President Bola Tinubu has declared that his administration will continue to pursue its proposed strategic reforms and actions to solve the country’s underlying structural concerns.
This was disclosed in a statement by Tinubu at the Nigeria Employers Summit on Tuesday in Abuja themed, “Economic Renaissance: Harnessing government reforms and private sector agility,” according to The Punch.
He stated that the reforms would be completely implemented, despite the country’s difficulties and citizens’ aversion to change.
Tinubu was represented by the Minister of State for Labour and Employment Hon Nkeiruka Onyejeocha.
The National Employers Consultative Association organized the third edition of the event, which serves as the main advocacy venue for business-focused deliberation and solution routes between the Organized Private Sector and the Government at both the national and sub-national levels.
Multiple measures implemented by the present administration, notably the removal of fuel subsidies and the unification of the currency rate market more than a year ago, have set the country on a road of spiraling inflation rates and multinational company exits.
In his speech at the event, the president conceded that current changes have disrupted critical industries but had put the country on track for economic prosperity and generational growth.
He said that the removal of the unsustainable gasoline subsidy, which drained $10 billion or 2% of the country’s GDP, has allowed funds to be redirected to important sectors such as health care, infrastructure, and security, all of which have a direct influence on citizens’ well-being and prosperity.
In addition, he stated that the efforts were important to maintain the long-term viability of enterprises, attract foreign direct investment, and restore our country’s status as Africa’s pride.
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 further said, “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.”
Meanwhile, the Director General, NECA, Adewale Oyerinde stated in his welcome address that the government must strengthen collaboration and build pathways to maximize existing government changes by harnessing the capacity and potential of private sector employers.
However, Oyerinde advocated for a rapid implementation of palliative measures to reduce inflationary pressures.
“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.
“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.
