President Bola Ahmed Tinubu says Nigeria’s economy is gradually making a rebound, attributing the progress to sustained reforms being implemented by his administration across various sectors.
Tinubu applauded the role of the media in the fight to enthrone democracy and the successes recorded by the country in its uninterrupted 25 years’ democratic journey.
The president spoke during the opening ceremony of the All Nigerian Editors’ Conference (ANEC) in Yenagoa, the Bayelsa State capital.
Tinubu, who was represented by Minister of Information and National Orientation, Alhaji Mohammed Idris, stated, “As we gather to discuss a theme that is both timely and urgent: ‘Economic Growth and Development Strategies in a Resource-Rich Country,’ we find ourselves at a critical juncture in our nation’s journey toward sustainable growth and prosperity.”
The president said the country’s debt service-to-revenue ratio had come down drastically, from 100 per cent to 65 per cent, through the sustained reforms his administration put in place in the past 18 months. He said this was supporting the recovery of the Nigerian economy.
He pointed out that his administration spent the last 18 months laying the foundation for a prosperous Nigeria, saying the vision of his government is aimed at rekindling the faith and hope of all Nigerians in the ability of their country to flourish and provide an environment that allows everyone in it to flourish.
The president explained that while oil remained a significant source of revenue for Nigeria, the country was also investing heavily in other sectors to diversify the economy for sustainable growth.
He said the launch of the Presidential Initiative on CNG was a deliberate strategy to harness the abundant gas resources in the country to bring down the high cost of transportation by about 60 per cent and also foster a clean and healthy environment for citizens.
