TINUBU: PERSISTING WITH REFORMS DESPITE CHALLENGES, NO RETREAT

President Bola Tinubu asserts that the reforms implemented by his administration are irreversible.

In his inaugural address on May 29, 2023, the president declared the elimination of fuel subsidies and instructed the Central Bank of Nigeria (CBN) to merge existing exchange rates.

Consequently, the apex bank instructed Deposit Money Banks to eliminate the rate cap on the naira at the Investor’s and Exporters’ Window of the foreign exchange market, resulting in the free-floating of the national currency against the dollar and other global currencies.

The Nigerian currency continued to depreciate until it hit an all-time low of over N2000 to a dollar.

The removal of the petroleum subsidy also caused a more than triple increase in the pump price of petrol, leading to inflation.

Critics have accused the president of poorly executing his policy, arguing that feasibility studies should have preceded implementation.

Amidst nationwide hardship, calls have been made for the president to reconsider some of his policies.

However, during a meeting with a delegation from the Corporate Council on Africa (CCA) led by Florizelle Liser, CCA’s President and Chief Executive Officer, in Abuja, Tinubu declared, “We find ourselves in the midst of a challenging phase of our reforms. We encounter headwinds, no doubt, but we are not stepping back.”

He reiterated his steadfast commitment to Nigeria’s economic growth and stability, emphasizing that he will persist until his vision for Nigeria is realized.

The President applauded the recent installation of a 45,000-kilometer submarine fiber optic cable in Akwa Ibom State, establishing connectivity for the entire South-South region of Nigeria with Europe and other parts of Africa via the Atlantic Ocean.

Highlighting the significance of this achievement, the President noted that with the right policies, partnerships, and determination, Nigeria can overcome longstanding developmental challenges that have hindered rapid progress across sectors.

Drawing on his extensive experience in corporate governance and interactions with CCA during his tenure as the two-term governor of Lagos State, President Tinubu expressed satisfaction with the Corporate Council’s commitment to fostering business connections between the United States of America and Africa.

“I am pleased that the Council is interested in various segments of Nigeria’s economy… ‘We are facing challenges, and we believe we will overcome them. I have a can-do attitude that must be translated into a must-do attitude. We have a capable team, and we must remain focused to accomplish our goals,” he said.

President Tinubu reaffirmed his commitment to creating an enabling environment for business to thrive, emphasizing that his administration’s focus on investing in key sectors, such as agriculture, solid minerals, energy, health, physical infrastructure, trade promotion, financial services, digital enterprise, and the creative economy is driven by the need to ensure the welfare and prosperity of citizens.

“We are going to do more on security and investing in education, as we believe that education is the greatest weapon against poverty. We welcome partners like CCA, and we will strengthen our partnership to achieve our goals,” he said.

In her remarks, Ms. Liser expressed CCA’s commitment to supporting Nigeria’s economic growth through the eight priority areas outlined by President Tinubu’s administration.

She invited President Tinubu to consider participating in CCA’s US-Africa Business Summit in May in Dallas, Texas, and urged him to consider CCA as a partner in enhancing USA-Nigeria trade, business, and investment.

From the News Source: DailyTrust