Tinubu Vows to Sustain Ongoing Reforms for a Competitive Economy

President Bola Ahmed Tinubu emphasized on Thursday in Paris that the ongoing reforms implemented by his administration would be maintained to foster a more competitive economy, attract Foreign Direct Investment (FDI), and provide opportunities for genuine investors.

In a statement released in Abuja, Mr. Dele Alake, the Special Adviser to the President on Special Duties, Communication, and Strategy, conveyed Tinubu’s commitment to sustaining the reforms. Tinubu had previously announced the removal of the oil subsidy on his inauguration day, describing it as a substantial hurdle that needed to be overcome for the stability of the economy.

Additionally, the President demonstrated his dedication to economic stability by approving the streamlining of the exchange rate in the country.

“We are prepared to welcome investments and ready for business,” he affirmed while meeting with prominent business leaders on the sidelines of the two-day summit on the New Global Financial Pact in Paris.

During his visit, Tinubu held separate meetings with Prof. Benedict Oramah, the President and Chairman of the Board of Directors of African Export-Import Bank (Afrexim), and Odile Renaud–Basso, the President of the European Bank for Reconstruction and Development (EBRD).

Tinubu assured the Afrexim Bank delegation that the Federal Government would continue to stimulate the economy through policies that support investments in areas where Nigeria has a competitive advantage, particularly agriculture.

He further emphasized the necessity of reforms for national survival, acknowledging that repositioning the economy would require boldness and courage. Tinubu expressed confidence in Nigeria’s readiness for global business and reiterated the comprehensive nature of their ongoing reform efforts.

“Our nation, Nigeria, is endowed with abundant human and material resources,” President Tinubu conveyed to the delegation.

Previously, the Afrexim Bank delegation had highlighted areas requiring intervention to bolster the economy, including infrastructure, health, energy, and agriculture.

The President of AfreximBank commended Tinubu for his decisive actions in removing the fuel subsidy and unifying the exchange rate. Oramah pledged the full support of the financial and development institution for the ongoing reforms, emphasizing their commitment by revealing plans to establish the first African Specialist Hospital in Abuja and the Energy Bank. He further promised to inject additional funds into the economy to enhance investor confidence.

During the meeting with the EBRD, Tinubu stressed the importance of reforms and expressed satisfaction with the removal of the fuel subsidy and the elimination of multiple exchange rates.

“We are determined to open up the economy for business. Consider us a stakeholder in the Bank,” Tinubu informed the EBRD President. He underscored that Nigeria’s economy is too significant and influential to be overlooked, stating, “Neglecting Nigeria would be a peril to the universe.”

In response, Renaud-Basso acknowledged that it would be a mistake for the development bank to disregard investing in Nigeria after considering six potential economies for investment. She emphasized that the focus would primarily be on the private sector, particularly Small and Medium Scale Enterprises.