President Bola Tinubu in Paris said 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 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.
Grow your business with us
“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.
President Bola Tinubu in his three days trip to France, also met the President, European Bank for Reconstruction and Development who said it would be a mistake for the Bank not to invest in Nigeria after considering six potential economies for investment.
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).
The President also met the Chairman of Indorama Polyester Industries, the largest independent polymer producer in the World.
In addition, the President received briefings from the President of the Africa Development Bank who assured Nigeria of more support, especially with the AfDB President’s vision of setting up a Youth Entrepreneurship Bank in Nigeria that will provide credit, skills and other support for young Nigerians.
Within the three days of the President’s trip, he received executives of Airbus/ATR, and assured them that the aviation sector would be streamlined for efficiency, especially in the maintenance of aircraft and training. The Senior Vice President of Airbus/ATR, Public Affairs, Laurent Domergue, assured the President that the company was prepared to invest in the aviation sector, particularly in supplying planes to Nigeria.
The President met with the President of the Swiss Confederation and President of Benin Republic for bilateral and economic discussions – in all of these, a high return on investment is expected and Nigerians would be better for it.
The president is the chief diplomat of the country and we urged Nigerians to be proud that the president was busy throughout the trip marketing the country to attract investors.
Nigeria’s participation in the Paris Summit is strategic and appropriately so. Nigeria was clear about its purpose: to woo the international community to invest in Nigeria, and to make just enough appearances to show that there is a new Sheriff in charge of Nigeria.
Tinubu also met with presidents of other countries. International diplomacy is not simply about making speeches at the podium where everyone says more or less the same things; it is more about commitments secured on the sidelines.
President Tinubu met with Nigerians in Diaspora at an event in Paris, which is a good thing. Nigerians in Diaspora are major stakeholders in the Nigerian enterprise, and many of them are even far more concerned than the Nigerians at home.
In summary, President Tinubu’s participation in the summit can attract foreign investors, leading to job creation and economic growth; Strengthened Partnerships: Nigeria can enhance its relationships with multilateral development banks and international financial institutions, gaining access to financial support and advisory services; Debt Restructuring or Forgiveness: The global financing pact may consider relieving Nigeria of its debt burden, creating fiscal space for investments in critical sectors; Increased Funding for Development: Reforms in MDBs can result in more development funds being allocated to Nigeria, addressing poverty, agriculture, and renewable energy projects; Special Drawing Rights (SDRs) Support: The summit may explore increasing SDRs to stabilize Nigeria’s economy and provide additional liquidity; Collaboration on International Taxes: Nigeria can work with the international community to enforce tax laws, increasing tax revenue and ensuring a fair tax system; Strengthening Development Finance Institutions (DFIs): Nigerian DFIs can enhance their capacity by partnering with multilateral DFIs, accessing funding and expertise; Addressing Climate and Energy Crises: Nigeria can showcase its commitment to sustainable development and seek support for climate change mitigation and clean energy initiatives; Promoting Corporate Governance: Collaboration with multilateral DFIs can encourage Nigerian businesses to adopt good corporate governance practices, facilitating international funding and partnerships; Long-term Benefits: Participating in the summit positions Nigeria strategically for sustained engagement and collaboration, leading to sustainable economic growth and development.
Without a doubt Tinubu’s participation in the Paris Summit was a benefitting outing for the country and the gains will be felt by Nigerians both in the short and long run.