Nigeria Financial System to be re-structured Tinubu tells APC Govs

The Nigeria President, Bola Ahmed Tinubu, has set the stage for a potential overhaul of Nigeria’s financial system, urging All Progressives Congress (APC) governors to join forces in implementing “re-engineering” efforts.

During a recent meeting, the President emphasized the need for a more inclusive, efficient, and effective financial landscape, highlighting its pivotal role in tackling infrastructure and social challenges.

“We have no reason to be poor,” Tinubu declared, drawing attention to the nation’s vast resources and untapped potential. He challenged the governors to actively contribute to designing and executing policies that unlock economic prosperity for all Nigerians.

Specific details of the proposed re-engineering remain under wraps, but the President hinted at potential areas of focus. He mentioned bolstering the marine economy through dedicated marine police, safeguarding solid minerals from illegal exploitation, and strategically investing in security infrastructure.

Furthermore, he expressed a commitment to building foreign exchange reserves by acquiring and stockpiling critical minerals, particularly gold.

This call to action comes amidst ongoing economic struggles, with many Nigerians grappling with inflation, unemployment, and limited access to financial services. The President acknowledged these challenges, expressing confidence that a modernized financial system could act as a catalyst for progress.

The governors, led by Imo State Governor and Progressive Governors Forum Chair Hope Uzodinma, welcomed the President’s invitation to collaborate.

They expressed gratitude for his engagement and his willingness to provide financial support to states, recognizing the crucial role governors play in driving local economic development.

Analysts predict that the President’s announcement could trigger significant debate and policy shifts in the coming months. While the specifics of the financial system re-engineering plan are yet to be unveiled, the call for APC governors’ involvement indicates a potential move towards a more collaborative and decentralized approach to economic management.

It remains to be seen whether this ambitious vision will translate into tangible improvements for Nigerians. However, the Tinubu’s message of inclusivity, efficiency, and resource optimization offers a glimmer of hope for a brighter economic future.