MARKET NEWS

President Bola Tinubu has again said the various economic reforms he implemented upon assuming office saved Nigeria from imminent collapse.

Tinubu, in a state broadcast delivered to commemorate the nation’s 64th year of independence, said the country was at a “critical juncture” when he took over the helm of affairs.

“The economy faced many headwinds, and our physical security was highly impaired,” Tinubu said.

“We found ourselves at a dizzying crossroads, where we must choose between two paths: reform for progress and prosperity or carry on business-as-usual and collapse,” he added.

President Tinubu also noted that while his administration decided to reform the nation’s political economy, it also did the same for the defence architecture.

Tinubu, who assumed office last May, abolished Nigeria’s costly fuel subsidy which kept prices artificially low.

The president also saw to the unification of the multiple exchange rates, devaluing the naira to attract capital inflows and leaving its value to be determined by market forces.

These twin policies have not only sparked a cost of living crisis but also led to the exit of multinationals that were grappling with the exchange rate crisis and rising energy costs.

But the president, in his speech, has signalled that the economy is turning the corner, noting that the reforms are yielding fruits as “Nigeria attracted foreign investments of over $30 billion in the last year”.

“The economy is undergoing the necessary reforms and retooling to serve us better and more sustainably.

“If we do not correct the fiscal misalignments that led to the current economic downturn, our country will face an uncertain future and the peril of unimaginable consequences,” Tinubu said.