The Independent Media and Policy Initiative (IMPI)has advised the Federal Government of Nigeria to utilise gains from rising global oil prices to strengthen the country’s economic resilience.
In a policy statement released in Abuja, IMPI Chairman, Dr Omoniyi Akinsiju, said the current oil revenue surge presents an opportunity to implement long-term economic reforms rather than short-term spending.
He noted that the group’s position differs from that of the Nigeria Labour Congress (NLC), which has called for wage increases using the expected oil windfall.
According to Akinsiju, such measures would benefit only a limited segment of the population, while broader investments would have a more lasting impact.
He highlighted several programmes introduced under the administration of President Bola Ahmed Tinubu, aimed at promoting productivity and reducing dependence on fuel subsidies and imports.
Among these initiatives is the $500 million Sustainable Power and Irrigation for Nigeria (SPIN) Project, supported by the World Bank, which is designed to boost power generation and agricultural output.
Akinsiju also referenced the approval of a N250 billion funding facility for the Bank of Agriculture (BOA) to provide affordable credit to smallholder farmers.
He said the intervention, alongside the distribution of over 2 million bags of fertiliser is intended to enhance food production and strengthen Nigeria’s agricultural value chain.
The IMPI chairman further pointed to ongoing social intervention programmes, including the FarmerMoni Dry and Wet Season Programme, which offers interest-free loans to thousands of farmers across Nigeria.
The scheme, implemented by the National Social Investment Programme Agency (NSIPA) forms part of the government’s broader Government Enterprise and Empowerment Programme (GEEP 3.0)
He added that the government is also addressing financing gaps for small businesses through initiatives like the GROW Fund targeting young entrepreneurs nationwide.
In addition, Akinsiju noted increased focus on agricultural mechanisation, with the deployment of thousands of tractors and equipment through public-private partnerships to support farmers.
He said the Federal Government has also disbursed over N2.45 trillion to states to enhance infrastructure development and improve security operations.
The IMPI maintained that strategic investment of oil windfall revenues in sectors such as agriculture, infrastructure, and energy would help stabilise the economy and reduce poverty over time.
