In a recent conversation with top executives from African Export-Import Bank (Afrexim) and the European Bank for Reconstruction and Development (EBRD), President Bola Tinubu declared that Nigeria is fully prepared to engage in global business ventures.
The President emphasized that the ongoing reforms implemented by his administration will be sustained to create a more competitive economy, attract foreign direct investment (FDI), and foster growth.
Dele Alake, the President’s Special Adviser on Special Duties, Communication, and Strategy, issued a statement highlighting Tinubu’s conversation with Benedict Oramah, President and Chairman of the Board of Directors of Afrexim, and Odile Renaud-Basso, President of EBRD.
Tinubu assured the delegation of Afrexim Bank executives, led by Oramah, that the Nigerian government is eager to welcome investments, displaying a commitment to stimulating the economy through policies that support sectors of Nigeria’s competitive advantage, particularly agriculture.
“We are ready for business, prepared to welcome investments,’’ he said.
“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.” “Nigeria is blessed with human and material resources,” Tinubu said.
On his part, Benedict Oramah, President of Afrexim, commended Tinubu for his administration’s decisive actions in eliminating petrol subsidies and unifying the exchange rate.
He conveyed Afrexim Bank’s full support for the ongoing reforms and pledged to inject additional funds into the economy to bolster investor confidence.
Oramah also disclosed that Afrexim is already engaged in constructing the first African specialist hospital in Abuja and an energy bank.
In a separate meeting with Odile Renaud-Basso, President of EBRD, Tinubu reiterated his government’s commitment to liberalize the economy and attract more investments.
He declared, “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.”
Tinubu emphasized the immense potential of Nigeria’s large and dynamic economy, warning that ignoring Nigeria would be detrimental to the global community.
Renaud-Basso, in response, acknowledged that it would be a mistake for the development bank to overlook Nigeria’s investment opportunities.
After considering six potential economies for investment, she emphasized the focus on supporting the private sector, particularly small and medium-scale enterprises (SMEs), in Nigeria.
President Bola Tinubu’s assurance of sustained reforms and his administration’s commitment to attracting foreign investment has instilled a sense of confidence among global financial institutions.
As Nigeria positions itself for increased global business engagement, the nation’s potential for economic growth and prosperity is becoming increasingly recognized by both regional and international stakeholders.
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