Tinubu meets AfreximBank, EBRD Presidents, woo investors in Paris

President Bola Ahmed Tinubu has urged investors across the globe to take advantage of opportunities in Nigeria as the removal of fuel subsidy and streamlining of the exchange rate will be sustained for a more competitive economy that attracts Foreign Direct Investment (FDI).

Tinubu stated this on Thursday in Paris – France while receiving the President and Chairman of the Board of Directors of the African Export-Import Bank (Afrexim), Prof. Benedict Oramah, and President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud–Basso, in separate meetings, on the sidelines of the Summit for New Global Financing Pact.

The president reiterated the country’s readiness for business as well as the preparedness to welcome investments.

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He added that his led administration would take boldness and courage to reposition the economy, calling for more collaboration to solidify the economy for national survival reform. 

Tinubu assured the delegation of AfreximBank Executives led by Dr. Oramah that the Federal Government will continue to stimulate the economy with policies that support investments in areas of Nigeria’s competitive advantage, particularly agriculture.

“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.”

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Tinubu told the delegation, who had earlier listed areas of interventions to buoy the economy, like infrastructure, health, energy, and agriculture that Nigeria is blessed with human and material resources.

He told EBRD the challenges facing the country in terms of reforms, saying in a bid to address it, fuel subsidy was removed as well as multiple exchange rates which had gone. 

“We are determined to open up the economy for business. Consider us a stakeholder in the Bank. Nigeria’s economy was too large and potent to be ignored — ignoring it will be a peril to the universe.’’

Earlier, the President of AfreximBank lauded Tinubu for the bold steps in removing the fuel subsidy and unification of the exchange rate, pledging full support of the financial and development institution on the ongoing reforms in Nigeria.

Dr. Oramah said the bank was already building the first African Specialist Hospital in Abuja, and Energy Bank, pledging to inject more money into the economy to further build the confidence of investors.

In the same vein, Renaud-Basso said not investing in Nigeria after considering six potential economies for investment would be a mistake for a development bank.

She explained that the focus would be on the private sector, especially Small and Medium Scale Enterprises (SMEs).