Tinubu’s economic reforms have favoured the rich, worsened poverty – Atedo Peterside
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Nairametrics
Reported by Deborah Dan-Awoh
Tue, 3 Nov 2026, 09:43
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Source Attribution: Nairametrics
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Peterside explained that Nigerians with substantial investments in the stock market are more likely to have benefited from the reforms than workers who depend primarily on salaries. Peterside Says Reforms Favour Wealthy Nigerians UK Development Finance Institution BII earmarks $3 billion for Africa’s frontier marketsWorld Bank targets fivefold increase in minerals financing to $19 billion by 2030MSMEs account for 96% of businesses, contribute 48% to Nigeria’s GDP – Minister “The rich are getting richer, the poor are getting poorer,” Peterside said.
Context & Background
✦According to Peterside, while wealthy Nigerians with investments in financial markets have recorded improved returns, ordinary workers continue to struggle with rising living costs and declining purchasing power.
Key Figures & Named Entities
$3 billion:Peterside Says Reforms Favour Wealthy Nigerians UK Development Finance Institution BII earmarks $3 billion for Africa’s frontier marketsWorld Bank targets fivefold increase in minerals financing to $19 billion by 2030MSMEs account for 96% of businesses, contribute 48% to Nigeria’s GDP – Minister “The rich are getting richer, the poor are getting poorer,” Peterside said.50%:He said approximately 12 states and the Federal Capital Territory recorded poverty rates below 50%, with many of those states concentrated in the Southwest.348%:In May, Nairametrics reported that Nigeria’s stock market had surged 348% during Tinubu’s first three years in office, with market capitalisation rising from approximately N30.38 trillion to N160.09 trillion.
Outlook & Next Steps
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Key Takeaways
Verified Extract
✦Peterside explained that Nigerians with substantial investments in the stock market are more likely to have benefited from the reforms than workers who depend primarily on salaries.
✦Peterside Says Reforms Favour Wealthy Nigerians UK Development Finance Institution BII earmarks $3 billion for Africa’s frontier marketsWorld Bank targets fivefold increase in minerals financing to $19 billion by 2030MSMEs account for 96% of businesses, contribute 48% to Nigeria’s GDP – Minister “The rich are getting richer, the poor are getting poorer,” Peterside said.
✦According to Peterside, while wealthy Nigerians with investments in financial markets have recorded improved returns, ordinary workers continue to struggle with rising living costs and declining purchasing power.
Key Facts:$3 billion: Peterside Says Reforms Favour Wealthy Nigerians UK Development Finance Institution BII earmarks $3 billion for Africa’s frontier marketsWorld Bank targets fivefold increase in minerals financing to $19 billion by 2030MSMEs account for 96% of businesses, contribute 48% to Nigeria’s GDP – Minister “The rich are getting richer, the poor are getting poorer,” Peterside said.50%: He said approximately 12 states and the Federal Capital Territory recorded poverty rates below 50%, with many of those states concentrated in the Southwest.348%: In May, Nairametrics reported that Nigeria’s stock market had surged 348% during Tinubu’s first three years in office, with market capitalisation rising from approximately N30.38 trillion to N160.09 trillion.
Editorial Excerpt
Atedo Peterside, founder of Stanbic IBTC Bank, has criticised President Bola Tinubu’s economic reforms, arguing that the policies have disproportionately benefited wealthy Nigerians while worsening the financial conditions of millions of low-income households.
Frequently Asked Questions About This Story
What is the latest development regarding Federal Capital Territory?
Peterside explained that Nigerians with substantial investments in the stock market are more likely to have benefited from the reforms than workers who depend primarily on salaries.
Who are the key organizations or public figures mentioned?
The primary parties identified in this coverage include Federal Capital Territory, Lagos State, Fuel Subsidy & Energy Reforms.
What timeline or key figures were confirmed?
Peterside Says Reforms Favour Wealthy Nigerians UK Development Finance Institution BII earmarks $3 billion for Africa’s frontier marketsWorld Bank targets fivefold increase in minerals financing to $19 billion by 2030MSMEs account for 96% of businesses, contribute 48% to Nigeria’s GDP – Minister “The rich are getting richer, the poor are getting poorer,” Peterside said.
