The director-general of the Securities and Exchange Commission, Emomotimi Agama, says the economic reforms introduced by President Bola Tinubu will significantly stabilise and develop the Nigerian economy.
He stated this on Wednesday in Kaduna at the Nigerian Defence Academy’s (NDA) 23rd Convocation Lecture.
The lecture was part of the activities planned for the graduating Cadets of the 72 Regular Course and Postgraduate students of the military academy.
Mr Agama said Tinubu had initiated bold and transformative reforms across key sectors to lay a solid foundation for inclusive growth and long-term, sustainable development of the country.
Mr Agama said, ”The government had undertaken several significant macro-fiscal reforms, including the removal of fuel subsidies, the unification of exchange rates, and the tightening of monetary policy.”
According to him, through these measures, the country has made notable progress in deregulating key sectors of the economy.
“The bold decision to eliminate Nigeria’s long-standing fuel subsidy programme on May 29, 2023, was more than a fiscal adjustment. It marked a pivotal shift toward a deregulated economy, aimed at reducing fiscal burdens and redirecting public funds to more productive sectors.
“The move signalled the Tinubu administration’s commitment to market liberalization, allowing fuel prices to be determined by supply and demand rather than government control,” he stated.
Mr Agama also said the government has begun scaling back electricity subsidies by adjusting tariffs, a strategy designed to enhance efficiency and attract private investment into Nigeria’s power sector.
The director-general stated that to address rising inflation and support the Naira, the Central Bank of Nigeria had adopted a tighter monetary policy stance, notably through interest rate hikes.
“These measures are part of a broader strategy to stabilise prices, restore investor confidence, and lay the foundation for a more market-oriented and resilient Nigerian economy. Another significant step taken by the CBN was the unification of the country’s multiple exchange rate systems, aimed at simplifying foreign exchange transactions and enhancing transparency in the currency market,” he added.
The SEC boss also spoke on the investment opportunities in the capital market and the need for the cadets to invest in order to secure their future.
Mr Agama commended the commandant of NDA, Abdul Ibrahim, for inviting him to deliver the convocation lecture, saying it was a great opportunity to make the cadets financially literate.
(NAN)