Nigeria open for investors — Tinubu urges EBRD, Afrexim presidents

Nigeria open for investors — Tinubu urges EBRD, Afrexim presidents

President Bola Tinubu of Nigeria has urged investors, encouraging them to explore the numerous opportunities available in the country.

According to NTA news, during a visit to Paris, France, on Thursday, Tinubu emphasized that Nigeria’s ongoing reforms, such as the removal of fuel subsidies and the streamlining of the exchange rate, are aimed at creating a more competitive economy that attracts Foreign Direct Investment (FDI).

In separate meetings held on the sidelines of the Summit for New Global Financing Pact, Tinubu assured the delegation from the African Export-Import Bank (Afrexim), led by Prof. Benedict Oramah, and the President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud-Basso, that the Nigerian government remains committed to stimulating the economy through policies that support investments in areas where Nigeria holds a competitive advantage, particularly in agriculture.

Tinubu stressed the importance of bold reforms for the nation’s survival and called for increased collaboration to strengthen the economy.

He expressed confidence that “Nigeria, blessed with abundant human and material resources, is ready for global business, emphasizing that the ongoing reforms are comprehensive.”

The President of AfreximBank, Dr Oramah, commended Tinubu for taking courageous steps to remove fuel subsidies and unify the exchange rate. He assured the Nigerian leader of the full support of the financial and development institution in implementing the ongoing reforms.

Dr Oramah also revealed that AfreximBank is already working on the construction of the first African Specialist Hospital in Abuja and an Energy Bank, demonstrating the institution’s commitment to injecting more funds into the economy to boost investor confidence.

During the meeting with the EBRD, Tinubu highlighted the significant progress made through reforms, such as the removal of fuel subsidies and the elimination of multiple exchange rates.

He reaffirmed Nigeria’s determination to open up its economy for business, positioning the country as a stakeholder in the bank.

Tinubu emphasized that “Nigeria’s vast and potent economy should not be overlooked, stating that neglecting Nigeria would be a perilous mistake for the global community.”

Renaud-Basso, President of the EBRD, acknowledged that it would be a missed opportunity for the development bank to not invest in Nigeria. After considering six potential economies for investment, she emphasized a focus on the private sector, particularly Small and Medium Scale Enterprises (SMEs).

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