Reforms will address economic challenges, says Tinubu

President Bola Tinubu has stated that his administration will continue with its proposed strategic reforms and measures to address deep-rooted structural issues in the country.

He said the reforms would be implemented fully despite the nation’s complexities and citizens’ resistance to change.

He said, “We will continue with various proposed programmes and strategic measures where necessary to address the deep-rooted structural issues these are systemic challenges that plagued the economy over the years. Despite our country’s complexities and citizens’ resistance to change, we will remain resolute in our commitment to stir the nation towards safety and prosperity.”

Tinubu said this at the Nigeria Employers Summit on Tuesday in Abuja themed, “Economic Renaissance: Harnessing government reforms and private sector agility.”

Tinubu was represented by the Minister of State for Labour and Employment Hon Nkeiruka Onyejeocha.

The event in its third edition was organised by the National Employers Consultative Association and serves as the premier advocacy platform for business-focused deliberation and solution paths between the Organized Private Sector and Government at both National and Sub-National levels.

Multiple reforms by the current administration including the removal of fuel subsidy and unification of the exchange rate market more than a year ago have set the country on a path of spiralling inflation rate surge and exit of multinationals.

Speaking at the event, the president admitted that current reforms had caused disruptions in key sectors but set the nation on a path of economic prosperity and generational development.

He said the withdrawal of the unsustainable fuel subsidy which drained $10bn or 2 per cent of the nation’s GDP has allowed for the redirection of funds towards critical sectors such as health care, infrastructure, and security directly impacting citizens well being and prosperity.

He added the steps were necessary to ensure the sustainability of businesses, attract foreign direct investors and make our nation the pride of Africa as it used to be.

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 added “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.

In his welcome address, the Director General, NECA,  Adewale Oyerinde, said the government must deepen collaboration and create pathways towards maximizing ongoing government reforms by leveraging the capacity and potential of private sector employers.

Oyerinde, however, called for the fast-tracking of palliative measures to lessen 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.