President Tinubu commits to removal of petrol subsidies and unification of Nigeria’s currency rates

President Bola Ahmed Tinubu has committed to the removal of petrol subsidies and the unification of Nigeria’s currency rates, both of which are meant to increase the country’s economic competitiveness.
This was expressed by him during a meeting with representatives of the Africa Export-Import Bank (Afreximbank) on Thursday in France, where a conference for a new global finance agreement is now taking place.
The President emphasised that a competitive Nigeria will draw Foreign Direct Investments (FDIs), boosting the nation’s economic development.
President Tinubu said that his administration will keep up economic policy initiatives and investment assistance for industries in which Nigeria has a competitive edge.
He emphasised the importance of Nigeria’s infrastructure, health, energy, and agricultural sectors in particular since he thinks these areas have a lot of room for investment.
Tinubu advised the Afreximbank team, which was led by Dr Benedict Oramah, the company’s president and chairman of the board of directors, to take advantage of the economic prospects in Nigeria.
Dr Oramah, the President of AfreximBank, responded by praising President Tinubu for his audacious actions in ending the gasoline subsidy and unifying the currency rate.
He promised Tinubu that AfreximBank would help him fully as he worked to overhaul the economy.
The first African Specialist Hospital is already being built in Abuja, according to Dr Oramah, and Energy Bank has promised to pump additional money into the economy to boost investor confidence.
President Tinubu also had a meeting with Odile Renaud-Basso, the head of the European Bank for Reconstruction and Development (EBRD).
He brought up the readiness of Nigeria’s economy to be opened up for business at the discussion.
“Consider us a stakeholder in the Bank. Ignoring Nigeria will be a peril to the universe.”
After analysing six possible economies for investment, Renaud-Basso said that it would be a mistake for the development bank to refrain from investing in Nigeria.
She stated that the private sector, particularly Small and Medium Scale Enterprises (SMEs), will be the EBRD’s primary piriority.

Source: Allnews Nigeria

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