President Bola Tinubu says his administration is restoring confidence in Nigeria’s economy through measures to reduce inflation, stabilising the foreign exchange market, and improving fiscal management.

Mr Tinubu, represented by Vice President Kashim Shettima, gave the assurance on Tuesday at the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference held in Abuja.

He said the CIBN conference themed, “Accelerating Economic Growth and Development: The State of Play and the Way Forward,” came when the nation grappled with interrelated challenges.

He identified the challenges as high inflation, rising costs of living, unemployment, infrastructure deficits and the effects of global economic shifts.

Mr Tinubu, however, said the challenges also present opportunities for growth and development.

In addressing the challenges, the president said his administration had taken bold but painful steps to reform the macroeconomic environment.

“Though painful in the short term, the removal of fuel subsidies is designed to free up budgetary resources for critical investments in infrastructure and social services.

” The adjustment of the monetary policy rate, a move aimed at curbing inflation and fostering a more market-oriented exchange rate system,” he said.

Mr Tinubu also noted that his administration was committed to strengthening infrastructure development in the ongoing bid to grow Nigeria’s economy.

”We are investing in roads, railways, and energy projects through public-private partnerships to reduce transportation costs and improve market access,” he said.

He added that the administration was prioritising the digital economy, to drive innovation and enhance financial inclusion.

” We are expanding broadband penetration and encouraging the growth of tech startups through initiatives such as the Digital Nigeria program.

” For example, we currently train three million Nigerian youths in digital technology and essential skills and then deploy them to innovation hubs.

” It is essential to state that we are committed to achieving a 70 per cent digital literacy level by 2027 through innovative approaches in delivering initiatives, continuous collaborations and stakeholder engagement,” he said

The president called for collaboration across all sectors, including the government, private industry, and civil society organisations.

“The government is committed to implementing reforms to enhance macroeconomic stability, reduce inflation, and support infrastructure development,” he added.

Earlier, the president of CIBN, Pius Olanrewaju, called for urgent introspection on Nigeria’s economic challenges, stressing the need for innovative solutions.

He emphasised that while the Central Bank of Nigeria has introduced several monetary policies to address the issues, their success hinges on “the professionalism and patriotism of operators in the financial services sector.”

(NAN)