President Bola Tinubu on Tuesday disclosed that his administration has taken courageous steps to reform Nigeria’s macroeconomic environment, with a focus on restoring confidence in the nation’s economy.
This, he said, the federal government is rigorously working to actualise through measures targeted at reducing inflation, stabilising the foreign exchange market and improving fiscal management.
Speaking while declaring open the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference held in Abuja, President Tinubu who was represented at the event by Vice President Kashim Shettima, explained steps being taken to restore confidence in the nation’s economy, saying, “We have taken bold steps to reform the macroeconomic environment. Our focus is on restoring confidence in the Nigerian economy through measures aimed at reducing inflation, stabilising the foreign exchange market, and improving fiscal management.
“Though painful in the short term, the removal of fuel subsidies is designed to free up budgetary resources for critical investments in infrastructure and social services, frequent adjustment of the monetary policy rate, a move aimed at curbing inflation and fostering a more market-oriented exchange rate system”.
He described this year’s theme for the CIBN Conference, ‘Accelerating Economic Growth and Development: The State of Play and the Way Forward,’ as both timely and imperative, noting that it came at a time the nation is grappling with interrelated challenges.
Listing the challenges to include high inflation, rising costs of living, unemployment, infrastructure deficits and effects of global economic shifts, the President observed however that the challenges also present opportunities for growth and development.
According to him: “This theme will enable us to evaluate where we stand as a nation, understand the root causes of our economic challenges, and explore actionable strategies to accelerate growth and development sustainably and inclusively”.
President Tinubu also noted that his administration is committed to strengthening infrastructure development in the ongoing bid to grow Nigeria’s economy.
“We are committed to upgrading Nigeria’s infrastructure to support economic growth. We are investing in roads, railways, and energy projects through public-private partnerships to reduce transportation costs and improve market access,” he said.
The President further explained why the administration is prioritising the digital economy, which he said will drive innovation and enhance financial inclusion.
He said: “We are expanding broadband penetration and encouraging the growth of tech startups through initiatives such as the Digital Nigeria program. For example, we currently train three million Nigerian youths in digital technology and essential skills and then deploy them to innovation hubs.
“These efforts are designed to create jobs, increase productivity, and make financial services more accessible to Nigerians in all corners of the country. It is essential to state that we are committed to achieving a 70% digital literacy level by 2027 through innovative approaches in delivering initiatives, continuous collaborations and stakeholder engagement.”
On the way forward, President Tinubu called for collaboration across all sectors, including the government, private industry, and civil society organisations, saying, “to achieve sustained economic growth, we must intentionally align our policies and actions with the changing global landscape.
“The government is committed to implementing reforms to enhance macroeconomic stability, reduce inflation, and support infrastructure development”.
President Tinubu expressed hope that the conference will provide a platform for the sharing of ideas, exchange of knowledge, and exploration of innovative solutions to the challenges bedevilling the country.
“The conversations during this event will allow us to dissect the critical problems affecting our financial system and economy, identify growth opportunities, and collectively shape the future of banking and finance in Nigeria,” he added.
Deji Elumoye
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