Key Initiatives by Tinubu Reshaping Nigeria’s Economic Growth

President Bola Ahmed Tinubu expressed that the fuel subsidy removal and foreign exchange liberalization policies have positioned Nigeria at the forefront of economic advancement.

Addressing a high-level panel session at the World Economic Forum, WEF, Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh, Saudi Arabia, Tinubu emphasized the crucial decisions taken to steer Nigeria’s economy in the right direction.

In a statement by Ajuri Ngelale, the presidential spokesperson, Tinubu underscored the significance of removing fuel subsidies, despite the challenges it presented, to restructure Nigeria’s economic trajectory.

“Making tough decisions is essential in leadership, and the removal of fuel subsidies was imperative to prevent economic collapse and pave the way for growth,” he affirmed.

Regarding the subsidy removal’s impact, Tinubu acknowledged the hardships faced by the populace but reassured that steps were taken to mitigate the effects on vulnerable groups through transparent and accountable measures.

Highlighting the nation’s vibrant youth population’s resilience and readiness for growth, Tinubu asserted a commitment to leveraging innovation, technology, and education for economic advancement.

Additionally, Tinubu detailed the government’s efforts under his administration to manage the national currency effectively, combat corruption, and ensure a level playing field in the foreign exchange market.

“Our currency’s management was crucial to eliminate artificial value, fostering healthy competition globally while curbing corrupt practices,” Tinubu explained.

Reflecting on the decision to remove subsidies on petrol and liberalize the FX market in June last year, Tinubu acknowledged the challenges, such as soaring inflation and currency fluctuations, as the nation navigates these economic reforms.