President Bola Tinubu has declared that the economic reforms being made by his administration are already yielding positive results.
The President revealed this during the 30th Nigerian Economic Summit held on Monday in Abuja.
He called for better teamwork among the government, private companies, and international partners to ensure steady growth and stability.
Represented by Vice President Kashim Shettima, the President highlighted the positive impact of the reforms undertaken by his administration which he said were designed to diversify Nigeria’s economy and reduce its over-reliance on oil revenues.
According to him, these initiatives are already beginning to deliver the much-needed change.
“The theme of this year’s Summit, “Collaborative Action for Growth, Competitiveness, and Stability,” could not be more appropriate, as it encapsulates the pressing need for concerted efforts to address the multidimensional issues we currently face.
“Like many other nations, Nigeria has experienced significant economic turbulence over the past few 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, such as over-reliance on oil revenue and lack of economic diversification…
“I am pleased to report that we are making significant strides in addressing several key issues, including regulatory bottlenecks and ease of doing business challenges. This progress should instill confidence in our collective ability to overcome these challenges,” he stated.
The President pointed to the removal of fuel subsidies, the unification of forex rates, and a renewed focus on agriculture, manufacturing, and the digital economy as critical drivers of Nigeria’s future prosperity.
He stressed that economic diversification remains at the heart of his administration’s agenda, noting that this is vital to creating jobs and boosting income levels for the rapidly growing population.
“We are making significant progress in reducing bureaucratic bottlenecks, particularly in sectors that drive entrepreneurship and innovation,” Tinubu stated.
