In a meeting held during the Summit for New Global Financing Pact in Paris, President Bola Ahmed Tinubu of Nigeria expressed confidence in the ongoing economic reforms in the country. He emphasized the sustainability of measures such as the removal of fuel subsidies and the streamlining of the exchange rate, which are aimed at fostering a more competitive economy and attracting Foreign Direct Investment (FDI). President Tinubu encouraged foreign investors to seize the opportunities available in Nigeria.
During separate meetings with the President and Chairman of the Board of Directors of the African Export-Import Bank (Afrexim), Prof. Benedict Oramah, and the President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud–Basso, President Tinubu assured them of Nigeria’s readiness for business and its commitment to stimulating the economy through policies that support investments in sectors where the country has a competitive advantage, notably agriculture.
President Tinubu stressed the importance of reforms for national survival and the need for boldness and collaboration to strengthen the economy. He affirmed that Nigeria, with its abundant human and material resources, is well-positioned for global business. The discussions also highlighted areas of intervention, including infrastructure, health, energy, and agriculture.
The President of AfreximBank, Dr. Oramah, praised President Tinubu for the decisive steps taken in removing the fuel subsidy and unifying the exchange rate. He assured the Nigerian leader of the bank’s full support for the ongoing reforms and expressed their commitment to inject more capital into the economy, thus boosting investor confidence. AfreximBank is already involved in projects such as the construction of the first African Specialist Hospital in Abuja and the Energy Bank.
In the meeting with the EBRD, President Tinubu emphasized the significance of the recent reforms, particularly the removal of fuel subsidies and the elimination of multiple exchange rates. He underscored Nigeria’s determination to open up its economy for business and highlighted the country’s immense economic potential. The President of the EBRD, Renaud-Basso, acknowledged the importance of investing in Nigeria, considering it as a stakeholder in the bank. She emphasized a focus on the private sector, with a particular interest in supporting Small and Medium Scale Enterprises (SMEs).
President Tinubu’s reassurance of Nigeria’s readiness for business, the ongoing economic reforms, and the interest shown by AfreximBank and the EBRD in investing in Nigeria serve as positive indicators for the country’s economic growth and attractiveness to foreign investors.
