President Bola Tinubu, yesterday, declared that his administration had taken steps to reform Nigeria’s macroeconomic environment, with a focus on restoring confidence in the nation’s economy.
To achieve this, he said the Federal Government was working towards reducing inflation, stabilising the foreign exchange market and improving fiscal management.
The President spoke while he declaring open the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference in Abuja.
Represented at the event by Vice President Kashim Shettima, Tinubu described the theme for the CIBN Conference, ‘Accelerating Economic Growth and Development: The State of Play and the Way Forward,’ as both timely and imperative, noting that it came at a time the nation was grappling with interrelated challenges.
Listing the challenges to include high inflation, rising costs of living, unemployment, infrastructure deficits and effects of global economic shifts, the President observed, however, that the challenges also presented opportunities for growth and development.
“This theme will enable us to evaluate where we stand as a nation, understand the root causes of our economic challenges and explore actionable strategies to accelerate growth and development sustainably and inclusively,” he noted.
Explaining efforts being made to restore confidence in the nation’s economy, President Tinubu said: “We have taken bold steps to reform the macroeconomic environment. Our focus is on restoring confidence in the Nigerian economy through measures aimed at reducing inflation, stabilising the foreign exchange market, and improving fiscal management.”
The President called for collaboration across all sectors, including the government, private industry, and civil society organisations.
Earlier, the President and Chairman of CIBN, Prof Pius Deji Olanrewaju, called for urgent introspection on Nigeria’s economic challenges, stressing the need for innovative solutions.
“We are on a journey to economic growth and prosperity,” Olanrewaju stated, acknowledging, however, that “the current challenges are things of concern.”
In his goodwill message, Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, said his agency would help to sanitise the financial system via laws that fight financial crimes.
Chairman of UBA Group and Heirs Holdings, Tony Elumelu, in his keynote address, said Nigeria’s power sector was a critical factor for industrial and economic advancement.
