President Bola Ahmed Tinubu’s decision to remove Mele Kyari as Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) is a necessary course correction. The move, long advocated by policy analysts and business leaders, signals a willingness to tackle inefficiencies in the country’s most vital revenue-generating sector. However, it must not be an isolated event. If Tinubu is serious about reversing Nigeria’s economic decline, he must extend this reformist zeal across government ministries and institutions that have stifled growth and deepened economic hardship.
The NNPCL has, for years, been synonymous with opacity, mismanagement, and entrenched inefficiencies. Kyari’s tenure did little to address these longstanding challenges, as oil theft persisted, supply disruptions worsened, and accountability remained elusive. Replacing personnel is a step forward, but structural reform must follow.
“Without greater transparency, a commitment to performance-driven leadership, and robust oversight mechanisms, this change will amount to little more than a reshuffling of the deck chairs.”
Tinubu must also ensure that the successor is not merely another political appointee but a competent technocrat with the expertise and independence to drive real reform. Nigeria’s petroleum sector requires a shift towards transparency, efficiency, and alignment with global best practices, qualities that have been largely absent in its governance. A leader who prioritises infrastructural sustainability, operational efficiency, and fiscal accountability must take the helm of the NNPCL and drive meaningful reforms. A clear five-year mandate to curb crude oil theft, enhance transparency, and achieve OPEC targets must be set in motion.
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NNPCL is just one piece of the puzzle. Tinubu must now turn his attention to other underperforming sectors that are holding back economic recovery. The Central Bank of Nigeria (CBN) remains at the heart of the country’s monetary instability. While the replacement of Godwin Emefiele was a necessary step, there has been little clarity on the strategic direction of monetary policy. Inflation continues to soar, the naira remains volatile, and investor confidence is weak. Stronger fiscal coordination and clear, credible policies are required to stabilise the macroeconomic environment.
The power sector is another critical area in need of urgent reform. Chronic underperformance in electricity generation and distribution continues to choke industrial output and drive up the cost of doing business. Despite multiple interventions, the Ministry of Power has failed to deliver meaningful improvements. Addressing this requires not just a leadership change but a coherent policy framework that prioritises infrastructure investment, private sector participation, and long-term energy security.
Beyond oil, Nigeria is sitting on an underutilised goldmine: natural gas. With reserves of 20.9 trillion cubic feet, Nigeria has the potential to be an energy powerhouse. Yet, it lags far behind global leaders like Russia, which effectively leverages its 38 trillion cubic feet of reserves for economic dominance. Instead of harnessing this wealth, Nigeria flares 40 per cent of its gas output, leading to an annual waste of nearly $1 billion: resources that could be channelled into energy security, industrialisation, and revenue generation. Investment in natural gas could revolutionise Nigeria’s economy. Yet, the country is still experiencing power supply instability, foreign currency shortages, and economic instability; honestly, it’s sad!
Agriculture, a sector that should be a cornerstone of economic diversification, remains crippled by inefficiencies, poor policy execution, and insecurity. Rising food prices and supply chain disruptions underscore the need for a leadership overhaul within the Ministry of Agriculture. Policymakers must prioritise sustainable agricultural investments, improve access to financing for smallholder farmers, and reduce reliance on food imports.
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Sacking officials without addressing systemic dysfunction will achieve little. Tinubu’s administration must be guided by performance metrics, not political expediency. Future appointments must be based on competence, not patronage. Nigeria cannot afford a government that rewards loyalty over expertise, particularly at a time of economic crisis.
Moreover, these reforms must be communicated with clarity. Investors and the public alike require confidence that these actions are not merely reactive but part of a coherent economic strategy. Transparency, measurable targets, and a firm commitment to accountability will be key to ensuring that these changes translate into meaningful economic progress.
While the removal of Mele Kyari demonstrates a willingness to act, it must be the catalyst for systemic change. To truly restore Nigeria’s economic credibility, President Tinubu should prioritise a comprehensive evaluation of his economic team, establish clear accountability frameworks for ministers, and implement bold, decisive policy reforms. This moment demands a strategic and sustained commitment to addressing the root causes of our economic challenges, moving beyond individual actions to build a foundation for long-term stability and growth.
