President Bola Tinubu has called on Nigeria’s business and banking sectors to prioritize youth empowerment, digital economy, and talent development to drive the nation’s economic growth.
Represented by Vice President, Kashim Shettima at the 17th Annual Banking and Finance Conference in Abuja, Tinubu stressed the importance of equipping young Nigerians with skills to advance the country.
Tinubu highlighted the government’s commitment to achieving a 70% digital literacy rate by 2027 through initiatives like Digital Nigeria, which aims to expand broadband access and support tech startups.
He announced that three million youths are currently undergoing training in digital technology, with plans to deploy them to innovation firms nationwide.
Addressing economic challenges, Tinubu outlined measures to reduce inflation, stabilize the foreign exchange market, and improve fiscal management. He emphasized that removing the fuel subsidy is a critical step to free up resources for infrastructure and social services.
The administration is also focused on strengthening infrastructure through public-private partnerships to reduce transportation costs and enhance market access.
Minister of Finance, Wale Edun reported progress in government reforms, with federal revenue for the first half of 2024 reaching N9.1 trillion, more than double the previous year.
However, Edun acknowledged ongoing challenges in sectors like transportation and manufacturing, emphasizing that food inflation remains a significant concern despite recent efforts to boost local production.
The administration’s energy sector goals include increasing national grid output to 6 gigawatts by the end of 2024 and raising oil production to 2 million barrels per day. Healthcare reforms aim to improve access to essential medicines for millions of Nigerians, with expanded insurance coverage for vulnerable groups.
At the conference, Tony Elumelu, Chairman of Heirs Holdings, called for urgent measures to tackle insecurity, which he identified as a major driver of economic instability.
Elumelu urged the government and private sector to create opportunities for youth entrepreneurship, emphasizing the need to empower young Nigerians to drive economic growth within the country.
