Renowned political economist and Director of the Abuja School of Social and Political Thought, Dr. Sam Amadi, has warned that Nigeria’s economy could face renewed instability if democratic cynicism continues to erode confidence in the nation’s electoral system ahead of the 2027 general elections.
Speaking at the First Daily 5th Annual Public Lecture held on Monday, November 10, in Abuja, Amadi cautioned that the collapse of electoral integrity and public trust under President Bola Tinubu’s administration poses a grave risk to economic growth, investor confidence, and long-term policy stability.
“The economy cannot thrive where citizens have lost faith in democracy,” Amadi said. “Political cynicism leads to capital cynicism — investors withdraw, markets stagnate, and governance loses legitimacy.”
The scholar criticised the Tinubu administration for failing to initiate meaningful electoral reform, unlike previous governments that attempted to strengthen institutions such as INEC and the judiciary. According to him, this political inertia could deepen uncertainty in Nigeria’s policy environment.
“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 said.
Amadi linked Nigeria’s economic underperformance to structural governance failures, arguing that credible elections are a prerequisite for sustainable fiscal and trade policies. He warned that the government’s credibility gap could discourage international investors and development partners.
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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 said.
He urged business leaders, civil society, and reform-minded politicians to support what he called “Election Integrity Defense Actions”, coordinated efforts to safeguard democratic accountability, reduce corruption, and foster a transparent business climate.
Amadi concluded that restoring trust in Nigeria’s democracy is essential to reviving the economy, noting that “a compromised ballot box eventually translates into a compromised balance sheet.”