PRESIDENT Bola Tinubu said his administration was restoring confidence in Nigeria’s economy through measures geared at reducing inflation, stabilising the foreign exchange market and improving fiscal management.
He stated that the administration was prioritising the digital economy to drive innovation and enhance financial inclusion, adding: “We are expanding broadband penetration and encouraging the growth of tech startups through initiatives, such as the Digital Nigeria programme.
“For example, we currently train three million Nigerian youths in digital technology and essential skills and then deploy 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.
“It is essential to state that we are committed to achieving a 70 per cent digital literacy level by 2027 through innovative approaches in delivering initiatives, continuous collaborations and stakeholder engagement.”
Speaking at the 17th yearly Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference, held in Abuja, Tinubu, represented by Vice President Kashim Shettima, described theme of the conference, ‘Accelerating Economic Growth and Development: The State of Play and the Way Forward,’ as timely and imperative.
Tinubu said the conference came at a time the country was grappling with interrelated challenges, such as high inflation, rising costs of living, unemployment, infrastructure deficits and effects of global economic shifts, which he noted also present opportunities for growth and development.
In addressing the challenges, Tinubu said the administration had taken bold, but painful steps to reform the macro-economic environment, stating: “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 is a move aimed at curbing inflation and fostering a more market-oriented exchange rate system.”
He stressed that his administration was committed to strengthening infrastructure development in the ongoing bid to grow Nigeria’s economy, adding: “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 called for collaboration across all sectors, including the government, private industry and civil society organisations, 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 macro-economic stability, reduce inflation and support infrastructure development.”
He 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 bedevilling the country.
Earlier, President/Chairman of CIBN, Prof. Pius Olanrewaju, called for urgent introspection on Nigeria’s economic challenges, stressing the need for innovative solutions, saying: “We are on a journey to economic growth and prosperity,” noting, however, that “the current challenges are things of concern.”
He said while the Central Bank of Nigeria (CBN) has introduced several monetary policies to address the issues, their success depends on the professionalism and patriotism of operators in the financial services sector.
