President Bola Ahmed Tinubu has described the current cost of living in Nigeria as a temporary challenge, noting that the sacrifices made by citizens will soon lead to long-term economic gains. He reaffirmed his administration’s commitment to addressing both economic and security concerns, emphasizing the strong link between the two.
Speaking at the 2024 Annual National Conference of the Nigerian Institute of Management (NIM) in Port Harcourt, Rivers State, Tinubu—represented by the Head of Civil Service, Didi Walson-Jack—stressed that securing lives and property remains a priority for national development. He acknowledged progress in the fight against terrorism but recognized ongoing security threats such as banditry, kidnapping, and communal clashes, which impede safety, economic growth, and foreign investment.
The President recognized the major challenges Nigeria faces, including inflation, unemployment, and infrastructure deficits. However, he assured that strategic measures are being put in place to create a business-friendly environment and improve citizens’ quality of life. These efforts include bolstering intelligence services, enhancing community policing, and equipping security forces with necessary resources. Tinubu highlighted the need to address root causes of insecurity, such as poverty, unemployment, and lack of education, to ensure lasting peace.
Economic stability, according to Tinubu, is essential for Nigeria’s growth and prosperity. His administration has been working to diversify the economy by investing in sectors like agriculture, technology, and renewable energy. The government has also introduced bold economic reforms, including floating the Naira and removing fuel subsidies, to revitalize the economy.
“All of us in this gathering would agree that economic stability is not solely an economic issue; it has a direct correlation with national security,” Tinubu said. “Security is the cornerstone of national prosperity. A secure environment is a prerequisite for economic activities to flourish.”
He further emphasized the importance of a multifaceted approach to solving economic and security challenges, calling for enhanced intelligence, community policing, and security upgrades. He also stressed the need to tackle poverty, unemployment, and inadequate education to secure lasting peace.
Tinubu urged leaders across sectors to collaborate, saying, “Together, we can harness our collective expertise to develop robust policies that will stimulate economic growth while ensuring the safety and security of our citizens.”
In his remarks, Rivers State Governor Sir Siminialayi Fubara, represented by Deputy Governor Prof. Ngozi Nma Odu, highlighted the need for a joint effort to address Nigeria’s economic and security issues. Odu pointed out that Rivers State had experienced firsthand the effects of economic instability on local communities and businesses, stressing that economic stability and national security are closely linked.
Prof. Odu also noted that issues like resource mismanagement, youth unemployment, regional disparities, and corruption continue to strain economic growth and security, especially in areas like the Niger Delta, where oil theft and environmental degradation are prevalent.
Christiana Atako, President of the NIM, emphasized the urgency of collective action in tackling Nigeria’s economic and security challenges. She pointed out that while Nigeria holds a position of economic strength in Africa due to its resources, it continues to grapple with issues that affect both economic growth and security. The NIM conference, she said, aims to offer actionable solutions for achieving stability in both areas.
Keynote speaker Dr. Ajoritsedere Awosika echoed these concerns, highlighting the critical need for addressing youth unemployment as a threat to both economic stability and national security. She emphasized that with millions of educated youths unable to find jobs, Nigeria’s path to economic recovery remains uncertain.
