At the 13th Annual Lecture of the January 9 Collective (J9C) on January 9, 2025, Prince Adewole Adebayo, the Social Democratic Party’s 2023 presidential candidate, called for genuine and impactful reforms to address Nigeria’s economic and governance challenges.
In his lecture, Adebayo stressed that not all changes are reforms, urging Nigerians to distinguish between government initiatives and true reforms that bring tangible benefits.
He defined reforms as fundamental changes that improve efficiency, foster economic growth, and provide measurable stability, pointing out that past policies marketed as reforms have often failed to yield visible results.
“Economic reforms must leave clear footprints,” Adebayo emphasized, criticizing the lack of measurable progress in previous government actions.
The Ondo Prince highlighted fiscal reforms as essential to Nigeria’s economic stability, pointing to the failure of successive administrations to effectively account for the country’s oil revenues.
He recalled President Shehu Shagari’s administration’s attempt to implement metering systems at oil flow stations, a measure that remains incomplete.
Adebayo argued that without proper revenue accountability, a government cannot function effectively, noting the detrimental impact of crude oil theft and unaccounted earnings on Nigeria’s fiscal health.
Adebayo also criticized government spending practices, which prioritize procurement over rationalization and efficiency. He called on citizens to scrutinize government expenditure and demand transparency, emphasizing that failure to address fiscal issues has led to reckless monetary policies, including excessive borrowing and the devaluation of the naira.
He cited the controversial ₦33.7 trillion unauthorized borrowing approved during President Buhari’s tenure as a direct result of poor fiscal management.
Speaking on the broader need for reform, Adebayo addressed the importance of legal reforms, particularly in banking and litigation, to unlock economic potential.
He argued that reforms without corresponding legal changes are ineffective, as outdated laws hinder progress. He also stressed the need for internal reforms that align with Nigeria’s historical context and aspirations, encouraging a shift away from outdated economic theories towards a more innovative and productive society.
Adebayo recognized the pivotal role of technology in driving reform, noting how advancements in telecommunications and media have disrupted traditional industries, creating new opportunities for value creation. He also identified corruption as a key barrier to Nigeria’s economic success, advocating for a system where rules are enforced independently and without political interference.
In his call for political reform, Adebayo emphasized that without clean political power, economic reforms will be compromised. He argued for the separation of politics from business to ensure policies benefit the public, not just political elites.
Drawing comparisons with countries like China and South Korea, Adebayo suggested that Nigeria can achieve industrial progress through focused reforms in technology and industry, positioning the country as a global economic power.
He also advocated for separating regulators from the regulated to ensure transparent business operations and reduce the monopolization of key sectors by political elites.
Addressing foreign investment challenges, Adebayo shared an anecdote of a foreign company that struggled to operate in Nigeria due to a lack of transparency, highlighting how such practices deter international investments.
He stressed the need for reforms in the regulatory framework, labor market, land policies, tax system, and infrastructure to improve Nigeria’s competitiveness.
Concluding his lecture, Adebayo reiterated that reforms should be systemic and measurable, aimed at addressing the entire system rather than targeting individuals or enhancing the power of political figures.
He criticized the opportunistic attitude of some politicians, who once defended President Buhari’s policies but later condemned them, and urged for genuine reform that is practical and beneficial rather than punitive.
In his closing remarks, Adebayo reminded Nigerians of their right to hold leaders accountable and stressed that true democratic governance requires power to be exercised on behalf of the people.
