President Bola Tinubu has dismissed the characterization of Nigeria’s economy as distressed, emphasizing that the nation’s current challenges are not insurmountable.
Speaking at the 16th edition of the Leadership 2023 conference and Awards held at the Transcorp Hotel in Abuja, Tinubu provided insights into ongoing efforts to address economic issues and steer the country toward sustainable development.
His words: “I should start by respectfully challenging the notion that the Nigerian economy is in distress.
“Distress suggests helplessness, being at the mercy of something we have no control over. But that is not the case here.”
The President, awarded Person of the Year 2023 during the event, was recognized for his “undisputable can-do spirit” and resilience in emerging as the All Progressives Congress (APC) candidate and subsequently winning the 2023 presidential election.
Addressing the conference theme, “An Economy in Distress: Which Way Forward?” Tinubu, who was represented by the minister of information, Mohammed Idris, at the event, acknowledged that Nigeria is facing challenges but maintained that the situation is not one of helplessness.
He highlighted the unprecedented opportunities presented by the current times to reset the course and build a new and sustainable economy.
Tinubu defended recent policy decisions, including the removal of petrol subsidies, citing a 50 per cent reduction in petrol imports and increased revenues for the three tiers of government.
He emphasized the positive impact on critical areas such as infrastructure, social security, and minimum wage.
The President announced the disbursement of N200 billion through special intervention funds, targeting businesses, traders, transport workers, ICT ventures, creatives, artisans, and the manufacturing sector.
He outlined initiatives such as the Presidential Conditional Grant Scheme (PCGS), FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund.
In education, Tinubu revealed plans for a new Federal Student Loan program and the imminent rollout of CNG-powered buses, aiming to reduce transportation costs significantly.
The President shared optimistic economic indicators, including $30 billion in Foreign Direct Investment commitments since May 2023, a 66% increase in capital importation in Q4 2023, and the Nigerian Stock Exchange All Share Index crossing the 100,000 points mark in January 2024.
While acknowledging challenges, Tinubu urged Nigerians to exercise patience and support ongoing reforms.
He called upon the media to report challenges, solutions and opportunities, portraying Nigeria’s story as a nation taking the proper steps toward a promising future.
Yes,Nigeria’s economy not distressed but most citizens are distressed because the policies are not favouring them. And all the benefits listed are yet to be seen in 9 months:
1. infrastructure,
2. social security, and
2. minimum wage.
3. N200 billion through special intervention funds, targeting businesses, traders, transport workers, ICT ventures, creatives, artisans, and the manufacturing sector.
4. Student Loan program
5. the imminent rollout of CNG-powered buses etc.