President Bola Tinubu has said his administration is shifting its focus from achieving macroeconomic stability to translating the gains of its reforms into increased investment, production, job creation and improved living standards.
Tinubu spoke on Tuesday at the 19th Annual Banking and Finance Conference in Abuja, where he said the economic reforms implemented by his administration were beginning to deliver positive results.
The President, who was represented by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the banking and financial services sector would be critical to driving the next phase of the country’s economic transformation.
“Stability is the foundation, prosperity is the destination,” Tinubu said.
“The current phase of our reform journey is accelerating the conversion of stability into investment, investment into production, production into jobs, and growth into improved living standards.”
He said the administration had undertaken difficult reforms in the foreign exchange market, public finances, taxation and fiscal management to address structural weaknesses that had accumulated over several decades.
Tinubu cited the economy’s 4.43 per cent growth in the second quarter of 2026 and an estimated 17 per cent increase in GDP in US dollar terms during the first half of the year as evidence of the reforms’ impact.
He also said Nigeria remained on course to achieve its target of a $1tn economy by 2030, while its purchasing-power-parity GDP had risen above $2.2tn.
The President listed stronger external reserves, which have surpassed $54bn, easing inflation, improved investor confidence and positive assessments from international rating agencies among other indicators of economic progress.
Tinubu urged banks to move beyond traditional financial intermediation and focus more on supporting economic transformation by expanding credit to businesses and productive sectors.
“The resilient banking system cannot exist indefinitely where businesses cannot obtain affordable credit,” he said.
He identified economic growth facilitation, financial inclusion, technology, long-term capital and trust as key priorities for building a stronger and more resilient financial system.
The President also called for deeper development of the capital markets, pension, insurance and asset management sectors to mobilise long-term domestic and foreign capital for infrastructure, industrial development, housing and energy projects.
He stressed the importance of strengthening public confidence in the financial system, noting that effective consumer protection and regulatory integrity were essential to sustaining financial stability and ensuring that the benefits of economic reforms reach more Nigerians.
