Renowned political economist and Director of the Abuja School of Social and Political Thought, Dr. Sam Amadi, has warned that Nigeria’s financial system might face renewed instability if democratic cynicism continues to erode confidence within the nation’s electoral system forward of the 2027 basic elections.
Speaking on the First Daily fifth Annual Public Lecture held on Monday, November 10, in Abuja, Amadi cautioned that the collapse of electoral integrity and public belief below President Bola Tinubu’s administration poses a grave danger to {economic} progress, investor confidence, and long-term coverage stability.
“The economy cannot thrive where citizens have lost faith in democracy,” Amadi stated. “Political cynicism leads to capital cynicism — investors withdraw, markets stagnate, and governance loses legitimacy.”
The scholar criticised the Tinubu administration for failing to provoke significant electoral reform, not like earlier governments that tried to strengthen establishments akin to INEC and the judiciary. According to him, this political inertia might deepen uncertainty in Nigeria’s coverage setting.
“Tinubu has made no moves toward electoral reform. Instead, key appointments in electoral and judicial institutions show partisanship and ethnic bias. This fuels distrust — both among citizens and in the business community,” he stated.
Amadi linked Nigeria’s {economic} underperformance to structural governance failures, arguing that credible elections are a prerequisite for sustainable fiscal and commerce insurance policies. He warned that the federal government’s credibility hole might discourage worldwide buyers and growth companions.
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“You cannot build investor confidence on a foundation of political manipulation. Investors read signals — and right now, the signal from Nigeria is instability,” he stated.
He urged enterprise leaders, civil society, and reform-minded politicians to help what he known as “Election Integrity Defense Actions”, coordinated efforts to safeguard democratic accountability, cut back corruption, and foster a clear enterprise local weather.
Amadi concluded that restoring belief in Nigeria’s democracy is crucial to reviving the financial system, noting that “a compromised ballot box eventually translates into a compromised balance sheet.”
