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What Tinubu Said to European Bank Delegations

  • Tinubu informs delegations from Afrexim and the European Bank that Nigeria is open for business.

President Bola Ahmed Tinubu declared that Nigeria was open for business and assured investors of open embracement.

On Thursday in Paris, France, when he met with Chairman of the Board of Directors of the African Export-Import Bank (Afrexim), President Tinubu gave the assurance.

Separate meetings between Prof. Benedict Oramah and Odile Reaud-Basso, president of the European Bank for Reconstruction and Development (EBRD), took place on the sidelines of the Summit for a New Global Financing Pact.

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The President declared, “We are ready for business, ready to welcome investments,” adding that the ongoing reforms, which began with the elimination of fuel subsidies and the streamlining of the exchange rate, would be maintained for a more competitive economy that draws Foreign Direct Investment (FDI).

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In a statement released by his spokesman, Dele Alake, the President, who urged investors to take advantage of the opportunities in Nigeria, was also quoted as assuring the delegation of AfreximBank executives led by Dr. Oramah that the federal government would continue to stimulate the economy with measures that encourage investment in sectors where Nigeria has a competitive advantage, particularly agriculture.

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President Tinubu addressed the delegation, saying, “Nigeria is blessed with human and material resources.”

The delegation had earlier listed areas for intervention to boost the economy, including infrastructure, health, energy, and agriculture.

President Tinubu was praised earlier for taking the risky steps to end the fuel subsidy and unify the exchange rate by the head of AfreximBank.

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He assured the President of the financial and development institution’s unwavering support for the ongoing reforms. Dr. Oramah also stated that the bank was already constructing the first African Specialist Hospital in Abuja and that Energy Bank had committed to injecting additional funds into the economy to further boost investor confidence.

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In a similar vein, President Tinubu stated during the meeting with the EBRD that Nigeria’s economy was too powerful and large to be disregarded, adding, “Ignoring Nigeria will be a peril to the universe. ”

After examining six potential investment destinations, Renaud-Basso concluded that the development bank would be making a mistake if it chose not to fund projects in Nigeria.

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