President Bola Ahmed Tinubu has said that his administration is implementing far-reaching economic reforms aimed at addressing Nigeria’s long-standing economic challenges, creating sustainable jobs, boosting productivity and promoting shared prosperity for all Nigerians.
The President made the disclosure on Tuesday in Abuja while declaring open a high-level economic summit organised to chart a new path for Nigeria’s economic recovery and sustainable growth.
President Tinubu, who was represented at the summit by his Vice, Senator Kashim Shettima, acknowledged that his administration took over the reins of power at a time when the nation’s economy was facing serious headwinds, characterised by high inflation, low productivity, debt burden and low investor confidence.
He noted that the situation required bold, decisive and sometimes painful decisions to reset the economy and put it on a path of long-term growth and development, rather than continuing with ad-hoc measures that had failed to yield results in the past.
According to him, the removal of fuel subsidy, unification of foreign exchange rates and other policy measures introduced by his administration were not meant to punish Nigerians, but were deliberate and strategic steps aimed at fixing structural distortions that had held the economy down for decades.
The President explained that while the reforms may have brought temporary discomfort and hardship to citizens, they are necessary investments for a more stable, competitive and prosperous economy that will benefit both present and future generations.
He stressed that sustainable economic growth and development do not happen overnight, but require time, patience, deliberate planning and consistent implementation of sound policies and programmes.
President Tinubu assured Nigerians that his administration is fully aware of the current economic pains being experienced by citizens, particularly the rising cost of living, and is working assiduously to mitigate the impact through various intervention programmes.
He listed some of the interventions to include the distribution of palliatives to vulnerable households, provision of affordable fertilisers to farmers, support for small and medium scale enterprises, and investment in critical infrastructure such as roads, rail, power and digital economy.
The President further stated that his government is committed to creating an enabling environment for businesses to thrive, attracting both local and foreign investments and ensuring that the private sector remains the engine of economic growth.
Speaking on behalf of the President, Vice President Kashim Shettima emphasized that stabilising the Nigerian economy is a fundamental prerequisite for the country to fully harness the enormous opportunities presented by its rapidly growing population.
Shettima noted that Nigeria’s population, which is currently estimated at over 220 million people and projected to become the third largest in the world by 2050, could be a huge asset if properly harnessed, or a liability if left unmanaged.
He explained that a large population translates to a large market, abundant human capital and vibrant workforce, but that these advantages can only be realised if the economy is stable, productive and capable of creating jobs for the teeming youth population.
The Vice President therefore stressed that the current reforms are intended to fundamentally change Nigeria’s economic trajectory, moving it away from consumption-dependent and import-reliant economy to a production-oriented, export-driven and inclusive economy.
He added that the reforms are also designed to help Nigeria realise its full economic potential after many years of underperformance, mismanagement and missed opportunities, despite its vast natural and human resources.
Shettima assured investors and development partners that Nigeria is open for business and that the Tinubu administration will continue to implement business-friendly policies, strengthen institutions and uphold the rule of law to protect investments.
He called on all Nigerians, including the private sector, civil society, traditional and religious leaders and the political class, to support the economic reform agenda of the administration in the interest of national development.
According to him, nation building is a collective responsibility and requires the sacrifice, understanding and cooperation of all citizens, regardless of political, ethnic or religious affiliations.
The economic summit, which brought together top government officials, captains of industry, development partners, economists and other stakeholders, is expected to produce actionable recommendations to accelerate Nigeria’s economic recovery.
Participants at the summit commended the Federal Government for its bold economic reforms and expressed optimism that with consistent implementation and effective monitoring, Nigeria would soon overcome its current economic challenges and emerge stronger.
