Nigeria’s economy struggles with instability and high cost of living – Iche
3 min read
Nigeria’s economy struggles with instability and high cost of living – Iche
…as Iche clamours for change.
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By Naomi Onome
Comrade Prince Saviour Iche, on Thursday, September 18th, 2025, during a public discussion, expressed deep concerns about Nigeria’s current state under President Tinubu’s administration.
Iche reiterates that Nigeria is not working as a nation due to the removal of fuel subsidy without planning, leading to high petrol prices and an increase in foodstuff and other daily needs of Nigerians. He noted that the country is no longer sourcing foreign exchange for imports, and crude oil is being extracted from Nigeria, yet there is a fluctuation in PMS price.
However, he noted the removal of fuel subsidies is a critical issue, pointing out it was done without adequate planning and alternative measures. The impact of increased petrol prices on the economy seems to be a major pain point, especially given Nigeria’s crude oil resources.
On the issue of power supply, and after referencing President Tinubu’s 2023 campaign promise of 24-hour electricity, the contrast between that promise and the current challenges is striking. This suggests Nigeria needs strategic changes and perhaps a reshuffle of leadership to bring in expertise that can drive transformation.
He further said,
In comparison with other African countries like Kenya, Ghana, Sierra Leone, and the Benin Republic, it is frustrating that Nigerians in search of their daily bread have to cope with high transportation costs leading to an increase in the prices of everything, including food items.
Unfortunately, Nigerians are travelling to find greener pastures in other African countries like Cotonou and Ghana when Nigeria has every form of resource to better the economy. However, President Tinubu’s administration is being solidified by people who don’t have an interest in serving the masses.
President Tinubu needs to restore his cabinet and bring the best brains to transform the economy, end party affiliations, and position appointees who are experts in their fields to build a better Nigeria.
Insecurity resulting in crime is another disturbing issue; travellers, dwellers and foreign investors are afraid for their lives, leading to stagnancy in the economy as farmers can’t go to their farms to plant or harvest. The farm also suffers setbacks due to herdsmen invasion.
Discussing the way forward for Nigeria as a nation, Iche opined that there is a need for local production to reduce import dependency and strengthen the economy against the dollar. While addressing insecurity, which is linked to unemployment and poverty, it is suggested that engagement and economic opportunities could reduce crime. Also, the importance of having competent people in key roles, regardless of party affiliation, to drive economic transformation should be considered.
Iche calls for action and change in affirmation that Nigerians are becoming more discerning and won’t be swayed easily by past tactics like tribalism or religion. If tangible improvements are made, the support for President Tinubu’s continued administration will follow naturally.
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