President Bola Ahmed Tinubu Thursday in Paris, France said that ongoing reforms, starting with the removal of fuel subsidy and streamlining of exchange rate, would be sustained for a more competitive economy that attracts Foreign Direct Investment. He urged investors to take advantage of opportunities in Nigeria.
“We are ready for business, prepared to welcome investments”,’ he said, while receiving the President/Chairman 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.
According to a statement by the President’s Special Adviser on Special Duties, Communication and Strategy, Mr. Dele Alake, the President assured the AfreximBank delegation that the Federal Government would continue to stimulate the economy with policies that support investments in areas of Nigeria’s competitive advantage, particularly agriculture.
“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, who had earlier listed areas of interventions to buoy the economy, like infrastructure, health, energy and agriculture.
Oramah 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.
He said the bank was already building the first African Specialist Hospital in Abuja, and Energy Bank, pledging to inject more money into the economy to further build confidence of investors.
In the meeting with the EBRD, President Tinubu said: “We are challenged in terms of reforms, and we have taken the largest elephant out of the room with removal of fuel subsidy, and multiple exchange rates are equally gone. We are determined to open up the economy for business. Consider us a stakeholder in the bank”.
He told the Renaud–Basso that Nigeria’s economy was too large and potent to be ignored, adding, “Ignoring Nigeria will be a peril to the universe.’’
The EBRD President said it would be a mistake for the development bank not to invest in Nigeria, after considering six potential economies for investment.
She explained that focus would be on the private sector, especially Small and Medium Scale Enterprises (SMEs).
