Rotary conference: Fasua, Manek, others call for patience on reforms, warn against complacency

Special Adviser to the President on Economic Affairs in the Office of the Vice President, Dr. Tope Fasua, on Thursday defended the federal government’s economic reforms, saying the measures, while painful, are necessary to stabilize the economy and create long-term opportunities for inclusive growth.

Fasua was speaking at the second Rotary International District 9127 conference in Abuja, where he delivered a speech titled “Nigeria’s Economy: Pathways, Reforms and Opportunities for Inclusive Growth.”

He said the reforms introduced by President Bola Tinubu’s administration are already beginning to yield results despite the hardships faced by many Nigerians.

Drawing comparisons with countries such as India and China, Fasua argued that economic transformation often requires sacrifices before significant gains can be achieved.

“There is a time to sow and a time to reap,” he said, noting that India’s rise as one of the world’s fastest-growing economies has been driven by years of difficult but deliberate reforms.

The presidential aide identified the elimination of fuel subsidies, foreign exchange reforms and fiscal restructuring as the main policy measures taken to reposition the economy.

On the removal of fuel subsidies, Fasua said the previous system had become unsustainable due to widespread corruption and abuse. According to him, billions of dollars are lost every year due to fraudulent subsidy claims and manipulation in the oil industry.

Although he admitted that removing subsidies contributed to rising fuel prices and inflation, he argued that the policy was needed to stop losses and restore fiscal stability.

He said inflation, which he noted has risen to nearly 35% by the end of 2024, is gradually easing.

Fasua also defended reforms in the foreign exchange market, saying they have reduced arbitrage and speculative practices, while encouraging exports and discouraging excessive imports.

He described the administration’s tax reforms as “pro-poor,” explaining that low-income workers and small businesses are protected under the new framework.

“The President’s position is to allow poor Nigerians to breathe,” he said.

The economist urged Nigerians not to define the country solely by poverty, insisting that Nigeria still possesses huge economic potential despite prevailing challenges.

“I am a person who disagrees that Nigeria should be defined by poverty,” he said.

Fasua cited bank recapitalization, growth in cryptocurrency participation and increased local investment as signs of the economy’s resilience.

He also highlighted the growing presence of foreign educational institutions in Nigeria, saying that universities such as Coventry University and the University of Birmingham are establishing partnerships in the country, while schools such as Charterhouse and Rugby School have expanded operations in Nigeria.

According to him, such developments could reduce capital flight and create business opportunities for Nigerians.

The presidential aide, however, acknowledged that insecurity, inflation, high interest rates and poor electricity supply remain major concerns.

He said the current monetary policy rate is still too high for businesses and borrowers, also identifying energy shortages as a major challenge for households and industries.

Fasua expressed optimism that renewable energy, especially solar energy, will become more affordable and play a greater role in Nigeria’s energy future.

He also urged Nigerians to take greater interest in governance and development at the state and local government levels, stressing that reforms are gradually moving more opportunities away from the federal system.

“Please go back to the United States, go back to your local governments, look at your state. Even if you live here in Abuja, take an interest,” he said.

Appealing to patriotism and collective responsibility, Fasua urged citizens not to lose hope in the country despite the current economic and security challenges.

“This is our country. We are the ones we have been waiting for,” he added.

Also speaking at the conference, the Deputy Governor of Kaduna State, Dr. Hadiza Sabuwa Balarabe, commended Rotary International for its humanitarian and community development efforts, describing the organization as a vital partner in promoting social development and nation-building.

Balarabe, represented by the Director General of Intergovernmental Affairs, Hanatu Mohammed, said the Kaduna State Government appreciates Rotary’s contributions in healthcare, education, youth development, water and sanitation, economic empowerment and peacebuilding.

He said the administration of Governor Uba Sani remains committed to inclusive governance and people-centred development, stressing that sustainable progress requires collaboration between government, civic organisations, development partners and the private sector.

“One government alone cannot meet all the needs of the people. Rotary has consistently demonstrated that service above self is not just a motto, but a practical and impactful approach to nation building,” he said.

The lieutenant governor described the conference’s theme, “Uniting for Good, Promoting Friendship, and Showing Service,” as a reflection of Rotary’s commitment to humanitarian service and community impact.

Meanwhile, Rotary International President Francesco Arezzo, represented by Geeta Manek, praised Rotary District 9127 for its interventions in the field of healthcare, maternal and child health and polio eradication.

Speaking at the conference, Manek said the district stood out for impactful humanitarian projects and strong leadership in community development.

He particularly praised Nigerian Rotarians for their contribution to eradicating polio in Africa.

“When you eliminated polio from Nigeria, we declared Africa polio-free. Thank you, Nigeria,” he said.

Manek, however, urged members not to become complacent despite their achievements.

“So friends, I encourage you, this is the time to roll up your sleeves, not to please us, but to continue the fight against polio,” he said.

He also called for stronger collaboration between Rotary, governments, communities and business organizations to scale up humanitarian impact across the continent.

“Africa is no longer on the menu, Africa is on the table. In Rotary, Africa is at the top of the table,” he added.

Earlier, the District Governor of Rotary International District 9127, Dr. Joy Okoro, said the conference was aimed at strengthening collaboration among Rotarians across the 16 states and Federal Capital Territory within the district.

Okoro said the meeting provided an opportunity for clubs to network, exchange ideas and review projects implemented in communities.

According to her, discussions focused on Rotary’s seven areas of focus, including maternal and child health, education, economic empowerment, environmental sustainability and polio eradication.

He revealed that District 9127 has increased its membership from 88 to 95 Rotary clubs, in addition to the addition of eight Rotaract clubs under his administration.

Okoro added that the district has undertaken several community projects, including the provision of incubators and phototherapy lamps for hospitals, the renovation of schools and the donation of school furniture.

The event also included awards given to distinguished philanthropists for their contributions to humanitarian causes and support of Rotary activities.