President Bola Tinubu has reiterated his administration’s efforts to restoring confidence in Nigeria economy through measures aimed at reducing inflation, stabilising the foreign exchange market, and improving fiscal management.
Tinubu stated this on Tuesday at the 17th Annual Chartered
Institute of Bankers of Nigeria, CIBN, Banking and Finance Conference held in
Abuja.
Represented by his vice, Kashim Shettima, the president
described theme of the CIBN Conference, ‘Accelerating Economic Growth and
Development: The State of Play and the Way Forward,’ as timely and imperative.
He noted that the conference came at a time the nation was
grappling with interrelated challenges.
Tinubu identified the challenges as high inflation, rising
costs of living, unemployment, infrastructure deficits and effects of global
economic shifts.
He observed, however, that the challenges also present
opportunities for growth and development.
In addressing the challenges, the President said that 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 said.
Tinubu also noted that his administration was committed to
strengthening infrastructure development in the ongoing bid to grow Nigeria’s
economy.
“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.
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