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The Nigerian economy, which has been struggling for decades, is finally showing signs of recovery, according to President Bola Ahmed Tinubu. However, the recent wave of protests across the country threatens to undermine this progress.

In a broadcast to the nation, Tinubu highlighted his administration’s achievements in the past 14 months, including a significant increase in government revenues, improved productivity in the non-oil sector, and major strides in rebuilding the foundation of the economy.

The President noted that aggregate government revenues have more than doubled, hitting over 9.1 trillion Naira in the first half of 2024, compared to the same period last year. This, he attributed to efforts to block leakages, introduce automation, and mobilize funding creatively without additional burden on the people.

Tinubu also announced that the country’s oil production has increased to 1.61 million barrels per day, and that investors are returning to the oil and gas industry following reforms announced in May.

However, the President warned that the recent protests, which have resulted in the destruction of public facilities and looting of businesses, could undermine the economic progress made so far.

“The economy is recovering; please, don’t shut out its oxygen,” he appealed to Nigerians.

Tinubu’s administration has implemented various initiatives aimed at stimulating economic growth, including the Compressed Natural Gas Initiative, which aims to reduce transportation costs by approximately 60% and help curb inflation.

The government has also established the Consumer Credit Corporation to help Nigerians acquire essential products without immediate cash payments, and has released funds to support small businesses and farmers.

Despite these efforts, the protests, which have been driven by frustration over the high cost of living and unemployment, threaten to disrupt the economic recovery.

Business leaders have expressed concern over the impact of the protests on the economy, citing the destruction of property and disruption of business activities.

“The protests are a major setback for the economy, which was just starting to show signs of recovery,” said one business leader.

Tinubu’s appeal for calm and dialogue is seen as a crucial step in addressing the concerns of Nigerians and getting the economy back on track.