President Bola Tinubu has said his administration has tackled Nigeria’s key challenges head-on, and soon Nigerians will begin to reap rewards of his policies.
Speaking at the opening ceremony of the 29th edition of the annual Nigeria Economic Summit Group (NESGP), the President stated that in addition to the removal of the subsidy the regime, he directed the unification of foreign exchange rates to stimulate economic growth.
According to him, “To stimulate economic growth, we announced the end of a crippling fuel subsidy regime and the unification of foreign exchange rates”.
“Combined with the effects of an unsustainable fiscal deficit and hidden subsidies, these factors distorted the money supply and created an unfair playing field for an elite crop of unpatriotic forces. But that is no more. These changes have been tackled head on”, he stated.
President Tinubu also said his Government has introduced several other measures to revive the economy including the N500 billion intervention to support small businesses and the agricultural sector, adding that “by January 2024, the new student loan programme and consumer credit schemes will have come into effect; New and affordable homes will also be built at record pace.
“Further details elaborating on the specifics of these far-ranging initiatives to deepen foreign exchange liquidity and improve confidence across all stakeholders would be shared by the Coordinating Minister of the Economy and the Governor, Central Bank of Nigeria”.
On the general economic outlook, Tinubu stated: “A one trillion-dollar Nigerian economy is possible by 2026, and a three trillion-dollar economy is possible within this decade. We can do it with double-digit, inclusive, sustainable and competitive growth; this is our agenda. and I would like to charge you, the captains of industry here present, to commit and redouble your commitment to our vision of a Renewed and more Prosperous Nigeria; a better Nigeria for all”.
“I am confident that by working closely with all of you in the private sector, financing our $3 trillion National Infrastructure Stock can be achieved in 10 years and not in 300 years. Building megacities in every geo-political zone of the size and scale of Lagos must not take us another six decades. We can do it in one decade”, he added.
According to the President, the government would focus on enduring poverty alleviation programmes, food security, economic growth and job creation; inclusive growth, security of lives and property, anti-corruption and implementation of sound economic policies.
The President equally charged NESG and the private sector for a prosperous Nigeria saying that his administration will deliver on its promises.
