The story of Nigeria’s economy, once told in the language of imports, queues, and ballooning debt, is beginning to change.
At the heart of this shift, according to Asiwaju Olayinka Fasuyi, lies President Bola Tinubu’s insistence that the country must produce what it consumes.
Also in Ibadan, he spoke on Fasuyi, a management consultant, business school as the founder, and community leader-wove together a narrative that blended praise with a challenge. “When a country borrows to finance consumption, it mortgages its future,” he said. “But when borrowing is channelled into production and infrastructure, the nation prospers.”
He spoke against the backdrop of a debt profile standing at ₦149 trillion, 73 percent of it domestic. For decades, Nigeria borrowed heavily, often to fund consumption. That cycle, Fasuyi argued, “is being broken under Tinubu.”
Fuel he espoused tells the story best. “Nigeria, a producer of crude, long exported raw oil only to import refined products at great cost. The Dangote Refinery, now fully operational, has changed that equation. Filling stations once marked by endless queues are suddenly free, and refined petroleum is flowing not only across Nigeria but also into neighbouring markets. The savings are massive,”
This administration he noted deserved credit for tackling problems it did not create but addressing them head-on.
Agriculture, he stressed, is the next frontier. “If Nigeria consistently grows what it eats, the naira will stabilise, purchasing power will improve, and the economy will find firmer footing”.
Fasuyi did not dwell on economics alone. He told a wider story of Nigeria’s progress-population soaring from 63 million at independence to 230 million today; universities multiplying; infrastructure spreading; regions becoming 36 states. “We may not be where we desire,” he reflected, “but no society remains static. Growth is relative, and we have indeed moved forward.”
He challenged Nigerians to see governance as a partnership, not a spectator sport. With the Supreme Court’s ruling granting local governments financial autonomy, Fasuyi believed real change would come “if development starts from the bottom up. Communities hold enormous social capital. If tapped, it can transform Nigeria,”
On the World Bank, Fasuyi dismissed the notion of external sabotage. Loans, he insisted, “are not the problem-it is what nations do with them. China still borrows. The difference is discipline. Nigeria must follow suit,”
As he prepares to mark his 70th birthday in Ijesaland with nine days of cultural, spiritual, and developmental celebrations, Fasuyi frames his life milestone within Nigeria’s struggle for progress. With national life expectancy pegged at 62 years, he regards his own age as both a blessing and a mandate. “Attaining 70 is a dream fulfilled. My joy is to use this milestone to further champion inclusive and sustainable development,” he said.
For Fasuyi, Nigeria’s path is neither hopeless nor complete. His verdict is one of cautious optimism: with disciplined leadership, participatory governance, and a citizenry committed to production over consumption, the country is finally edging onto the right track.