President Bola Tinubu has praised the strides made by his administration in reforming Nigeria’s economy, emphasizing the importance of continued collaboration between the government, private sector, and international partners. Speaking through Vice President Kashim Shettima at the 30th Nigerian Economic Summit (NES) held in Abuja on Monday, President Tinubu highlighted the need for collective efforts to achieve sustained economic growth and stability for the country.
The NES, a pivotal platform for fostering dialogue and developing economic policy recommendations, has been at the forefront of addressing Nigeria’s economic challenges for three decades. In his address, Tinubu acknowledged the critical role the summit plays in shaping policy and guiding economic decisions. He also underscored that the theme of this year’s summit, “Collaborative Action for Growth, Competitiveness, and Stability,” was particularly timely, as it encapsulates the urgency of working together to tackle Nigeria’s multifaceted economic issues.
President Tinubu noted that Nigeria, like many countries globally, has faced significant economic turbulence in recent years. “The challenges have been global and domestic—ranging from the COVID-19 pandemic and fluctuating oil prices to internal security issues, inflation, and structural weaknesses in our economy,” he stated. Among these challenges, he highlighted the over-reliance on oil revenues as a critical issue, one that his administration is actively working to address by diversifying the economy.
The President also pointed to the ongoing reforms his government has implemented to address some of these challenges, including regulatory bottlenecks and obstacles to ease of doing business. “I am pleased to report that we are making significant strides in addressing several key issues,” he said. He further emphasized that these reforms are designed to build a more resilient and diversified economy, which he believes will be vital in sustaining long-term growth.
Key to Nigeria’s future prosperity, according to President Tinubu, is the diversification of the economy away from oil. He referenced the removal of fuel subsidies, the unification of foreign exchange rates, and a renewed focus on sectors such as agriculture, manufacturing, and the digital economy as pivotal drivers of this shift. “Economic diversification remains at the heart of my administration’s agenda,” Tinubu remarked, stressing its importance in creating jobs and raising income levels for the country’s rapidly growing population.
In addition to economic diversification, President Tinubu highlighted the importance of ongoing investments in critical infrastructure projects, including roads, railways, and power plants. These projects, he explained, are essential to improving connectivity, boosting productivity, and fostering greater economic activity across Nigeria. He assured that the regulatory reforms needed to improve the business environment and enhance productivity were progressing as planned.
Tinubu also emphasized the role of small and medium-sized enterprises (SMEs) in driving the economy. As part of his administration’s focus on supporting entrepreneurship, he outlined several initiatives aimed at empowering these businesses. These include the launch of MSME hubs, offering single-digit interest loans for manufacturers, and establishing a new Credit Corporation that provides workers with access to affordable consumer loans.
“These measures are aimed at supporting entrepreneurs and helping to create the enabling environment for innovation to thrive,” Tinubu explained. He reiterated that reducing bureaucratic hurdles, particularly in sectors critical to entrepreneurship, is a top priority for his administration. By streamlining processes and removing barriers to doing business, he said, the government is fostering a more conducive atmosphere for economic growth.
As the 30th NES drew to a close, President Tinubu’s message was clear: the path to Nigeria’s economic growth lies in collaboration, investment in infrastructure, and continued efforts to diversify the economy. With his administration’s reforms already underway, he expressed optimism that these steps would pave the way for a more prosperous and stable Nigeria.
