President Bola Tinubu has expressed optimism over the ongoing economic reforms by his administration, noting that they are already producing positive outcomes.
Speaking at the 30th Nigerian Economic Summit in Abuja on Monday, Tinubu called for stronger collaboration between the government, private sector, and international partners to sustain growth and economic stability.
The President, represented by Vice President Kashim Shettima, emphasized that the reforms are aimed at diversifying Nigeria’s economy and reducing its dependency on oil revenues. He said these initiatives are beginning to deliver much-needed improvements across key sectors.
“The theme of this year’s Summit, *‘Collaborative Action for Growth, Competitiveness, and Stability,’* is timely. It reflects the urgent need for a collective effort to tackle the multifaceted challenges we face,” Tinubu remarked.
He acknowledged that Nigeria, like many nations, has been affected by significant economic turbulence in recent years, citing global and domestic issues such as the COVID-19 pandemic, fluctuating oil prices, internal security challenges, inflation, and structural weaknesses, including the country’s over-reliance on oil revenue.
However, Tinubu pointed out that the government’s response to these challenges is yielding encouraging results. “I am pleased to report that we are making notable progress in addressing several key issues, including regulatory bottlenecks and the ease of doing business. This should boost confidence in our ability to surmount these obstacles,” he said.
Among the key reforms highlighted by Tinubu were the removal of fuel subsidies, the unification of forex rates, and increased focus on agriculture, manufacturing, and the digital economy. He identified these as critical drivers of Nigeria’s future prosperity.
Tinubu further stressed that economic diversification is central to his administration’s agenda, noting that it is vital for creating jobs and improving income levels for Nigeria’s growing population.
“We are making significant strides in reducing bureaucratic hurdles, especially in sectors that promote entrepreneurship and innovation,” Tinubu added.
The President reiterated his administration’s commitment to sustaining these reforms and urged stakeholders to continue working together to ensure long-term growth and stability for Nigeria’s economy.
