Tinubu Vows Nigerians Will Reap Benefits of Economic Reforms Soon

President Bola Tinubu has assured Nigerians that the country will soon reap the benefits of the economic reforms introduced by his administration, despite the initial hardships. Speaking at the 2024 Annual National Management Conference of the Nigerian Institute of Management in Port Harcourt, Rivers State, Tinubu acknowledged the challenges faced by the citizens due to the removal of fuel subsidy and floating of the naira.

“We recognise the fact that the pains occasioned by these reformative economic policies have been biting hard on the citizenry, but we are convinced that the nation’s economy and Nigerians will start reaping the benefits of all the sacrifices in no distant time,” Tinubu said.

The President emphasized the intrinsic link between economic stability and national security, stating that the nation stands at a crossroads where the interplay between economic health and national security cannot be overstated. He called for a multifaceted approach to tackle the security challenges facing the country, including terrorism, banditry, kidnapping, and communal clashes.

Rivers State Governor, Siminalayi Fubara, represented by his Deputy, Prof. Ngozi Odu, described the conference theme as ‘timely’ and ‘apt’. Fubara emphasized the need for collective action to address Nigeria’s economic and security challenges, citing resource allocation, youth unemployment, regional disparities, and corruption as contending issues.

Christiana Atako, President and Chairman of the Nigerian Institute of Management, also stressed the need for collective action to address the economic and security challenges. Atako noted that Nigeria’s economic stability and national security require a multifaceted approach, including the development of non-oil sectors, improvement of power supply, transportation, and telecommunications, and reduction in corruption.

The keynote speaker, Dr. Ajoritsedere Awosika, highlighted the pressing issue of unemployment, particularly among young people, which threatens both the economy and national security. Awosika emphasized the need for collective action to address these challenges and ensure lasting peace.

Tinubu praised the Nigerian Institute of Management for its invaluable contributions to national development and urged the institute to improve its visibility at public sessions of the National Assembly.

The conference aimed to chart a new course and national rebirth for Nigeria, in line with the Federal Government’s eight-point agenda. With the ongoing economic reforms, Nigerians await the promised better days ahead.

Nigeria’s economic growth has been affected by various challenges, including insecurity, corruption, and inadequate infrastructure . The World Bank has reported that Nigeria’s economy experienced broad-based growth between 2000 and 2014 but slowed down from 2015-2022 due to monetary and exchange rate policy distortions .

As Nigeria navigates its economic and security challenges, the need for collective action and effective implementation of policies remains crucial. The success of the economic reforms will depend on addressing the root causes of insecurity, reducing corruption, and investing in education, healthcare, and skills training.