Market reforms seen driving naira stability, sustainable growth - NDFF

The naira hit a new record low on Tuesday on thin dollar liquidity, amid concerns over political stability

The Nigeria Development and Finance Forum (NDFF) on Tuesday said the market reforms of the government will drive naira stability and sustainable growth in the short to long term.

Jide Akintunde, CEO of Financial Nigeria and Convener of NDFF 2024 conference, said this in a statement made available to BusinessDay.

“This policy pivot can help put the economy on the path of long-term stability, sustainable growth, and transformation. But there is an urgent need for adequate clarity and complementary policies to bolster investor and market confidence, and provide much-needed comfort for the citizens,” he said.

He said, “Over the past months, the new government has embarked on market reforms, which many stakeholders have canvassed for in the last few years to catalyse long-term economic growth and stability. In the short term, however, the introduction of market reforms has resulted in economic difficulties for many Nigerians.” Notwithstanding, Akintunde noted that this policy pivot can help put the economy on the path of long-term stability, sustainable growth, and transformation. But there is an urgent need for adequate clarity and complementary policies to bolster investor and market confidence, and provide much-needed comfort for the citizens.”

On the NDFF 2024 conference, Akintunde said, it will provide actionable insights on how to navigate this road to transformation. The conference is strategically timed to hold close to the first anniversary of the President Bola Ahmed Tinubu administration, providing a major platform for support of the government and a structured interface with industry leaders, civil society leaders, academics, and leaders of international institutions.

According to him, the overarching aim of the conference,scheduled for May 8 to 9, 2024, is to provide clarity on how Nigeria and Nigerians will transition from the current acute economic, market, and social welfare stress to stability, growth, and progress.”

Themed “The Road to Economic and Social Welfare Transformation,” NDFF 2024 Conference aims to provide a strong backing for a holistic and transformative reform agenda for the Nigerian economy.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.