Tinubu to investors: Nigeria’s economy too large to be ignored, we’re ready for business

President Bola Tinubu has urged investors to take advantage of his ongoing reforms, including the removal of fuel subsidy and streamlining of the exchange rate, to invest in Nigeria.

Tinubu said the reforms would be sustained for a more competitive economy that attracts Foreign Direct Investment (FDI) to Nigeria.

“We are ready for business, prepared to welcome investments,” he made the declaration while receiving the President and Chairman of the Board of Directors of the African Export-Import Bank (Afrexim), Prof. Benedict Oramah, and President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud–Basso, in separate meetings, on the sidelines of the Summit for New Global Financing Pact in Paris, France, on Thursday, June 22.

According to a statement issued by his spokesman, Dele Alake, President Tinubu, assured the delegation of AfreximBank Executives led by 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.

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“We need reforms for national survival,” he added, noting that it would take boldness and courage to reposition the economy.

Tinubu called for more collaboration to solidify Nigeria’s economy, saying: “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.”

On his part, the President of AfreximBank commended 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.

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.

While speaking in the meeting with the EBRD, Tinubu said: “We are challenged in terms of reforms, and we have taken the largest elephant out of the room with removal of fuel subsidy, and multiple exchange rates are equally gone. We are determined to open up the economy for business. Consider us a stakeholder in the bank.”

He told the EBRD President that Nigeria’s economy was too large and potent to be ignored, adding: “Ignoring Nigeria will be a peril to the universe.”

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 stated that focus would be on the private sector, especially Small and Medium Scale Enterprises (SMEs).

The Star