By Kunle Oyatomi
BUSINESSMAN AND entrepreneur, Elon Musk, is not one to mince words. At a time of global connectivity and quick information dissemination, he observes quietly, weighs in when he believes an issue deserves public debate and even ignites conversations.
As the owner of X, formerly Twitter, Musk has often criticised American and European immigration policies, and his views on transgender issues, women and race on X, have drawn controversy. He rarely backs down.
However, the focus of this piece is not to dissect his persona or revisit his views, but to interrogate his latest remark that the global balance of power is changing, especially within the context of Nigeria.
In economic terms, the balance of power refers to the distribution of wealth, resources and productive capacity among nations, shaping global trade, political alliances and international influence.
Recent data from the International Monetary Fund, IMF, which lists 10 countries, including India and Nigeria, among the top contributors to global economic growth in 2026, suggests that this shift is already underway.
After many years of financial mismanagement, unfriendly economic policies and a lack of visionary leadership, Nigeria is now on a path to growth and is competing with other emerging economies.
What should have been achieved years ago is now happening under President Bola Ahmed Tinubu.
While Musk made no direct reference to Nigeria, the IMF’s projection placing the country sixth globally, with an estimated 1.5 per cent real GDP growth in 2026, shows progress.
The outlook came after visible distress that arose from the removal of the long-standing fuel subsidy, which previously cost the country billions annually, unifying the multiple foreign exchange rates into a single, market-determined rate to eliminate arbitrage, paying outstanding IMF obligations and increasing external reserves as well as the introduction of infrastructure and development funding.
If this growth can be sustained, it is obvious that Nigeria would become a force among the comity of nations. In fact, Nigeria has additional advantage, including its demographic strength of over 220 million people, vast natural resource endowment, strong diaspora capital and expanding global networks.
As IMF’s mission chief to Nigeria, Axel Schimmelpfennig, and IMF’s resident representative in Nigeria, Christian Ebeke, also said: “Nigeria’s potential is beyond doubt but achieving it will require continued reforms and an effective social safety net to carry the most vulnerable along.”
To do this, they outlined three areas of priorities: “First, stronger and more sustained growth to lift millions of people out of poverty and food insecurity. Second, effective budget framework.
Delivering effective investments in people and infrastructure requires realistic budget assumptions, strong expenditure management, and transparent implementation and reporting which, in turn, can strengthen accountability.
Third, increasing domestic revenues.
This is essential given Nigeria’s substantial funding needs in growth-enabling areas such as agriculture, infrastructure, including access to electricity, and climate adaptation.”
Back to the data. Nigeria has been projected to contribute 1.5 per cent to global real GDP growth in 2026, thus placing us ahead of several advanced and emerging economies, including Germany, Brazil and Indonesia.
Our 1.5 per cent share exceeds most European nations combined, even though China is expected to remain the largest contributor to global growth, accounting for 26.6 per cent, followed by India with 17.0 per cent.
Together, China and India are projected to account for 43.6 per cent of global economic growth in 2026.
Other countries in the top 10 include Indonesia at 3.8 per cent, Türkiye at 2.2 per cent, Saudi Arabia at 1.7 per cent, Vietnam at 1.6 per cent, Brazil at 1.5 per cent and Germany at 0.9 per cent.
The good thing is that even though Nigeria is now gaining favourable attention in the international community, President Bola Tinubu understands that more work needs to be put in to realise his mission.
As he said while declaring open the two-day National Economic Council, NEC, conference in Abuja: “Since the inception of this administration, we have undertaken bold and necessary reforms to stabilise the economy, restore confidence and lay the foundation for long-term growth.
These reforms are instruments for delivering prosperity, dignity and opportunity to all Nigerians. We have recorded notable achievements that reflect our commitment to cooperative federalism and inclusive development.”
Instead of doom, we are witnessing the successes under this administration, although not without challenges.
As a United States Senator, Mike Rounds, once said: “We can do things the cheap way, the simple way, for the short-term and without regard for the future. Or we can make the extra effort, do the hard work, absorb the criticism and make decisions that will cause a better future.”
As a country and people, we have a better future ahead if we can allow President Bola Tinubu sustain this positive momentum
