President Bola Tinubu says there is no going back on the reforms introduced by his administration.
During his inaugural speech on May 29, 2023, the president announced removal of fuel subsidy and also directed the Central Bank of Nigeria (CBN) to collapse the existing exchange rates.
Consequently, the apex bank directed Deposit Money Banks to remove the rate cap on the naira at the Investor’s and Exporters’ Window of the foreign exchange market, resulting in free-floating of the national currency against the dollar and other global currencies.
The official exchange rate had risen by over 60 per cent as the naira fell from 471/dollar to 664.04/dollar and closed the week later at N663.04/dollar.
The Nigerian currency continued losing ground till it reached all-time low of over N2000 to a dollar.
Removal of petroleum subsidy also led to more than triple increase in the pump price of petrol, resulting in inflation.
Critics have accused the president of poorly executing his policy, saying he ought to have conducted feasibility studies ahead of implementation.
Following the nationwide hardship, there have been calls on the president to reverse some of his policies.
But speaking while receiving a delegation from the Corporate Council on Africa (CCA) led by Florizelle Liser, CCA’s President and Chief Executive Officer, in Abuja, on Thursday, Tinubu said, We are right in the middle of a challenging stage of our reforms. We have headwinds, no doubt, but we are not going back.”
He reiterated his unwavering commitment to Nigeria’s economic growth and stability, emphasizing that he is not relenting until his vision for Nigeria is achieved.
The President commended the recent landing of a 45,000-kilometre submarine fibre optic cable in Akwa Ibom State, which establishes connectivity for the entire South-South region of Nigeria with Europe, and other parts of Africa via the Atlantic Ocean.
Highlighting the significance of this accomplishment, the President noted that with the right policies, partnerships, and determination, Nigeria can overcome long-standing developmental challenges that have encumbered rapid progress across sectors.
Drawing on his extensive experience in corporate governance and interactions with CCA during his tenure as the two-term governor of Lagos State, President Tinubu expressed satisfaction with the Corporate Council’s dedication to fostering business connections between the United States of America and Africa.
”I am happy that the Council is interested in various segments of Nigeria’s economy… ‘We are challenged, and we believe we will overcome the challenges. I have a can-do attitude that must be translated into a must-do attitude. We have a good team, and we must remain focused to get the goal accomplished,” he said.
President Tinubu reaffirmed his commitment to creating an enabling environment for business to thrive, emphasizing that his administration’s focus on investing in key sectors, such as agriculture, solid minerals, energy, health, physical infrastructure, trade promotion, financial services, digital enterprise, and the creative economy is underpinned by the need to ensure the welfare and prosperity of citizens.
”We are going to do more on security and investing in education, as we believe that education is the greatest weapon against poverty. We welcome partners like CCA, and we will strengthen our partnership to achieve our goals,” he said.
In her remarks, Ms. Liser expressed CCA’s commitment to supporting Nigeria’s economic growth through the eight priority areas outlined by President Tinubu’s administration.
She invited President Tinubu to consider participating in CCA’s US-Africa Business Summit in May in Dallas, Texas, and urged him to consider CCA as a partner in enhancing USA-Nigeria trade, business, and investment.
