President Bola Ahmed Tinubu says the ongoing reforms, starting with removal of fuel subsidy and streamlining of exchange rate, will be sustained for a more competitive economy that attracts Foreign Direct Investment (FDI), and urged investors to take advantage of opportunities in Nigeria.
The President stated this in France while receiving President and Chairman of the Board of Directors of African Export-Import Bank (Afrexim), Professor 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.
He assured the delegation of AfreximBank Executives, led by Dr Oramah that the Federal Government would continue to stimulate the economy with policies that would support investments in areas of Nigeria’s competitive advantage, particularly agriculture.
The President said reforms were needed for national survival, noting that it will take boldness and courage to reposition the economy, and called for more collaboration.
“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”, he said.
President Tinubu, who listed areas of interventions to buoy the economy, like infrastructure, health, energy and agriculture, told the delegation that Nigeria was blessed with human and material resources.
The President of AfreximBank commended President Tinubu for the bold steps in removing the fuel subsidy and unification of the exchange rate, assuring him of the full support of the financial and development institution on the ongoing reforms.
Dr Oramah 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 President of European Bank for Reconstruction and Development (EBRD), Odile Renaud–Basso, President Tinubu told her that Nigeria’s economy was too large and potent to be ignored.
Renaud-Basso 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).