerians appear to earn less than older working-age groups despite facing higher living costs.
"Gen Zs are earning lower than millennials over like a five-year period, which is ridiculous. Because right now, as you said, there's high prices and things. So to your point, I don't really think income is growing," Okoli said.
Tobiloba Yomi-Oshatimi, a Lawyer in Finance and Projects at Tope Adebayo LP, questioned whether the benefits of macroeconomic reforms would eventually reach ordinary Nigerians. He acknowledged the argument that reforms can produce economy-wide benefits over time but expressed doubt about whether those gains consistently reach the wider population. He cited the United Kingdom under former Prime Minister Margaret Thatcher as an example of the difficulties associated with economic policies and their effects on citizens.
