What Tinubu said at the 30th Economic Summit ( Full Speech)

OPENING ADDRESS BY PRESIDENT BOLA AHMED TINUBU, GCFR, AT THE 30TH NIGERIAN ECONOMIC SUMMIT ON MONDAY, OCTOBER 14, 2024

(AS DELIVERED BY VICE PRESIDENT KASHIM SHETTIMA)

Protocol

It is with immense pleasure that I address the 30th Nigerian Economic Summit. Over the past three decades, this Summit has been a forum for government and private sector stakeholders to exchange ideas, debate policy, and identify innovative solutions to Nigeria’s socio-economic challenges.

2. The theme of this year’s Summit, “Collaborative Action for Growth, Competitiveness, and Stability,” could not be more appropriate, as it encapsulates the pressing need for concerted efforts to address the multidimensional issues we currently face. Like many other nations, Nigeria has experienced significant economic turbulence over the past few years. The challenges have been global and domestic—ranging from the COVID-19 pandemic and fluctuating oil prices to internal security issues, inflation, and structural weaknesses in our economy, such as over-reliance on oil revenue and lack of economic diversification.

3. Distinguished Ladies and Gentlemen, Nigeria’s growth trajectory has been volatile, heavily dependent on oil revenues, and unable to create enough jobs to keep pace with our rapidly growing population. As a nation, we must prioritise economic diversification. Your role in this process is crucial. Considering this, my administration, through the Renewed Hope Agenda, has embarked on bold and courageous reforms designed to create an environment that fosters sustainable economic growth and shared prosperity. Our focus is on sectors that can offer inclusive and sustainable growth, such as agriculture, manufacturing, and the digital economy.

4. We have thus prioritised investments in critical infrastructure, enhanced our social safety nets, and promoted innovation across all sectors. I am pleased to report that we are making significant strides in addressing several key issues, including regulatory bottlenecks and ease of doing business challenges. This progress should instil confidence in our collective ability to overcome these challenges.

5. Our objective is to ensure that the Nigerian economy is inclusive, where small and medium-sized enterprises (SMEs) can thrive alongside large corporations, and where every citizen, regardless of location or background, can benefit from economic opportunities.

6. We have initiated various programmes, such as the MSME hubs and single-digit loans for manufacturers, designed to provide entrepreneurs with the support they need to succeed. We have also introduced the Credit Corporation to offer our workers consumer loans with single-digit interest. These initiatives collectively will boost the economy and ensure it remains competitive in Africa and globally.

7. Economic growth and competitiveness can only be sustained with political and economic stability. Since 2009, Nigeria has faced numerous threats to its stability, from security challenges to macro-fiscal imbalances. This government is fully committed to confronting these issues head-on. We are investing heavily in security operations to combat terrorism, banditry, and other forms of insecurity that threaten lives and livelihoods.

8. Distinguished Ladies and Gentlemen, we are also implementing fiscal reforms to stabilise the macroeconomic environment. Removing fuel subsidies, unification of forex rates, and debt management strategies are all part of a broader effort to restore economic balance and ensure long-term stability.

9. It is also important to note that stability is not just about managing crises as they arise. It is about building a resilient economy that can withstand shocks, ensuring the stability of the macroeconomic indicators and sustained growth trajectory. To achieve this, we must strengthen our social safety nets and ensure that the most vulnerable members of society are protected during tough times. We are already expanding programmes like the National Social Investment Programme (NSIP), National Poverty Reduction with Growth Strategy and other livelihood support initiatives critical to millions of Nigerians. However, we must do more to institutionalise these safety nets and make them a permanent feature of our economic architecture.

10. No single sector or stakeholder can address these challenges alone. What we need now, more than ever, is collaboration—where the public and private sectors, civil society, and international development partners collaborate to drive a shared vision for growth and development.

11. I want to emphasise that the challenges before us, while significant, are manageable and can be overcome. With the right policies, the right partnerships, and the right level of commitment, Nigeria can emerge stronger, more competitive, and more resilient.

The Nigerian Economic Summit remains invaluable for fostering the dialogue and collaboration needed to move our country forward. Let us use this platform to discuss and make actionable recommendations that will inform policy to drive growth, enhance competitiveness, and secure long-term stability for Nigeria.

12. On this note, I am honoured to declare the 30th Nigerian Economic Summit Open. I wish you fruitful deliberations.

13. Thank you for your attention, and may God bless the Federal Republic of Nigeria.