Former Ekiti State Governor Segun Oni says Nigeria’s economic hardship will not end quickly and urged citizens to adjust expectations, even as he defended ongoing reforms and praised recent exchange rate stability.
Speaking Wednesday on _Frontline_ on Eagle 102.5 FM, Oni said foreign investors are returning because of steadier macroeconomic signals. “Where there is stability, of course, the investment world will take positive interest… The first thing that all of us must applaud is the stability because that is what brings investment,” he said.
But he warned that stability is not prosperity. “The currency has been stable… But we are not where we should be yet. The absolute value of the exchange rate is still important, and we still want to see improvement in the value of the Naira.”
Oni tied inflation to weak domestic output, especially in agriculture, which he said is crippled by insecurity. “Farmers are not as productive as they should be because the security index is very poor, and this affects everything else in the economy,” he said. He praised the military and urged citizens to share credible intelligence, noting that even rumours of kidnapping disrupt economic activity.
He backed subsidy removal and FX unification as necessary but painful. “The hardship will not go overnight… Government should do more to bring the hardship down, but it will not go overnight, and we must recognise that reality,” he said. “The prices may be stabilising in some sense, but the pressure on citizens is still very high.”
On palliatives, Oni said direct cash handouts are inefficient but relief remains necessary. He proposed using schools, faith-based groups, and structured community systems to deliver support. “I am not a fan of palliatives, but we have to do it… wisely and constructively.”
Asked about state governments, Oni declined judgment without access to their books but said all levels should “do more and find constructive ways of meeting the citizens where they are.”
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He warned Nigeria’s democracy is “regressing” due to party proliferation. “Going into so many political parties will never help democracy… 21 political parties or whatever number only creates opportunism,” he said. He proposed yearly reviews and a minimum national vote threshold for parties to stay registered. “If a political party is acceptable, it will reflect in votes… Should we continue to waste national resources maintaining parties that people do not support?”
Oni blamed weak internal management, not ideology, for defections and new coalitions. “Most of the big wigs have had opportunities to run their parties properly and did not. Setting up new parties is not an achievement.”
He confirmed he is a member of the APC. “I belong to APC. I’m not ashamed or afraid to say it,” he said, adding that his return followed stints in the BDP and LDP. “Relatively, I believe I am better off and I am taking the right decisions.”
Oni said Nigeria needs patience, structured reforms, and consistent policy, stressing that stability is a foundation for recovery, not the end goal. “We must acknowledge both progress and problems simultaneously.”
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