Benefits of Economic Reforms Will Be Seen Soon — President Tinubu

President Bola Tinubu has assured Nigerians that the benefits of the economic reforms introduced by his administration will soon be evident, despite the initial hardships.

Tinubu stated this in his address at the 2024 Annual National Management Conference of the Nigerian Institute of Management (Chattered) in Port Harcourt, Rivers State.

“In the bid to quickly kick-start and stabilise the weak economy which we inherited, we have taken some hard decisions through the economic reforms introduced so far, such as the floating of the naira and removal of fuel subsidy.

“We recognise the fact that the pains occasioned by these reformative economic policies have been biting hard on the citizenry, but we are convinced that the nation’s economy and the Nigerians will start reaping the benefits of all the sacrifices in no distant time.”

Tinubu emphasized the interconnectedness of economic health and national security, saying, “Our strategies must reflect that reality.”

Rivers State Governor, Siminalayi Fubara, described the theme of the conference as ‘timely’ and ‘apt’ at a time when the nation was in dire need of solutions to contending issues.

Fubara emphasized the need for a collective effort to address Nigeria’s economic and security challenges, saying Rivers State was experiencing firsthand the impact of economic instability on local communities, businesses, and government operations.

Christiana Atako, President and Chairman of the Nigerian Institute of Management, also emphasized the critical need for collective action to address Nigeria’s economic and security challenges.

“As a developing nation, Nigeria grapples with several economic and security challenges. Presently, the nation is undergoing some economic reforms, including the removal of petroleum products subsidy and floating of the naira, Nigeria’s currency; two policies which appear to have a negative immediate to short-term impact on both cost and standard of living of the citizenry.”

The keynote speaker, Dr. Ajoritsedere Awosika, stressed the urgency of addressing unemployment, particularly among young people, to ensure economic stability and national security.

“The way forward for Nigeria’s economic stability and national security involves a multi-faceted approach that will engender the development of non-oil sectors like agriculture, manufacturing and services. Improvement of power supply, transportation, and telecommunications; support of small and medium scale enterprises and innovation, and better debt management will equally play a big role.”