Nigeria’s newly inaugurated President Bola Tinubu, has outlined his plans to revitalize the country’s economy, with a focus on achieving higher Gross Domestic Product (GDP) growth and reducing unemployment rates.
In a bold move aimed at addressing the pressing economic challenges facing the nation, Tinubu’s inaugural speech on Monday detailed the steps his administration intends to take to accomplish these targets.
One of the key measures Tinubu plans to implement is budgetary reform aimed at stimulating economic growth without triggering inflation.
“Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.
“Whatever merits it had in concept, the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians. The policy shall be reviewed,” President Tinubu said.
By carefully managing fiscal policies, the government aims to create an enabling environment that encourages investment and drives economic expansion.
In order to reduce the country’s dependency on imports and promote domestic manufacturing, Tinubu said his administration will adopt a comprehensive industrial policy.
This policy will leverage a range of fiscal measures to incentivize local production and support businesses, thereby creating jobs and boosting economic self-sufficiency.
“I have a message for our investors, local and foreign: our government shall review all their complaints about multiple taxation and various anti-investment inhibitions,” Tinubu said.
Also addressing a critical issue that has hampered business growth in Nigeria, Tinubu emphasized the need to improve access to affordable electricity.
His administration aims to significantly increase power generation, improve transmission and distribution networks, and promote the development of local energy sources.
By ensuring businesses and households have reliable and affordable electricity, the government seeks to unlock new opportunities for economic growth.
Tinubu further expressed his commitment to attracting more investment, by proactively instilling confidence in investors, encouraging the repatriation of dividends and profits, and fostering a favorable business environment.
Recognising the urgent need to create employment opportunities for Nigeria’s youth, Tinubu reiterated his campaign commitment to generate one million new jobs in the digital economy.
In collaboration with the National Assembly, the administration plans to draft an omnibus Jobs and Prosperity bill that will provide the necessary policy framework to drive labor-intensive infrastructure projects, promote light industry, and improve social services for vulnerable segments of society, including the poor and elderly.
He said: “My administration must create meaningful opportunities for our youth. We shall honour our campaign commitment of one million new jobs in the digital economy.”
With his comprehensive agenda and focus on sustainable growth, job creation, and investor-friendly policies, Tinubu aims to steer Nigeria towards economic prosperity and ensure a brighter future for Nigerians.
However, the implementation of these measures will require close collaboration between the executive branch, the legislature, and other stakeholders.
As the administration gets to work, all eyes will be on President Tinubu as he navigates the economic challenges that lie ahead to deliver tangible outcomes that will propel the nation’s economy forward and uplift the lives of its people.