Kaduna: The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has expressed confidence in the economic reforms introduced by President Bola Tinubu, asserting that these measures will play a crucial role in stabilizing and advancing the Nigerian economy. He made these remarks during the 23rd Convocation Lecture at the Nigerian Defence Academy (NDA) in Kaduna, titled “Pathway to Economic Prosperity for a Public Server in a Deregulated Economy.”
According to News Agency of Nigeria, Agama highlighted that President Tinubu has launched bold and transformative reforms across various key sectors, setting a solid foundation for inclusive growth and sustainable development in Nigeria. He pointed out the significant macro-fiscal reforms undertaken by the government, which include the removal of fuel subsidies, unification of exchange rates, and tighter monetary policy.
Agama emphasized that the elimination of Nigeria’s long-standing fuel subsidy program on May 29, 2023, marked a pivotal shift towards a deregulated economy. This move aimed to reduce fiscal burdens and redirect public funds to more productive sectors, demonstrating the Tinubu administration’s commitment to market liberalization. The reforms allow fuel prices to be determined by supply and demand rather than government control.
Further reforms include adjusting electricity tariffs to scale back subsidies, a strategy designed to enhance efficiency and attract private investment into Nigeria’s power sector. The Central Bank of Nigeria (CBN) has also adopted a tighter monetary policy stance, including interest rate hikes, to address rising inflation and support the Naira. These measures are part of a broader strategy to stabilize prices, restore investor confidence, and lay the foundation for a more market-oriented and resilient Nigerian economy.
Agama also shed light on investment opportunities in the capital market, urging cadets to invest for their future financial security. He expressed gratitude to the Commandant of NDA, Maj.-Gen. Abdul Ibrahim, for the opportunity to deliver the convocation lecture, emphasizing the importance of financial literacy for the cadets.
The director-general advised military personnel to secure their financial future through adequate knowledge of financial products in the capital market, ensuring they do not retire in financial hardship. He highlighted the capital market’s role in providing support for a comfortable post-retirement life.
Earlier, NDA Commandant, Maj.-Gen. Abdul Ibrahim, acknowledged the SEC official for his insightful lecture. He noted that since 1964, NDA has focused on producing well-rounded commissioned officers by adopting the National Universities Commission’s Core Curriculum and Minimum Academic Standard requirements. NDA’s professional training includes physical fitness, weapons handling, and tactical maneuvers, preparing cadets for national defense and security challenges.
The Post-Graduate students at NDA engage in programs covering military science, defense and strategic studies, psychology, technology, and national development, aiming to enhance critical thinking and research skills. Ibrahim also mentioned NDA’s bilateral partnerships with foreign military academies, providing cadets with opportunities for international training and enhancing regional defense cooperation.