President Tinubu: Administration Focused on Restoring Confidence in Nigeria’s Economy
President Bola Tinubu has affirmed that his administration is working to restore confidence in Nigeria’s economy through measures designed to reduce inflation, stabilize the foreign exchange market, and enhance fiscal management.
Speaking on Tuesday at the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference in Abuja, Tinubu, represented by Vice President Kashim Shettima, described the conference’s theme, “Accelerating Economic Growth and Development: The State of Play and the Way Forward,” as both timely and crucial.
The President acknowledged that the nation faces significant challenges, including high inflation, rising living costs, unemployment, infrastructure deficits, and the impact of global economic shifts. Despite these challenges, he noted that they also present opportunities for growth.
Tinubu highlighted that the administration has implemented bold reforms to improve the macroeconomic environment. Although the removal of fuel subsidies has been painful in the short term, it is intended to free up budgetary resources for essential investments in infrastructure and social services. Additionally, adjustments to the monetary policy rate aim to curb inflation and create a more market-oriented exchange rate system.
The President also emphasized the administration’s commitment to infrastructure development, stating, “We are investing in roads, railways, and energy projects through public-private partnerships to reduce transportation costs and improve market access.”
Furthermore, Tinubu highlighted the administration’s focus on the digital economy to foster innovation and financial inclusion. Efforts include expanding broadband access and supporting tech startups through initiatives such as the Digital Nigeria program. This program aims to train three million Nigerian youths in digital technology and essential skills, deploying them to innovation hubs to create jobs, boost productivity, and enhance financial services accessibility.
The President set a goal of achieving 70 percent digital literacy by 2027 through innovative approaches and ongoing collaboration with stakeholders.
Tinubu called for cross-sector collaboration among government, private industry, and civil society to align policies with the global economic landscape and achieve sustained economic growth. He expressed hope that the conference would facilitate the sharing of ideas, exchange of knowledge, and development of innovative solutions to the nation’s financial and economic challenges.
Earlier, Prof. Pius Olanrewaju, President/Chairman of CIBN, urged for urgent introspection on Nigeria’s economic issues, emphasizing the need for innovative solutions and the role of financial services professionals in addressing the challenges.
“While the Central Bank of Nigeria has introduced several monetary policies, their success depends on the professionalism and patriotism of those in the financial services sector,” Olanrewaju stated.
