Tinubu boasts his government restored confidence in Nigeria’s economy

President Bola Tinubu said on Tuesday that his administration has begun restoring confidence in the Nigerian economy through its reforms.

He said this at the 17th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) held in Abuja.

Tinubu, who was represented by Vice President Kashim Shettima, said the measures initiated by the government were aimed at reducing inflation, stabilizing the foreign exchange market and improving fiscal management.

The President noted that the conference comes at a time when the nation is grappling with interrelated challenges.

He identified these challenges as high inflation, rising cost of living, unemployment, infrastructure deficit and the impact of global economic shifts.

However, President Tinubu noted that these challenges also present opportunities for growth and development.

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In addressing these challenges, he said the government had taken bold but painful steps to reform the macroeconomic environment.

He said: “While painful in the short term, the removal of fuel subsidies is designed to free up budget resources for critical investments in infrastructure and social services.

“Adjustment of monetary policy interest rates, a move aimed at curbing inflation and promoting a more market-oriented exchange rate system.”

Tinubu also noted that his administration is committed to strengthening infrastructure development in its ongoing efforts to grow the Nigerian economy.

“We are committed to improving Nigeria’s infrastructure to support economic growth.

“We are investing in road, railway and energy projects through public-private partnerships to reduce transportation costs and improve market access,” the president added.

Tinubu boasts his administration restored confidence in Nigerian economy first appeared on Latest Nigeria News | Headlines from Ripples Nigeria.