- President Tinubu visits France to network with international finance corporations, investors, and leaders.
- The purpose of the visit is to seek collaborations and partnerships in agriculture and infrastructure.
- President’s policies on foreign exchange unification attract foreign investors and boost the economy.
The special adviser to the President on communication and strategy Mr. Dele Alake has said the purpose of President Bola Tinubu’s visit to France is to network with international finance corporations, investors, and leaders of developed countries.
He noted that the President is seeking collaborations and partnerships in areas like agriculture, infrastructure, etc.
He made this known to Press men on the sidelines of the summit when he said “The essence is to network as much as it is feasible as much as it is practicable.
The President wants to network with international finance corporations, institutions, and countries that could facilitate direct foreign investment into Nigeria.”
He reminded journalists of the President’s recent policies on foreign exchange unification and the impact of these decisions in attracting foreign investors into the country.
- He said, “Don’t forget that the President has taken very bold steps in the area of economy, and social engineering in the last three weeks and particularly concerning stabilizing the unification of the multiple exchange rate which has caused very positive multiplier effects.”
Alake on the FX market
Mr Alake went further by stating the need for the injection of foreign direct investment to cushion the immediate effects of foreign exchange unification on the FX market until the market stabilizes.
- In his words “However, in the short run, we have noticed that and expect there will be a spike in demand and that will affect the value of the naira.
- Apart from the immediate short- and long-term effects of that unification policy, there could be a need for an injection of direct foreign exchange into the economy t shore up the value of the naira while market forces stabilize.”
Backstory
Recall that President Tinubu left Nigeria for France on the 21st of June for the “Summit on a New Global Financial Pact” billed to hold in Paris on the 22nd and 23rd of June 2023.
The event will bring around 40 leaders including the President of Brazil, the Prime Minister of China, and leaders from around 12 African countries.
Also, leaders of international organizations like the World Bank, IMF, UN, etc. will be present in the French capital.
During the summit, leaders will try to increase financing for low-income countries in crisis and release funds to combat climate change.
