Former Minister of Education, Oby Ezekwesili, has acknowledged that the administration of President Bola Tinubu has made progress in stabilising the foreign exchange market through greater adherence to market principles.

Ezekwesili made the assessment in an interview with News Central Television, while noting that the improvement in some economic indicators had yet to translate into better living conditions for most Nigerians.

She said the country was still facing widespread poverty and a high cost of living, despite the relative stability in the foreign exchange market.

“The volatility we have with the foreign exchange rate is quieter because they are abiding by market principles for foreign exchange policy,” Ezekwesili said.

However, she criticised the government’s handling of inflation, arguing that the rise in the prices of goods and services remained a major concern for households.

She said official inflation figures should not be considered in isolation from the actual cost of living faced by Nigerians.

“The cost of living for the average citizen is still pretty high,” she said.

Ezekwesili also identified low productivity as a major obstacle to economic growth, job creation and improved household incomes.

She attributed some of Nigeria’s economic difficulties to structural problems and policy choices that, in her view, had failed to adequately address barriers to productivity and economic opportunities.

She maintained that while progress had been recorded in macroeconomic stability, Nigeria still had significant challenges to overcome before the benefits of economic reforms could be widely felt by citizens.