President Bola Tinubu has stated that his administration is actively restoring confidence in Nigeria’s economy through strategic measures aimed at reducing inflation, stabilizing the foreign exchange market, and enhancing fiscal management. Represented by Vice President Kashim Shettima, Tinubu made these remarks at the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference held in Abuja on Tuesday.
Addressing the conference, themed “Accelerating Economic Growth and Development: The State of Play and the Way Forward,” Tinubu highlighted the timeliness of the event as Nigeria faces interconnected challenges, including high inflation, rising living costs, unemployment, infrastructure deficits, and the impacts of global economic shifts.
Despite these challenges, Tinubu emphasized that they also present opportunities for growth and development. He outlined the administration’s bold yet difficult steps to reform the macroeconomic environment, including the removal of fuel subsidies to free up budgetary resources for critical infrastructure and social services investments. The adjustment of the monetary policy rate, aimed at curbing inflation and fostering a more market-oriented exchange rate system, was also noted as part of these efforts.
Tinubu reiterated his administration’s commitment to strengthening infrastructure development as a means to support economic growth. He mentioned ongoing investments in roads, railways, and energy projects through public-private partnerships, aimed at reducing transportation costs and improving market access.
Additionally, Tinubu underscored the importance of the digital economy in driving innovation and enhancing financial inclusion. He highlighted initiatives such as the Digital Nigeria program, which aims to train three million Nigerian youths in digital technology and essential skills, deploying them to innovation hubs across the country. The administration is also focused on achieving a 70 percent digital literacy level by 2027 through continuous collaborations and stakeholder engagement.
Calling for collaboration across all sectors, including government, private industry, and civil society organizations, Tinubu stressed the need to align policies and actions with the changing global landscape to achieve sustained economic growth. He expressed optimism that the conference would serve as a platform for sharing ideas, exchanging knowledge, and exploring innovative solutions to the challenges facing Nigeria’s financial system and economy.
Earlier in the event, Prof. Pius Olanrewaju, President and Chairman of CIBN, called for urgent introspection on Nigeria’s economic challenges and stressed the need for innovative solutions. He acknowledged the Central Bank of Nigeria’s efforts through various monetary policies but emphasized that their success depends on the professionalism and patriotism of operators in the financial services sector.