“We are ready for business, prepared to welcome investments” – Tinubu

President Bola Ahmed Tinubu met 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. During the meetings, Tinubu emphasized Nigeria’s openness to business and investment.

Tinubu made this statement on Thursday after meeting with Prof. Benedict Oramah, Chairman of the Board of Directors of Afrexim, and Odile Renaud–Basso, President of the EBRD. The meetings took place at the Summit for New Global Financing Pact in Paris.

He also said that Nigeria would need reforms for national survival. He said that 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, Prof. Benedict Oramah, commended President Tinubu for the bold steps he has taken in removing the fuel subsidy and unifying the exchange rate. He assured Tinubu of the full support of AfreximBank on the ongoing reforms.

President Tinubu said that Nigeria was challenged in terms of reforms, but that he has taken the most giant elephant out of the room with the removal of fuel subsidies. He also said that multiple exchange rates are gone and that Nigeria is determined to open up the economy for business.

What you should Know

The dedication of President Bola Tinubu to economic reforms and his call to foreign investors highlight Nigeria’s readiness to draw in investments and foster a vibrant business climate. A more strong economy is anticipated as a result of the elimination of fuel subsidies and the unification of the exchange rate. President Tinubu is adamant about carrying out the required reforms for the development and prosperity of Nigeria in spite of the obstacles.

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