The Federal Government has taken steps to restore confidence in Nigerian economy through measures aimed at reducing inflation, stabilising the foreign exchange market, and improving fiscal management, President Bola Tinubu has said.<\/p>\n
Tinubu, represented by his Vice, Kashim Shettima, stated this on Tuesday at the 17th Annual Chartered Institute of Bankers of Nigeria, CIBN, Banking and Finance Conference held in Abuja.<\/p>\n
He described theme of the CIBN Conference, \u2018Accelerating Economic Growth and Development: The State of Play and the Way Forward,\u2019 as timely and imperative.<\/p>\n
The President noted that the conference came at a time the nation was grappling with interrelated challenges.<\/p>\n
He identified the challenges as, high inflation, rising costs of living, unemployment, infrastructure deficits and effects of global economic shifts.<\/p>\n
Tinubu observed, however, that the challenges also present opportunities for growth and development.<\/p>\n
In addressing the challenges, the President said that the administration had taken bold but painful steps to reform the macroeconomic environment.<\/p>\n
\u201cThough 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.<\/p>\n
\u201d The adjustment of the monetary policy rate, a move aimed at curbing inflation and fostering a more market-oriented exchange rate system,\u201d he said.<\/p>\n
He also noted that his administration was committed to strengthening infrastructure development in the ongoing bid to grow Nigeria\u2019s economy.<\/p>\n
\u201cWe are committed to upgrading Nigeria\u2019s infrastructure to support economic growth.<\/p>\n
\u201cWe are investing in roads, railways, and energy projects through public-private partnerships to reduce transportation costs and improve market access,\u201d he said.<\/p>\n
He added that the administration was prioritising the digital economy, to drive innovation and enhance financial inclusion.<\/p>\n
\u201cWe are expanding broadband penetration and encouraging the growth of tech startups through initiatives such as the Digital Nigeria program.<\/p>\n
\u201cFor example, we currently train three million Nigerian youths in digital technology and essential skills and then deploy them to innovation hubs.<\/p>\n
\u201cThese efforts are designed to create jobs, increase productivity, and make financial services more accessible to Nigerians in all corners of the country.<\/p>\n
\u201cIt 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,\u201d he said.<\/p>\n
The President called for collaboration across all sectors, including the government, private industry, and civil society organisations.<\/p>\n
\u201cTo achieve sustained economic growth, we must intentionally align our policies and actions with the changing global landscape.<\/p>\n
\u201cThe government is committed to implementing reforms to enhance macroeconomic stability, reduce inflation, and support infrastructure development.\u201d<\/p>\n
The President 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.<\/p>\n
\u201cThe 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,\u201d he added.<\/p>\n
Earlier, President\/Chairman of CIBN, Prof. Pius Olanrewaju, called for urgent introspection on Nigeria\u2019s economic challenges, stressing the need for innovative solutions.<\/p>\n
\u201cWe are on a journey to economic growth and prosperity,\u201d Olanrewaju stated, acknowledging however that \u201cthe current challenges are things of concern.\u201d<\/p>\n
He emphasised that while the Central Bank of Nigeria has introduced several monetary policies to address the issues, their success hinges on \u201cthe professionalism and patriotism of operators in the financial services sector.\u201d
\n-NAN<\/p>\n","protected":false},"excerpt":{"rendered":"
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