President Bola Tinubu has reaffirmed his administration’s commitment to revitalizing Nigeria’s economy, tackling inflation, and stabilizing the foreign exchange market.
Speaking through Vice President Kashim Shettima at the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference in Abuja, Tinubu emphasized the need for bold reforms to accelerate economic growth.
Tinubu highlighted the administration’s efforts to reform the macroeconomic environment, including the removal of fuel subsidies to free up resources for critical investments. “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,” he explained.
The President also underscored his administration’s commitment to infrastructure development, investing in roads, railways, and energy projects through public-private partnerships. “We are committed to upgrading Nigeria’s infrastructure to support economic growth… reducing transportation costs and improving market access,” he said.
Tinubu commended the CIBN Conference theme, “Accelerating Economic Growth and Development: The State of Play and the Way Forward,” as timely and imperative. The conference aims to explore strategies for accelerating economic growth and development in Nigeria.
The President also mentioned the adjustment of the monetary policy rate, aimed at curbing inflation and fostering a more market-oriented exchange rate system. These measures, though challenging in the short term, are designed to restore confidence in Nigeria’s economy and drive sustainable growth.
