Nigeria’s sweeping reforms in fintech, taxation and banking recapitalisation will be judged not by the scale of policy announcements or capital raised, but by whether they deliver measurable gains in credit, investment, production and living standards, financial journalists and analysts have warned.
The experts spoke at the annual conference of the Finance Correspondents Association of Nigeria (FICAN), held in Lagos at the weekend, with the theme, “Building on the Gains of Recapitalisation, Tax Reforms & the Fintech Revolution.”
They said the reforms had reshaped Nigeria’s economic architecture, but cautioned that their success would depend on implementation and demonstrable outcomes, including increased lending to productive sectors, stronger business activity, improved tax compliance and more reliable digital financial services.
Speaking during a panel session, Editor of Vanguard, Mr. Babajide Komolafe, described the reforms as nationally defining developments that reflected a significant change in the way Nigerians think about and interact with the economy.
Komolafe said some of the changes taking place today would have been considered impossible 10 or 15 years ago, citing the rapid growth of financial technology and digital payments as a major example.
He recalled the resistance that initially greeted the cashless policy, with individuals and businesses raising various objections to the move.
Today, he noted, digital payments have become part of everyday economic activity, extending from large corporate organisations to small businesses and artisans.
According to him, the transformation of the payment’s ecosystem demonstrates the ability of Nigerians to adapt to disruptive economic and technological changes.
He described the fintech revolution as evidence of the innovative, creative and daring spirit of Nigerians, noting that the same qualities have enabled Nigerians to succeed in different parts of the world.
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