President Bola Tinubu declared on Tuesday his administration has started restoring confidence in Nigeria’s economy through its reforms.
He stated this at the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference held in Abuja.
Tinubu, who was represented by Vice President Kashim Shettima, said the measures initiated by the government were aimed at reducing inflation, stabilising the foreign exchange market, and improving fiscal management.
The President noted that the conference came at a time when the nation was grappling with interrelated challenges.
He identified the challenges as, high inflation, rising costs of living, unemployment, infrastructure deficits, and the effects of global economic shifts.
President Tinubu, however, noted that the challenges also present opportunities for growth and development.
In addressing the challenges, he said the administration had taken bold but painful steps to reform the macroeconomic environment.
He said: “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.”
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,” the president added.
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