President Bola Tinubu yesterday reaffirmed his administration’s commitment to steering Nigeria away from economic ruin through a series of comprehensive reforms.
Speaking at the 3rd edition of Nigeria Employers’ Summit, organised by the Nigeria Employers’ Consultative Association (NECA), President Tinubu highlighted the critical importance of government reforms and private sector agility in achieving economic renaissance.
The summit, themed “Economic Renaissance: Harnessing Government Reforms and Private Sector Agility,” provided a platform for discussing the significant strides made by the current administration in bolstering the economy.
The president who was represented at the event by the minister of state for labour and employment, Nkeiruka Onyejeocha, emphasised his administration’s dedication to fortifying the private sector while implementing essential reforms to rebuild national wealth and foster development.
He assured that these measures are pivotal for preserving national wealth and laying a robust foundation for Nigeria’s future development.
Addressing the challenges associated with the reforms, Tinubu acknowledged their impact on citizens but affirmed the administration’s efforts to mitigate these challenges and improve the quality of life for all Nigerians.
Highlighting key policy measures, the President further noted the withdrawal of the unsustainable fuel subsidy, which previously drained approximately $10 billion annually, the decision which he said has enabled the redirection of funds towards critical sectors such as healthcare, education, infrastructure, and security.
He also stated that the policy shift has also resulted in reduced petrol importation and increased allocations for states and local governments.
Additionally, Tinubu said that his administration ended the foreign exchange subsidy, unifying the FOREX rate market to reflect the true value of the Naira.
According to him, reforms in Bureau De Change operations and the lifting of FOREX restrictions on certain imports have bolstered investor confidence, leading to the Nigerian stock exchange becoming the top-performing bourse globally.
He expressed optimism about the outcomes and recommendations from the summit while anticipating that they would further inform the administration’s actions.
He said, “In our quest for economic renaissance and national renewal, we have had to embark on various reforms to navigate our nation back from the path of economic ruin. These reforms are not only necessary but also very important if we are to preserve our national wealth and lay a solid foundation for our national development.
Are the current challenges surmountable? Yes, they are surmountable and we will all surmount them. While there are challenges as a result of the Reforms, I want to assure you that this administration is doing all that is necessary to cushion the pains and make life better for all citizens.
This administration will continue to do all that is necessary to ensure the sustainability of businesses, attract foreign direct investment and make our nation the pride of Africa as it used to be “.
On his part NECA’s director-general, Adewale-Smatt Oyerind noted that the true measure of these reforms lies in their effective implementation and the tangible benefits they deliver to businesses and citizens alike.
The association called for the government’s commitment to implementing the action points that will emerge from the summit’s discussions to foster an improved socio-economic environment while allowing businesses to thrive.
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