President Bola Tinubu says the current phase of his
administration’s economic reforms is focused on converting macroeconomic
stability into investment, production, jobs and improved living standards.
Tinubu spoke on Tuesday at the 19th annual banking and
finance conference in Abuja, themed “Building a Resilient Economy in an Era of
Disruption: Strategic Imperatives for the Banking and Financial Services
Industry”.
The president, represented by Taiwo Oyedele, minister of
finance and coordinating minister of the economy, said the banking and
financial services industry would be central to achieving the transformation.
“Stability is the foundation, prosperity is the
destination,” the president said.
“The current phase of our reform journey is accelerating the
conversion of stability into investment, investment into production, production
into jobs, and growth into improved living standards.”
Tinubu said his administration had, over the past three
years, undertaken difficult but necessary reforms in the foreign exchange
market, public finances, taxation and fiscal management to address structural
weaknesses accumulated over decades.
He said the reforms were yielding results, citing the
economy’s 4.43 percent growth in the second quarter of 2026, while gross
domestic product (GDP) growth in US dollar terms stood at about 17 percent in
the first half of the year.
The president said Nigeria remained on track towards its
goal of a $1 trillion economy by 2030, adding that its purchasing power GDP had
surpassed $2.2 trillion.
He also cited improved external reserves, which have crossed
$54 billion, easing inflation, stronger investor confidence and positive
outlooks from international rating agencies as signs of progress.
Tinubu said the next phase of the reforms would require a
shift in the role of the financial sector from “intermediation to
transformation”.
The president said banks must do more than grow their
balance sheets and profits by increasing financing to businesses and the
productive economy.
“The resilient banking system cannot exist indefinitely
where businesses cannot obtain affordable credits,” he said.
Tinubu identified five priorities for building a resilient
financial system: growth facilitation, financial inclusion, technology,
long-term capital and trust.
On growth, the president said the recent bank
recapitalisation must translate into capital formation and increased financing
for Nigerian businesses.
He said financial inclusion should go beyond access to bank
accounts, with small businesses and young entrepreneurs able to obtain
affordable credit based on viable cash flows rather than collateral.
“Artificial intelligence, open banking, digital identity and
instant payments are transforming financial services. Our financial sector must
help shape these innovations, not merely consume them, but greater
digitalisation creates greater vulnerability,” the president added.
Tinubu said Nigeria must deepen its capital markets,
pension, insurance and asset management sectors to mobilise long-term domestic
and foreign capital for infrastructure, industry, housing and energy.
He also stressed the importance of trust, saying consumer
protection and regulatory integrity in financial institutions are essential to
financial stability.
The president said his administration is expanding
guarantees, risk-sharing, blended finance and credit enhancements through the
National Credit Guarantee Company to reduce investment risks and attract
private capital.
‘COMMON MAN WILL SOON FEEL BENEFITS OF REFORMS’
Also speaking, Olayemi Cardoso, governor of the Central Bank
of Nigeria (CBN), said the monetary and fiscal reforms responsible for the
recent macroeconomic stability were implemented in collaboration with other
stakeholders.
The CBN governor, represented by Philip Ikeazor, deputy
governor of financial system stability, said Tinubu’s decision to allow the CBN
independence to focus on its mandate had supported the reforms.
“The question that remains on everyone’s mind is when will
the common man feel the full benefits? That is on its way, because of the same
collaboration that I’m talking about,” Cardoso said.
“Some of the reforms being carried out on the fiscal side
will begin to manifest very soon.”
The CBN governor also commended banks for their role in the
reform process, saying a strong economy cannot thrive without high-performing
banks.
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