Nigeria’s Economy Not In Distress – Tinubu Insists

President Bola Ahmed Tinubu stated yesterday that neither the economy nor the current circumstances are hopeless.

He emphasized that efforts were underway to steer the nation out of its current predicament.

He asserts that the most recent economic data does not show a distressed nation.

Prof. Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria (CBN) who supported Tinubu’s reforms, stated that more time was required to resolve the problems.

They gave a speech at the Transcorp Hotel in Abuja during the 16th Leadership Conference and Awards.

Mohammed Idris, the Minister of Information and National Orientation, represented Tinubu, who was named Person of the Year 2023 by the Leadership Newspaper.

The President admitted that although the nation faces difficulties, it is not hopeless.

He said: “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.

“We are in challenging times, no doubt, but these times have also been marked by unprecedented opportunities to reset the 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.

“The Leadership Group has itself alluded to the ‘difficult but necessary’ decisions that we have taken.

“Since the removal of petrol subsidy, our imports of petrol have dropped by about 50 per cent, which translates to roughly one billion litres of petrol every month, according to the National Bureau of Statistics.

“In addition, the revenues accruing to the three tiers of Government – Federal, State and Local – have grown by between 50 per cent and 100 per cent since the removal of the petrol subsidy.

“This means more funds are available to directly impact the lives of Nigerians through investments in critical infrastructure, social security, and other areas.”

Tinubu said the economy saw a better-than-anticipated performance in the last quarter of 2023.

He noted that it grew by 3.46 per cent (year-on-year), compared with 2.54 per cent in the preceding quarter.

Capital importation into Nigeria, he said, was up 66 per cent in Q4 2023, reversing a 36 per cent decline in the previous quarter.

In January 2024, the Nigerian Stock Exchange All Share Index (ASI) crossed the 100,000 points mark, its highest ever, the President said.

“There is no one who looks at this data who will conclude that ‘distressed’ is the accurate way to describe the Nigerian economy.

“Yes, we are challenged in a number of ways. But these are the outcomes of necessary reforms, and a lot of effort and energy is going into alleviating these pains and setting the economy on firm footing.

“And we are seeing incredible opportunities for investment in every sector of the economy, as we stabilize our foreign exchange market and our macroeconomic indices.

“I ask for the continuing patience and support of all Nigerians, including the elite that is very well represented in this room today.

“To the Nigerian media, I urge you to strive to report not only the challenges but also the solutions and the opportunities as well.

“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.”

The President also paid tribute to Leadership founder, the late Sam Nda-Isaiah.

He said: “Your memory will continue to live on, not only in our hearts but also in your brilliant writings and in the family and the business legacies that you left behind.

“To Madam Zainab Nda-Isaiah, thank you for carrying on so boldly and powerfully from where Sam stopped.

“We appreciate what you’re doing, and we will continue to support you.” [CONTINUE READING HERE]