President Bola Tinubu has reaffirmed his administration’s commitment to restoring confidence in Nigeria’s economy through policies aimed at curbing inflation, stabilizing the foreign exchange market, and enhancing fiscal management. Tinubu made this known during the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference, held in Abuja on Tuesday.
Speaking through Vice President Kashim Shettima, Tinubu highlighted the conference theme, *”Accelerating Economic Growth and Development: The State of Play and the Way Forward,”* as timely and essential, given the country’s ongoing economic challenges. He outlined key issues such as high inflation, the rising cost of living, unemployment, infrastructure deficits, and the impact of global economic shifts.
Despite these difficulties, Tinubu emphasized that they also present growth opportunities. He noted that his government has already taken decisive, albeit painful, measures to reform the macroeconomic landscape, with the goal of fostering long-term stability and development.
“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.
