Nigeria’s economy not as bad as it looks, says President Tinubu in Abuja

Nigeria’s president Bola Tinubu has emphasized the need for patience from Nigerians saying that his administration’s economic reforms will pave the way for a more stable and prosperous future for the nation.

The Nigerian president made the call on Tuesday through the Minister of Information and National Orientation, Mohammed Idris Malagi, while speaking at the 16th Edition of LEADERSHIP Annual Conference and Awards held at the Hilton Hotel Abuja.

President Tinubu was honored as ‘Person of the Year’.

The Nigerian economy has been grappling with series of challenging episodes ranging from food inflation, devaluation of its currencies and insecurity related problems.

Economic activities are also hobbled by poor power supply, crumbling infrastructure and difficult to source capital.

Industries are suffering high mortality.

Human development indexes are largely depressing, according recent figures and statistics.

But the President challenged the perception that Nigeria’s economy is in distress, asserting that the current challenges present opportunities for restructuring and building a sustainable economy.

According to Tinubu, under his leadership, tough but essential decisions have been made, such as the removal of fuel subsidies, resulting in significant reductions in petrol imports and increased revenues for all levels of government.

These additional funds are being allocated towards critical infrastructure, social security, and various other areas to directly benefit the lives of Nigerians.

The President announced the approval of three special integration funds totaling 200 billion Naira to support Nigerian businesses.

According to the president, the funds include the Youth Entrepreneurship Support program, the MSME Intervention Fund, and the Manufacturing and Export Fund, aimed at providing financial assistance to traders, artisans, entrepreneurs, and manufacturing businesses.

Furthermore, initiatives such as the federal student loan program, the Social Investment Program, and the presidential initiative on Compressed Natural Gas (CNG) are underway to support students, vulnerable households, and promote sustainable transportation solutions.

The government’s focus on food security through programs like the dry season farming initiative and the National Agricultural Development Fund highlights its commitment to bolstering the agricultural sector.

President Tinubu also highlighted the success of attracting foreign direct investments amounting to $30 billion in various sectors, signaling confidence in Nigeria’s economic potential.

The recent growth in the economy, as evidenced by a 3.46% year-on-year increase in the last quarter of 2023, and the rise in capital importation further showcase the positive trajectory of the country’s economic performance, the president said.

The President’s efforts to drive economic reforms, foster entrepreneurship, enhance social welfare programs, and attract investments demonstrate a concerted push towards a more resilient and thriving economy.

As the nation progresses on this path, the collective patience and support of the Nigerian populace will play a crucial role in realizing the vision of a prosperous and sustainable future for all.

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