- President Bola Tinubu highlights Nigeria’s openness to business and investment during meetings with Afrexim and EBRD at the Summit for New Global Financing Pact in Paris.
- Tinubu emphasizes the need for reforms for national survival and calls for collaboration to solidify the economy, particularly in sectors where Nigeria has a competitive advantage.
- The removal of fuel subsidies and unification of the exchange rate are bold steps taken by Tinubu’s administration to attract foreign direct investment and open up Nigeria’s economy for business.
Nigeria’s President, Bola Tinubu, emphasized the country’s openness to business and investment during meetings with the African Export-Import Bank (Afrexim) and the European Bank for Reconstruction and Development (EBRD) at the Summit for New Global Financing Pact in Paris.
He stated this on Thursday after Chairman of the Board of Directors of the African Export-Import Bank (Afrexim), Prof. Benedict Oramah and President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud–Basso, at the Summit for New Global Financing Pact in Paris.
He added that Nigeria would need reforms for national survival as it would take boldness and courage to reposition the economy.
Nigeria business ready
The President stated that Nigeria is ready for business starting with the removal of fuel subsidies and streamlining of the exchange rate, which will be sustained for a more competitive economy that attracts Foreign Direct Investment (FDI), urging investors to take advantage of opportunities in Nigeria, the report added:
- “We are ready for business, prepared to welcome investments,’ receiving President and Chairman of the Board of Directors of African Export-Import Bank (Afrexim), Prof. Benedict Oramah and President of European Bank for Reconstruction and Development (EBRD), Odile Renaud–Basso, in separate meetings, on the sidelines of the Summit for New Global Financing Pact.
- “The President assured the delegation of AfreximBank Executives led by Dr Oramah that the Federal Government will continue to stimulate the economy with policies that support investments in areas of Nigeria’s competitive advantage, particularly agriculture.”
Expected Reforms
Tinubu added that Nigeria would need reforms for growth and survival, taking advantage of Nigeria’s resources.
- “We need reforms for national survival,’’ he added, noting that it would take boldness and courage to reposition the economy, calling for more collaboration to solidify the economy.
- “We must stimulate recovery for the growth and prosperity of our people, which will not be far away. Nigeria is ready for global business and our reform is total.
- “Nigeria is blessed with human and material resources,’ President Tinubu told the delegation, which had earlier listed areas of interventions to buoy the economy, like infrastructure, health, energy and agriculture.
The President of AfreximBank commended President Tinubu for the bold steps in removing the fuel subsidy and unification of the exchange rate, assuring the Nigerian leader of the full support of the financial and development institution on the ongoing reforms.
President Tinubu added Nigeria was challenged in terms of reforms, and that he has taken the most giant elephant out of the room with the removal of fuel subsidies, and multiple exchange rates are equally gone. We are determined to open up the economy for business.
What you should Know
President Bola Tinubu’s commitment to economic reforms and his invitation to global investors underscores Nigeria’s readiness to attract investments and create a competitive business environment. The removal of fuel subsidies and the unification of the exchange rate are seen as significant steps towards a more robust economy. Despite the challenges, President Tinubu remains determined to implement the necessary reforms for the growth and prosperity of Nigeria.
