Nigeria president pleads for ‘patience’ amid tough economy

Nigerian President Bola Tinubu has pleaded with his compatriots for “patience” as they continue to grapple with a tough economic situation.

In an independence day speech, Tinubu defended his controversial economic reforms, saying they were necessary and were beginning to bear results.

He also insisted Nigeria was “winning the war” on the violence that has killed thousands in the north over recent years – a declaration that will seem far-fetched to some.

Protesters in the capital, Abuja, as well as Lagos are using the 64th anniversary of independence from the UK to denounce what they see as the government’s poor handling of the economy.

President Tinubu began his speech on Tuesday by telling Nigerians: “I am deeply aware of the struggles many of you face in these challenging times.

“I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel.”

After coming to power last year, Tinubu removed a subsidy that kept the price of fuel low for Nigerians.

He also scrapped the policy of pegging the naira to the US dollar, instead allowing the market to determine the price of the currency. This caused the naira to plunge in value – at one point it hit an all-time low.

This – along with the ending of the fuel subsidy – have been factors in the recent rise on the cost of living.

Annual inflation – the average rate at which prices go up – has reached highs not seen for nearly three decades. Last month, inflation was at 32%.

In Tuesday’s address, Tinubu said his administration had no choice but to put the economy on a more sustainable path. He also noted that numerous other countries across the world had seen an increased cost of living.

Following the speech, Lagos resident Michael Olaleye told the Reuters news agency: “Personally, me I am doubting if it is something that is going to work out because it has not shown really… majority of what the president is talking about has not shown.”

But another city dweller, Victory Azimih, urged Nigerians to be “optimistic” and acknowledged that the government could not “fix everything”.