President Bola Ahmed Tinubu has welcomed an investment of $520 million in specialised agro-processing zones by the African Development Bank (AfDB).

He praised the president of the multilateral institution, Adewunmi Adesina, for further opening up the economy for investments that provide job opportunities and poverty reduction.

Receiving Mr Adesina after the two-day summit on A New Global Financing Pact in Paris, France, Mr Tinubu said the agro-industrial project strengthens an area of the country’s competitive advantage as he listed other areas of priority that require Foreign Direct Investment (FDI), Premium Times reports.

Tinubu called on the bank to invest in programs that promote women’s and youth empowerment, while applauding the AfDB president for his goal of establishing a Youth Entrepreneurship Bank in Nigeria to provide finance, skills, and other assistance to young Nigerians.

The president promised the former minister that the federal government would provide all necessary assistance to ensure the projects’ viability, noting that energy remained a priority sector that required immediate attention.

In his remarks, the AfDB boss commended the president for the bold actions that have restructured the Nigerian economy in three weeks and sparked investor interest from all over the world.

“I commend the president’s foresight, boldness and determination for macroeconomic policy direction by removing the fuel subsidy,’’ he said, “No bird can fly with its wings tied behind. All those steps are signals investors like.’

Mr Adesina stated that the bank will support the new administration’s economic policies in Nigeria, which prioritized people development targets.