Market News

President Bola Tinubu has said that his administration is making efforts to reposition the economy, assuring Nigerians of abundance enough to bounce the country out of its challenges in due course.

Speaking during the commissioning of the Lagos Rail Mass Red Transit (LRMRT) project on Thursday, Tinubu reiterated his commitment to fight corruption, maintaining that the country will feed itself out of poverty.

“This economy, we will grow it, and we will feed ourselves out of penury…if it’s corruption, we must exterminate it no matter how hard it is fighting back,” Tinubu said.

While Nigerians are groaning on the back of the key reforms introduced by the federal government last year, Nigeria’s president said that the ongoing reforms are for the benefit of the people and his government is resolute, stressing that “there is bright light at the end of the tunnel”.

One of the key reforms that Tinubu implemented in his first days in office was the liberalisation of the foreign exchange market which allowed the banks to quote the naira more freely against the dollar.

Another reform that has brought pain to long-suffering Nigerians is the removal of the petrol subsidy which experts say should have quickly been followed by palliatives for the vulnerable to cushion the impact of the subsidy removal which led to a tripling of petrol prices.

Tinubu said that the population of the nation is increasing and the government is putting all resources together to cater to the needs of a country with over 200 million people.

“Out of every five-coloured people is a Nigerian. We cannot afford to relax. The burgeoning population, we must plan and prepare for it,” Tinubu assured.