President Bola Tinubu has said his administration is restoring confidence in Nigeria economy through measures aimed at reducing inflation, stabilising the foreign exchange market, and improving fiscal management.
Tinubu, represented by his Vice, Kashim Shettima, gave the assurance on Tuesday at the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference held in Abuja.
He described theme of the CIBN Conference, ‘Accelerating Economic Growth and Development: The State of Play and the Way Forward,’ as timely and imperative.
The President noted that the conference came at a time the nation was grappling with interrelated challenges.
He identified the challenges as, high inflation, rising costs of living, unemployment, infrastructure deficits and effects of global economic shifts.
Tinubu observed, however, that the challenges also present opportunities for growth and development.
In addressing the challenges, the President said that the administration had taken bold but painful steps to reform the macroeconomic environment.
“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.
” The adjustment of the monetary policy rate, a move aimed at curbing inflation and fostering a more market-oriented exchange rate system,” he said.
Tinubu also noted that his administration was 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.
He added that the administration was prioritising the digital economy, to drive innovation and enhance financial inclusion.
” 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 per cent digital literacy level by 2027 through innovative approaches in delivering initiatives, continuous collaborations and stakeholder engagement,” he said
The President called for collaboration across all sectors, including the government, private industry, and civil society organisations.
” 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.”
Tinubu expressed hope that the conference would 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.
Earlier, President/Chairman of CIBN, Prof. Pius Olanrewaju, called for urgent introspection on Nigeria’s economic challenges, stressing the need for innovative solutions.
“We are on a journey to economic growth and prosperity,” Olanrewaju stated, acknowledging however that “the current challenges are things of concern.”
He emphasised that while the Central Bank of Nigeria has introduced several monetary policies to address the issues, their success hinges on “the professionalism and patriotism of operators in the financial services sector.” (NAN)