Nigeria’s economic troubles didn’t just fall from the sky — they were made at home. That was the bold message from Dr. Yemi Kale, Group Chief Economist and MD at African Export-Import Bank, during his powerful keynote at the 2025 Vanguard Economic Discourse held at the Civic Center in Lagos.
According to Dr. Kale, the real root of the hardship Nigerians are facing isn’t some global crisis or unforeseeable disaster — it’s homegrown policy decisions made without enough thought or protection for ordinary people.
“Most of Nigeria’s economic hardship isn’t due to external shocks,” he said, “but rather the result of policies rolled out without the necessary safeguards. You don’t build public trust just by announcing policies — it’s about rolling them out with foresight, fairness, and firmness.”
His words struck a chord with many in the audience, as he described how inflation, poor planning, and reactive governance are squeezing both businesses and everyday citizens into survival mode.
“In tough times, people just want stability. That’s why many Nigerians settle for public sector jobs over riskier, better-paying options — because at least they’re safe,” Kale explained.
He also cautioned against using short-term populist economic fixes that might feel good now but end up causing deeper long-term damage, saying, “Those band-aid policies may look like relief, but they actually worsen instability and scare off investors.”
Dr. Kale didn’t hold back, drawing a straight line between bad governance and rising poverty, capital flight, and public distrust. “These aren’t theories. They’re real-life symptoms of broken economic management.”
Wrapping up his address, he called for urgent action, not just from policymakers, but from all sectors.
“Economic disruption is more than numbers on a chart — it’s a social emergency. And we need to treat it like one.”
The Vanguard Economic Discourse has become a vital platform where leaders from the public and private sectors come together to debate Nigeria’s biggest economic challenges and map out solutions. This year’s theme, “Nigeria’s Economic Outlook 2025: Hardship and Pathways to Sustainable Recovery”, couldn’t have been more fitting.
