President Bola Tinubu says Nigeria is now ready for global business as ongoing reforms will be sustained for a more competitive economy that attracts foreign direct investment (FDI).
Tinubu spoke on Thursday, in separate meetings on the sidelines of the New Global Financial Pact Summit in France’s Palais Brongniart.
According to a statement by Dele Alake, special adviser to the president on special duties, communication, and strategy, Tinubu spoke with Benedict Oramah, president and chairman of the board of directors of African Export-Import Bank (Afrexim), and Odile Renaud-Basso, president of European Bank for Reconstruction and Development (EBRD).
“We are ready for business, prepared to welcome investments,’’ he said.
Tinubu assured the delegation of Afrexim Bank executives, led by Oramah, that the federal government would continue to stimulate the economy with policies that support investments in areas of Nigeria’s competitive advantage, particularly agriculture.
“We need reforms for national survival,’’ he added, noting that it would take boldness and courage to reposition 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,” he said.
“Nigeria is blessed with human and material resources.”
On his part, Oramah commended Tinubu for the bold steps in removing the petrol subsidy and unification of the exchange rate.
He assured of the finance and development institution’s full support for the ongoing reforms.
Oramah said the bank was already building the first African specialist hospital in Abuja, and an energy bank, pledging to inject more money into the economy to further build confidence of investors.
During his meeting with Renaud-Basso, Tinubu reiterated his administration’s willingness to liberalise the economy to attract more investment.
“We are challenged in terms of reforms, and we have taken the largest elephant out of the room with the 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 said.
He told the EBRD president that Nigeria’s economy was too large and potent to be ignored, adding that “ignoring Nigeria will be a peril to the universe’’.
On her part, 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 the focus would be on the private sector, especially small and medium-scale enterprises (SMEs).