President Bola Tinubu has reaffirmed his administration’s commitment to restoring confidence in Nigeria’s economy through strategic measures aimed at reducing inflation, stabilizing the foreign exchange market, and improving fiscal management.
Speaking at the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference held in Abuja on Tuesday, President Tinubu, represented by Vice President Kashim Shettima, acknowledged the current economic challenges facing the nation but emphasized that these also present opportunities for growth and development.
The conference, themed ‘Accelerating Economic Growth and Development: The State of Play and the Way Forward,’ comes at a critical time when Nigeria is grappling with inflation, rising living costs, unemployment, infrastructure deficits, and the effects of global economic shifts.
“We have taken bold but painful steps to reform the macroeconomic environment,” President Tinubu stated, citing the removal of fuel subsidies as one such measure.
“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 also highlighted the administration’s monetary policies, including the adjustment of the monetary policy rate, which aims to curb inflation and promote a more market-oriented exchange rate system.
The President emphasized his administration’s focus on infrastructure development as part of efforts to boost economic growth.
“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,” Tinubu said.
In addition to infrastructure, the government is prioritizing the digital economy to drive innovation and expand financial inclusion. Tinubu noted that initiatives such as the Digital Nigeria program are helping to train three million youths in digital technology and essential skills, preparing them for innovation hubs across the country.
“These efforts are designed to create jobs, increase productivity, and make financial services more accessible to Nigerians,” he added.
President Tinubu underscored his administration’s ambition to achieve 70% digital literacy by 2027, a goal that will be achieved through collaboration with stakeholders and innovative approaches to delivering digital literacy programs.
Calling for cross-sector collaboration, the President said, “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.”
He expressed optimism that the CIBN conference would provide a platform for sharing ideas and exploring innovative solutions to Nigeria’s financial and economic challenges.
“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,” Tinubu concluded.
Earlier in the event, CIBN President and Chairman, Prof. Pius Olanrewaju, called for urgent reflection on Nigeria’s economic difficulties, emphasizing the need for innovative solutions.
“We are on a journey to economic growth and prosperity,” Olanrewaju remarked, while acknowledging the concerns posed by current challenges.
Olanrewaju also highlighted the crucial role of financial sector operators, stating that the success of the Central Bank of Nigeria’s monetary policies relies on “the professionalism and patriotism of operators in the financial services sector.”