President Bola Ahmed Tinubu reiterated his administration’s efforts to restoring confidence in Nigeria economy through measures aimed at reducing inflation, stabilising the foreign exchange market, and improving fiscal management.
Tinubu stated this on Tuesday at the 17th Annual Chartered Institute of Bankers of Nigeria, CIBN, Banking and Finance Conference held in Abuja.
Represented by his vice, Kashim Shettima, the president described theme of the CIBN Conference, ‘Accelerating Economic Growth and Development: The State of Play and the Way Forward,’ as timely and imperative.
He noted that the conference came at a time the nation was grappling with interrelated challenges.
Tinubu identified the challenges as high inflation, rising costs of living, unemployment, infrastructure deficits and effects of global economic shifts.
He 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.