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My administration focused on restoring confidence in Nigeria’s cconomy – Tinubu

President Bola Ahmed Tinubu said Tuesday that his administration has taken courageous steps to reform Nigeria’s macroeconomic environment, with a focus on restoring confidence in the nation’s economy.

The president said this when he declared open the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference held in Abuja.

The president, who was represented Vice President Kashim Shettima, said the country was grappling with interrelated challenges such as high inflation, rising costs of living, unemployment, infrastructure deficits and effects of global economic shifts that must be addressed.

He said the federal government has put in place measures to reduce inflation, stabilise the foreign exchange market and improve fiscal management.

“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 said.

The president said 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.

“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,” he said.

The president 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.”

He 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 said.

Also speaking, President/Chairman of CIBN, Prof. Pius Deji Olanrewaju, called for urgent introspection on Nigeria’s economic challenges

“We are on a journey to economic growth and prosperity,” he said. “The current challenges are things of concern.”





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