President Bola Tinubu has refuted claims that the Nigerian economy is in distress, emphasizing the progress made and the unprecedented opportunities for growth and development.
He made these remarks during his speech at the Leadership Conference and Awards 2023, held at the Transcorp Hilton in Abuja on Tuesday.
Tinubu was honored as the Leadership Person of the Year 2023 for his outstanding leadership and decisive actions to steer Nigeria towards economic prosperity.
Represented by the Minister of Information and National Orientation, Mohammed Idris, the President outlined various initiatives and investments by the government to support Nigerian businesses, students, and vulnerable households, and to enhance food security and attract foreign direct investment.
Tinubu challenged the notion of economic distress, highlighting the challenging yet opportune times to reshape Nigeria’s economy away from past inefficiencies.
He revealed that N200 billion intervention funds have been allocated to support Nigerian businesses, alongside a new Federal Students’ Loan program and the Presidential Initiative on CNG.
The President also mentioned plans to roll out CNG-powered buses to reduce transportation costs.
Moreover, Tinubu underscored the increase in government revenues following the removal of the petrol subsidy, enabling more investments in critical infrastructure and social security.
Efforts to negotiate a new minimum wage and scale up the social investment program were also mentioned to alleviate economic burdens on Nigerians.
He said: “I should start by respectfully challenging that 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.
“We are in challenging times, no doubt, but these times have also been marked by unprecedented opportunities, to reset course and to build a new and sustainable economy, away from the rent-seeking and the waste that was once the order of the day.”
Regarding foreign investment, Tinubu highlighted the $30 billion FDI commitments secured since taking office, with investments already flowing into various sectors.
He mentioned ongoing discussions with Qatar for further investments, stressing the need for speedy progress.
While seeking support and patience from Nigerians, President Tinubu paid tribute to the late Sam Nda-Isaiah, founder of the Leadership Group Limited, and urged the media to focus on reporting successes alongside challenges. He expressed optimism about Nigeria’s future, urging everyone to embrace the journey toward a brighter tomorrow.