President Bola Tinubu has challenged the perception of economic distress in Nigeria, highlighting the progress of his administration and the opportunities for growth and development in the country.
Speaking at the Leadership Conference and Awards, 2023, in Abuja, Tinubu, represented by the Minister of Information and National Orientation, Mohammed Idris, shared key initiatives and investments aimed at supporting Nigerian businesses, students, and vulnerable households, as well as enhancing food security and attracting foreign direct investment.
Tinubu stated, “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.”
He disclosed that N200 billion intervention funds have been earmarked to support Nigerian businesses, in addition to a new Federal Students’ Loan program and the Presidential Initiative on Compressed Natural Gas (CNG).
The N200 Billion Naira, according to the President, will be disbursed through three new special intervention funds established to support Nigerian businesses.
Regarding the Presidential Initiative on CNG, Tinubu noted the imminent rollout of CNG-powered buses, which is expected to reduce transportation costs by up to 50 percent.
He also highlighted the substantial increase in revenues accruing to the three tiers of Government since the removal of the petrol subsidy, emphasizing that more funds are available for critical infrastructure, social security, and other areas.
The Federal Government’s efforts to provide economic relief include negotiations for a new minimum wage and the scaling-up of the social investment programme, which will support millions of households with direct cash transfers.
Tinubu reiterated the gains of his administration’s robust investment drive, stating, “Since we assumed office in May 2023, we have attracted $30 billion in Foreign Direct Investment (FDI) commitments into the real sectors of the economy, including Manufacturing, Telecoms, Healthcare, Oil & Gas, and others.”
While seeking support and patience from Nigerians, Tinubu paid tribute to the Late Sam Nda-Isaiah, founder of the Leadership Group Limited, and emphasized the importance of media reporting that focuses on successes, and not just challenges.
He concluded by saying, “Ours is a story of a country that is taking the right steps, and feeling the fleeting pains that will come with this course of action. A glorious dawn is indeed assured.”
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