As Nigeria navigates through shifting economic tides, one question lingers on the minds of business leaders, policymakers, and citizens alike: Is the country truly on a path to recovery, or is the supposed progress merely an illusion? This was the central theme of the March 2025 LBS Breakfast Session, led by renowned economist Bismarck Rewane.
In an era where data often tells conflicting stories, the presentation shed light on the paradox between official economic indicators and the everyday realities of businesses and consumers. Inflation is reportedly easing, the naira is stabilizing, and GDP growth is inching forward—yet corporate sales volumes remain sluggish, disposable income is still under pressure, and the cost of living continues to bite.
From the shrinking purchasing power of Nigerians to the unsettling trend of ‘miniaturization’—where businesses reduce product sizes to maintain affordability—the discussion explored how economic policies and market dynamics are shaping business performance. Rewane questioned whether the recent economic adjustments, including the controversial rebasing of Nigeria’s Consumer Price Index (CPI), truly reflect reality or if they are a case of statistical manipulation.
Beyond the data, the forum tackled key issues such as foreign exchange volatility, fuel price distortions despite the Dangote refinery’s operations, and the growing exodus of Nigerian students seeking education abroad amid soaring tuition fees. Meanwhile, the creative and sports industries, despite their international recognition, still struggle to drive significant foreign exchange inflows.
With Nigeria at a critical economic crossroads, the insights from this session serve as a wake-up call: Numbers may tell a story, but do they tell the truth?
