ENUGU, Nigeria (VOICE OF NAIJA)- President Bola Tinubu has reaffirmed his administration’s commitment to implementing strategic reforms to address Nigeria’s deep-rooted structural issues, despite the challenges and resistance to change.
He acknowledged that the reforms have caused disruptions in key sectors but believes they are necessary for the nation’s economic prosperity and generational development.
Tinubu spoke on Tuesday at the Nigeria Employers Summit in Abuja, themed “Economic Renaissance: Harnessing government reforms and private sector agility.”
He said, “We will continue with various proposed programmes and strategic measures where necessary to address the deep-rooted structural issues these are systemic challenges that plagued the economy over the years.
“Despite our country’s complexities and citizens’ resistance to change, we will remain resolute in our commitment to stir the nation towards safety and prosperity.”
The president who was represented by the Minister of State for Labour and Employment Hon Nkeiruka Onyejeocha, emphasized that the removal of fuel subsidy and unification of the exchange rate market have set the country on a path towards sustainability and prosperity.
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The President assured that the administration is working to cushion the pains of the reforms and attract foreign direct investors to make Nigeria the pride of Africa.
He noted that the withdrawal of the unsustainable fuel subsidy, which drained $10 billion or 2 per cent of the nation’s GDP, has allowed for the redirection of funds towards critical sectors like healthcare, infrastructure, and security, directly impacting citizens’ well-being and prosperity.
Tinubu acknowledged the challenges faced by businesses and citizens but expressed optimism that the reforms will yield long-term benefits. He urged the private sector to collaborate with the government to harness the potential of the reforms and drive economic growth.
Tinubu said, “The theme of this year’s annual summit is apt as the government since its inception has rolled out several reforms that have affected the economy value chain and impact on organised businesses. It is also without doubt that this administration is committed to strengthening the private sector’s role in our economy.
“In our quest for economic renaissance and national renewal, we have had to embark on various reforms to navigate our mission. These reforms are not only necessary but also very important to preserve our national wealth and lay a solid foundation for our generational development.
“Are the current challenges surmountable, of course, yes. They are surmountable and we will all surmount them. Now that there are challenges as a result of the reforms, I assure you that this administration is doing all that is necessary to cushion the pains and impact for all citizens.
He added that, “The administration will continue to do all that is necessary to ensure the sustainability of businesses, attract foreign direct investors and make our nation the pride of Africa as it used to be.”
The Director General of NECA, Adewale Oyerinde, called for deeper collaboration between the government and private sector to maximize the reforms’ impact and fast-track palliative measures to lessen inflationary pressures.
He emphasized the need for a symbiotic relationship between the public and private sectors to achieve sustainable and inclusive economic growth.
“While we commend these efforts and recognize their critical role in attracting investment, enhancing productivity, and driving sustainable economic growth, it is essential to note that the true measure of these reforms lies in their effective implementation and the tangible benefits they deliver to businesses and citizens alike.
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“The private sector, with its inherent dynamism and innovation, stands as a cornerstone of economic development. Our agility allows us to swiftly respond to market changes, adopt new technologies, and create value.
“It is this spirit of innovation and resilience that we must harness to complement government reforms.
“By promoting a symbiotic relationship between the public sector’s regulatory framework and the private sector’s dynamism and value creation, our country can achieve sustainable and inclusive economic growth,” he stated.
Meanwhile, the summit brought together stakeholders from various sectors to discuss the impact of the reforms and explore strategies for harnessing the potential of the private sector to drive economic renaissance in Nigeria.