President Bola Ahmed Tinubu has reassured Nigerians that the current economic hardships are only temporary, promising that the sacrifices being made will soon yield lasting economic benefits.
Speaking on Monday at the 2024 Annual National Conference of the Nigerian Institute of Management (NIM) in Port Harcourt, Rivers State, Tinubu emphasized the government’s commitment to addressing both economic and security challenges.
Represented by the Head of Civil Service, Didi Walson-Jack, the president highlighted the vital connection between security and economic stability, stating, “Economic stability is not solely an economic issue; it has a direct correlation with national security.”
Tinubu acknowledged the various security threats facing the nation, including terrorism, banditry, kidnapping, and communal clashes, which not only compromise physical safety but also hinder economic growth and deter foreign investment.
He assured the public that efforts to enhance intelligence capabilities, strengthen community policing, and equip security forces are underway to restore peace and stability.
Security and Economic Stability Interlinked, Says Tinubu
Underscoring the importance of security in national development, President Tinubu remarked, “Security is the cornerstone of national prosperity. A secure environment is a prerequisite for economic activities to flourish.” He stressed the need to address the root causes of insecurity, such as poverty, unemployment, and inadequate education, as crucial steps toward ensuring lasting peace and prosperity.
While acknowledging inflation, unemployment, and infrastructure deficits, the president said his administration had introduced strategic reforms aimed at revitalizing the economy, including the removal of fuel subsidies and the floating of the Naira.
He expressed optimism that investments in key sectors such as agriculture, technology, and renewable energy would create a more conducive business environment and improve the quality of life for all citizens.
“We are working tirelessly to diversify the economy and invest in sectors that will foster growth and provide more opportunities for Nigerians,” Tinubu added, encouraging collaboration between the public and private sectors to stimulate economic recovery.
Rivers State Governor Calls for Collective Effort to Tackle Challenges
Rivers State Governor Sir Siminialayi Fubara, represented by Deputy Governor Prof. Ngozi Nma Odu, echoed the president’s sentiments, emphasizing the need for a united effort to address the country’s intertwined economic and security challenges.
Prof. Odu stressed that in Rivers State, economic instability, exacerbated by issues such as oil theft and environmental degradation, had significantly impacted local communities, businesses, and governance.
She noted, “Economic stability cannot be achieved in isolation; it is inextricably linked with national security,” drawing attention to the urgent need for sustainable solutions to these complex issues.
Experts Stress Collective Action for National Progress
Christiana Atako, President and Chairman of NIM, also called for concerted action to address Nigeria’s challenges. She emphasized that despite being one of Africa’s economic powerhouses, Nigeria continues to grapple with profound economic and security challenges that directly affect its citizens.
She noted that reforms, such as the removal of petroleum subsidies and the floating of the Naira, had caused immediate economic hardship but would eventually stabilize the economy.
Atako stated, “As Nigeria navigates these challenges, it is essential to prioritize security, economic reforms, and sustainable development to ensure a brighter future for our citizens.”
She urged the government and private sector leaders to work together in developing robust policies that would lead to long-term economic growth and stability.
Unemployment Threatens National Security, Says Keynote Speaker
In her keynote address, Dr. Ajoritsedere Awosika highlighted the urgent need for collective action to secure Nigeria’s economy and safeguard its people. She pointed out that unemployment, particularly among the youth, remains a critical threat to both the economy and national security.
“With millions of educated and skilled youths unable to find meaningful jobs, the country’s economic stability is compromised,” she said.
Dr. Awosika stressed the importance of creating opportunities for the younger generation as a means of addressing the deeper roots of insecurity and fostering a stable economic future for the nation.
