President Bola Ahmed Tinubu has called on the business and banking sectors to prioritize youth empowerment, talent development, and capacity building as key elements for Nigeria’s economic advancement.
Speaking through Vice President Senator Kashim Shettima, President Tinubu conveyed this message at the 17th Annual Banking and Finance Conference hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday.
Highlighting the administration’s focus on the digital economy, President Tinubu emphasized efforts to enhance financial inclusion and drive technological innovation. The government is expanding broadband access and supporting tech startups through initiatives like Digital Nigeria.
In addition, President Tinubu announced that the government is training 3 million Nigerian youths in digital skills and essential competencies, with plans to integrate them into innovation-driven companies across the nation.
“We are dedicated to achieving 70 percent digital literacy by 2027 through collaboration and innovation,” Tinubu stated. “Our focus must be on building capacity, nurturing talent, and empowering our youth. We need to equip them with the skills and opportunities to propel our nation forward.”
He underscored the importance of these initiatives for Nigeria’s development, expressing confidence that with the support of the banking and finance sector, the country can accelerate economic growth and ensure prosperity for all Nigerians.
President Tinubu outlined the administration’s strategies to restore confidence in the Nigerian economy, including measures to combat inflation, stabilize the foreign exchange market, and improve fiscal management. The removal of the fuel subsidy is a key short-term strategy aimed at reallocating resources for infrastructure and social services.
“We are committed to strengthening infrastructure development,” Tinubu noted, emphasizing the administration’s efforts to enhance roads, railways, and energy projects through public-private partnerships. “Our investments are designed to reduce transportation costs and improve market access, fueling economic growth.”
He also highlighted progress in financial inclusion, noting that formal financial inclusion in Nigeria increased from 56% in 2020 to 64% in 2023, driven by greater bank access and advancements in mobile money services.
The President reaffirmed his administration’s commitment to climate finance and environmental sustainability, citing initiatives like the Green Bond Program and partnerships with international development agencies aimed at reducing Nigeria’s carbon footprint.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, reported that ongoing reforms are expected to help Nigeria achieve a 3.7 percent economic growth target by year-end. The oil and gas sector saw a 10% increase in the second quarter, while the non-oil sector maintained steady growth at 2.8%. However, challenges remain in transportation, manufacturing, and retail trade due to economic shocks.
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To address transportation costs, Edun announced plans to increase the supply of Premium Motor Spirit (PMS) by 25 million liters starting in September through the Dangote refinery. Efforts to reduce reliance on petrol and diesel include procuring biofuel buses and compressed natural gas (CNG) conversion kits.
Edun also highlighted positive results from revenue collection reforms, with aggregate federal revenue reaching N9.1 trillion in the first half of 2024, more than double the amount collected in the same period in 2023. Non-oil revenue increased by 30 percent.
Despite progress in controlling inflation, food inflation remains a challenge. Edun noted that the consumer price index eased from 34 percent in June to 33 percent in July, though food prices continue to rise. The government is implementing initiatives to boost food supply and tackle inflation, including strategic import programs and support for local food production.
In the energy sector, the government aims to increase electricity supply from the national grid from 4.5 gigawatts to 6 gigawatts by the end of 2024 and raise oil production to 2 million barrels per day to enhance sector competitiveness and attract investments.
The administration’s healthcare reforms focus on improving access to essential medicines for 80 to 90 million Nigerians and expanding healthcare insurance coverage for vulnerable populations through the Vulnerable Group Fund.
Edun emphasized the need for collaboration between government, private industry, and civil society to achieve sustained economic growth. “To ensure long-term growth, we must align our policies with the global landscape, which requires strategic investments from the private sector,” he said.
In addition to domestic reforms, the administration is working with international financial institutions and development partners to secure investments for economic advancement. The issuance of a $500 million bond earlier this month aims to finance critical programs, including a nationwide student housing initiative with Family Home Funds.
Dr. Blaise Ijebor of the Central Bank of Nigeria (CBN), representing the Governor, emphasized that bankers play a crucial role in inclusive growth, with their decisions significantly impacting the lives of Nigerians and Africans.
At the conference, Mr. Tony Elumelu, Chairman of Heirs Holdings, delivered the keynote address, calling for urgent measures to address insecurity, which he identified as a major driver of food inflation and economic instability. He stressed the need to support youth entrepreneurship and create opportunities for young Nigerians.
“We must offer our youth a future with opportunities in Nigeria, rather than forcing them to seek prospects abroad,” Elumelu said. “By fostering their businesses and creating a supportive environment, we can empower small and medium-scale enterprises and drive our progress during these transformative times.”