President Bola Tinubu’s administration is implementing economic reforms aimed at driving 3.76 percent growth and ensuring stability in Nigeria by 2024, a report has said.
A report presented on Monday by the Nigerian delegation led by Barau Jibrin, deputy Senate president, at the 2024 first ordinary session of the ECOWAS Parliament in Abuja, noted that key policies, including the removal of fuel subsidies, the unification of the naira exchange rate, and increased investments in infrastructure, were projected to boost the Nigerian economy by 3.76 percent in 2024.
Read also: Tinubu govt hell-bent to do ‘business unusual’ Interior minister
These measures are part of a broader strategy to attract foreign investment, improve the business environment, and address longstanding economic challenges.
The report highlighted several positive developments under President Tinubu’s administration.
The report noted that the subsidy removal is expected to free up over N1 trillion annually for investment in critical sectors such as infrastructure, healthcare, education, and social welfare programs.
“The removal aims to reduce corruption and inefficiency in the subsidy system and encourage private investment in the downstream oil sector”, it stated.
It said that despite global economic challenges, Nigeria’s economy was projected to grow by 3.76 percent in 2024, due to various fiscal and monetary policies aimed at stabilising the economy and promoting investment.
According to the report, Tinubu has established a new economic council to provide independent advice on economic policies and reforms, promoting collaboration among different levels of government.
Reforms aimed at improving the foreign exchange (FX) market and stabilizing the naira are ongoing, including market liberalization, FX policies and interventions, FX reserves management, capital controls, and improvements in FX market infrastructure
Barau, who is the first deputy speaker of the ECOWAS Parliament, also mentioned that the transition to a unified exchange rate regime was designed to promote transparency and reduce market distortions, instilling greater confidence in the naira and aligning the exchange rate with market dynamics.
He stated that the 2024 budget emphasised critical infrastructure projects to lower the cost of doing business and improve living standards, adding that significant investments are planned in energy, transportation, and renewable energy sectors.
Read also: Tinubu re-elected for another year as ECOWAS chairman
“The total labour force in Nigeria is expected to rise to 78.14 million in 2024, with the employment rate forecasted to increase to 82.02 percent. These measures reflect President Tinubu’s efforts to address longstanding economic issues and foster a more stable and prosperous economic environment in Nigeria”, Barau stated.
The report further noted that Nigeria has fulfilled its financial obligations to ECOWAS, consistently meeting its commitments and playing a crucial role in financing the activities and projects of the regional organisation.
The report emphasised that the country remained committed to promoting regional integration while addressing challenges related to the free movement of persons and goods within ECOWAS.
On security, Barau emphasised that the government was collaborating with regional and international partners to address challenges and strengthen the capacity of security agencies through adequate military equipment, training, additional manpower, surveillance facilities, and information sharing.
“Efforts to promote community engagement and dialogue aim to prevent the recruitment of Nigerian youth into groups threatening national security”, he added.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
