Tinubu outlines reforms to restore confidence in Nigeria’s economy

By Kunle Sanni

President Bola Tinubu has highlighted his administration’s bold reforms aimed at revitalizing Nigeria’s macroeconomic environment, focusing on reducing inflation, stabilizing the foreign exchange market, and enhancing fiscal management.

Speaking at the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference in Abuja on Tuesday, Tinubu, represented by Vice President Kashim Shettima, emphasized the government’s commitment to restoring confidence in the nation’s economy through decisive policy measures.

Addressing the theme of this year’s conference, “Accelerating Economic Growth and Development: The State of Play and the Way Forward,” the President described the discussions as timely, given Nigeria’s current economic challenges, including high inflation, rising living costs, unemployment, infrastructure deficits, and global economic shifts.

Despite these hurdles, Tinubu noted that they also present opportunities for growth and development, reinforcing his administration’s dedication to steering the nation toward a more stable and prosperous economic future.

“This theme will enable us to evaluate where we stand as a nation, understand the root causes of our economic challenges, and explore actionable strategies to accelerate growth and development sustainably and inclusively,” he stated.

Explaining the efforts being made to restore confidence in the nation’s economy, President Tinubu said, “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, stabilizing 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 adjustments to the monetary policy rate aim to curb inflation and foster a more market-oriented exchange rate system.”

President Tinubu also noted that his administration is committed to strengthening infrastructure development 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 further explained why the administration is prioritizing the digital economy, which he said will 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 are currently training three million Nigerian youths in digital technology and essential skills and then deploying 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. We are committed to achieving a 70% digital literacy level by 2027 through innovative approaches, continuous collaboration, and stakeholder engagement.”

On the way forward, the President called for collaboration across all sectors, including the government, private industry, and civil society organizations, saying, “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.”

President 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 facing 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, the President/Chairman of CIBN, Prof. Pius Deji 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 a cause for concern.”

He emphasized that while the Central Bank of Nigeria has introduced several monetary policies to address these issues, their success hinges on “the professionalism and patriotism of operators in the financial services sector.”

In his goodwill message, the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, said his agency would help to sanitize the financial system and enforce laws that combat financial crimes.

Noting that economic policies will succeed where profit is not prioritized by stakeholders but the interest of the nation, the EFCC boss admonished bankers to renew their commitment to services that will promote economic development and nation-building.

In his keynote address, the Chairman of UBA Group and Heirs Holdings, Tony Elumelu, said Nigeria’s power sector is a critical factor for industrial and economic advancement.

“Unlocking our power sector potential is crucial for our economic growth. We must invest in infrastructure, encourage private sector participation, and implement policies to ensure stable and affordable electricity for all Nigerians,” he said.

Elumelu also pointed to national security as a major hurdle to economic stability, saying, “We must address this issue head-on to create an environment conducive to investment and economic activities.”

He further emphasized the importance of food security, urging investments in agricultural technology and support for farmers, adding that “a well-fed nation is a productive nation.”

On youth empowerment, Elumelu described entrepreneurship as a powerful tool for tackling unemployment. “We must create an enabling environment to retain our young entrepreneurs and empower them to turn their ideas into successful businesses within the country,” he stressed, noting that the future of the Nigerian economy depends on its youth.

He praised the progress made in Nigeria’s banking sector, calling for continued collaboration to strengthen its role in supporting the nation’s economy.