President Tinubu Encourages Foreign Investors to Embrace New Business Landscape in Nigeria

President Bola Ahmed Tinubu, in a resolute appeal to global investors, asserts that Nigeria is undergoing a significant transformation, no longer adhering to business as usual practices. During his engagements with the African Export-Import Bank (Afrexim) and the European Bank for Reconstruction and Development (EBRD) at the Summit for New Global Financing Pact in Paris on June 22, 2023, President Tinubu emphasizes the nation’s openness to business and investment.

Amid separate meetings with President and Chairman of the Board of Directors of AfreximBank, Prof. Benedict Oramah, and President of EBRD, Odile Renaud–Basso, President Tinubu reiterates the government’s commitment to stimulating the economy through policies that support investments in areas where Nigeria holds a competitive advantage, particularly agriculture.

President Tinubu asserts that bold reforms are necessary for the nation’s survival and calls for increased collaboration to fortify the economy. He expresses confidence in Nigeria’s preparedness for global business, emphasizing the comprehensive nature of ongoing reforms.

In response, the President of AfreximBank commends President Tinubu’s decisive actions in removing the fuel subsidy and unifying the exchange rate, assuring him of the full support of the financial and development institution in the ongoing reforms. AfreximBank further pledges to inject additional funds into the economy, thereby instilling confidence in investors. The bank is also involved in the construction of the first African Specialist Hospital in Abuja and the establishment of the Energy Bank.

During the meeting with EBRD, President Tinubu underscores the government’s commitment to reforms, citing the removal of fuel subsidy and the elimination of multiple exchange rates. He asserts Nigeria’s determination to open up the economy for business and expresses a keen interest in becoming a stakeholder in the bank. In response, Renaud-Basso highlights the significance of investing in Nigeria and emphasizes the focus on supporting the private sector, particularly Small and Medium-scale Enterprises (SMEs).

Joining world leaders and heads of international organizations at the summit in Paris, President Tinubu affirms Nigeria’s dedication, alongside other African countries, to addressing critical issues such as climate change, poverty, and sustainable development. In a panel session titled “Ensuring more reliable, comparable information and data,” President Tinubu lauds President Emmanuel Macron’s initiative to prioritize poverty-related matters in addition to environmental concerns. He believes that elevating social issues is imperative and welcomes President Macron’s proposal to establish the Net-Zero Data Public Utility (NZDPU), considering it a valuable resource for African nations.

Welcoming the global leaders, President Macron emphasizes the summit’s objective of formulating a new financial order that will mobilize resources to support energy transition, poverty reduction, and respect the sovereignty of each nation. Macron acknowledges the challenges faced by African countries, including the burden of debt that hinders growth and development. He emphasizes the importance of justice, fairness, and inclusivity in designing the new world financial architecture, particularly by involving the private sector to promote balanced growth and address pressing needs such as health, education, and food security.

In summary, President Tinubu’s call to foreign investors echoes the transformative changes taking place in Nigeria’s business landscape. With a renewed focus on reforms and a commitment to stimulate the economy, Nigeria aims to position itself as an attractive investment destination. The nation’s efforts to address social and environmental challenges, as highlighted during the summit, reflect a determination to foster sustainable development and ensure a brighter future for all Nigerians.