President Bola Tinubu says he is repositioning Nigeria’s economy from a consumption-based economy to a production-oriented one.
President Bola Tinumbu stated this at the opening of the 20th All Nigeria Editors Conference in Yenagoa, Bayelsa State, with the theme “Economic Growth and Development Strategies in a Resource-Rich Country.”
The President, who was represented by Nigeria’s Minister of Information and National Orientation, Mohammed Idris, said that Nigeria is richly endowed with human and natural resources that if properly harnessed could place Nigeria among the world’s most prosperous nations.
“While oil remains a significant source of revenue for Nigeria, we are investing heavily in other sectors to diversify our economy for sustainable growth. The launch of the Presidential Initiative on CNG is a deliberate strategy to harness our abundant gas resources to bring down the high cost of transportation by about 60% and also foster a clean and healthy environment for our citizens. This initiative has unlocked close to $200 million in private-sector investments in the last year.”
President Tinubu, also stressed that fiscal and macro-economic burdens have given inspiration to undertake programs of economic reform.
“More than ever before, Nigeria stands on the brink of a transformative era. My administration is committed to turning our challenges into opportunities by ensuring that our vast resources bring prosperity to all Nigerians. With a united effort – from government, citizens, and the media alike – we can build a resilient, diversified economy that offers security, opportunity, and hope for all Nigerians. I am pleased to let you know that through our sustained reforms, we are witnessing our economy gradually making a rebound on the most important foundational level. Today, our debt service to revenue ratio has come down drastically from almost 100% to about 65%. Similarly, the revenues accruing to the three tiers of Government: Federal, State, and Local Government have grown exponentially with more funds going into the provision of social services and investment as well as the provision of infrastructure and social security,” he added.
The President, while commending the media for its dedication to nation-building, particularly in supporting Nigeria’s enduring democracy, stressed that the roles of government and the media are closely linked, both vital to serving the public interest.
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“In any thriving democracy, the roles of the government and the media are intertwined, both essential in serving the public interest. And of course, the media has a duty to hold elected and appointed officials accountable, and ensure that we are doing our work in a manner that strengthens democracy – not weakens it. That important work must be done in a spirit of mutual respect and collaboration, not recrimination and opposition; this alignment enables us to achieve common goals that benefit society at large. Indeed, our roles are most effective when they are not adversarial but cooperative. By viewing each other as allies in nation-building, we can create an environment where transparency, accountability, and mutual respect thrive. Together, the government and the media can empower citizens, strengthen democratic institutions, and build a more informed and resilient society,” he stressed.
The Minister further assured the Nigerian newspaper proprietors of President Bola Tinubu’s intervention to ensure the media continues in business with returns on investments.
Editors Conference: President Tinubu Announces Gradually Economic Rebound Through Targeted Reforms
President Bola Tinubu has announced that Nigeria’s economy is gradually making a rebound, attributing the progress to sustained reforms being implemented by his administration… pic.twitter.com/J20kSiNGli
— Fed Min of Info & Nat’l Orien (@FMINONigeria) November 7, 2024
He called on the publishers and editors to ensure Nigeria survives the long-standing legacy of commitment to nation-building.
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