By eliminating fuel subsidies, we are restoring confidence in Nigeria’s economy and freeing up funds for vital investments

President Bola Tinubu says his administration is restoring confidence in the Nigerian economy through measures aimed at reducing inflation, stabilising the foreign exchange market, and improving fiscal management.

Speaking at the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference in Abuja on Tuesday, September 10, Tinubu, represented by Vice President Kashim Shettima, assured the audience of his administration’s efforts.

He described the theme of the CIBN Conference, ‘Accelerating Economic Growth and Development: The State of Play and the Way Forward,’ as timely and imperative.

The President noted that the conference comes at a time when the nation is grappling with interrelated challenges. He identified the challenges as “high inflation, rising costs of living, unemployment, infrastructure deficits, and effects of global economic shifts.”

However, Tinubu observed that the challenges also present opportunities for growth and development. In addressing these challenges, the President said, “The administration had taken bold but painful steps to reform the macroeconomic environment.”

“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, a move aimed at curbing inflation and fostering a more market-oriented exchange rate system,” he added. Tinubu also stated that his administration is committed to strengthening infrastructure development to support Nigeria’s economic growth.

“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 said.

The President highlighted the prioritisation of the digital economy, noting that it would drive innovation and enhance financial inclusion.

“We are expanding broadband penetration and encouraging the growth of tech startups through initiatives such as the Digital Nigeria program. 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.” 

Tinubu called for collaboration across all sectors, including government, private industry, and civil society organisations. He added;

“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 macroeconomic stability, reduce inflation, and support infrastructure development.”

The President expressed hope that the conference would serve as a platform for the exchange of ideas and the exploration of innovative solutions. 

“The 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,” he concluded.