President Bola Ahmed Tinubu urged investors to take advantage of opportunities in Nigeria on Thursday while speaking in Paris, France. He said ongoing reforms, beginning with eliminating fuel subsidies and streamlining the exchange rate, will be sustained for a more competitive economy that attracts Foreign Direct Investment (FDI).
In separate meetings on the sidelines of the Summit for a New Global Financing Pact, he welcomed Prof. Benedict Oramah, President and Chairman of the Board of Directors of the African Export-Import Bank (Afrexim), and Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD).
The Federal Government would continue to boost the economy with policies that promote investments in sectors where Nigeria has a competitive edge, notably agriculture, the President reassured the delegation of AfreximBank executives headed by Dr. Oramah.
He said, “We need changes for national survival.” Noting that repositioning the economy will need bravery and courage, he called for more cooperation to strengthen the economy.
“We must promote recovery in order to ensure the progress and prosperity of our people, which is imminent. Nigeria is prepared for international trade, and our transformation is complete.
President Tinubu addressed the team, saying, “Nigeria is endowed with people and material resources.” The delegation had previously specified areas for economic intervention, including infrastructure, health, energy, and agriculture.
The head of AfreximBank praised President Tinubu for taking courageous measures to abolish the gasoline subsidy and unify the currency rate, assuring the Nigerian leader of the institution’s complete support for the current changes.
According to Dr. Oramah, the Bank is already constructing Abuja’s first African Specialty Hospital, and Energy Bank has committed to injecting additional money into the economy to boost investor confidence.
President Tinubu noted during the meeting with the EBRD that “We are challenged in reforms, and we have removed the greatest elephant out of the room with the elimination of fuel subsidy, and various exchange rates are equally gone. We are committed to facilitating commercial activity in the economy. Could you think of us as an investor in the Bank?
The EBRD President was informed by him that Nigeria’s economy was too powerful and enormous to be disregarded and that doing so would endanger the whole world.
After examining six prospective investment targets, Renaud-Basso concluded that the development bank would be mistaken if it chose not to fund projects in Nigeria.
She clarified that the private sector, particularly small and medium-sized businesses, will be the main emphasis (SMEs).
