President Tinubu during his inauguration speech addressed the need for monetary policy reforms and outlined his foreign policy objectives, emphasizing the importance of regional stability and collective prosperity. The President called for a thorough housecleaning of monetary policy, advocating for a unified exchange rate to encourage meaningful investments in the real economy.
One of the key aspects highlighted by President Tinubu was the reduction of interest rates. By lowering interest rates, the government aims to stimulate investment and increase consumer purchasing power, which in turn sustains the economy at a higher level. The President recognized the potential of interest rate adjustments to drive economic growth and enhance overall prosperity.
President Tinubu also addressed the currency swap policy, acknowledging its merits in concept but highlighting that its implementation had been overly harsh, particularly for the significant number of unbanked Nigerians. He announced that the policy would be reviewed, emphasizing the need for a balanced approach. In the interim, both currencies will be treated as legal tender to ensure smooth transactions and provide flexibility for individuals and businesses.
Shifting focus to foreign policy, President Tinubu emphasized the pressing concerns in Sudan and the democratic setbacks experienced by neighboring nations. He declared the peace and stability of the West African subregion and the African continent as his primary foreign policy objective. To achieve this, the President pledged to work closely with regional bodies such as the Economic Community of West African States (ECOWAS), the African Union (AU), and international partners who share the goal of resolving existing conflicts and preventing new ones.
In addition to containing threats to peace, President Tinubu emphasized the need to retool Nigeria’s foreign policy to actively lead the regional and continental efforts towards collective prosperity. This approach aims to foster cooperation, economic development, and shared benefits among nations within the West African subregion and the wider African continent.
President Tinubu’s speech reflects a commitment to monetary policy reforms, including interest rate reduction and a review of the currency swap policy. Simultaneously, his foreign policy agenda prioritizes regional stability and a proactive approach to achieving collective prosperity in collaboration with regional and international partners.