President Bola Tinubu recently travelled to France to attend the Global Financing Pact Summit convened by the French President, Emmanuel Macron in Paris.
Tinubu was received at the airport by Ambassador Kayode Laro and other top government officials from the Nigerian Embassy and French Ministry of Foreign Affairs.
Newsmen earlier reported that Tinubu will join world leaders to review and sign a New Global Financial Pact that places vulnerable countries on a priority list for support and investment, following the devastating impact of climate change, the energy crisis, and the COVID-19 pandemic.
They also noted that Tinubu will explore opportunities to restore fiscal space to countries dealing with difficult short-term financial challenges, specifically the most indebted.
But addressing newsmen on the sidelines of the ongoing summit, The special adviser to the President on communication and strategy, Dele Alake said the purpose of Tinubu’s visit to France is to network with international finance corporations, investors, and leaders of developed countries.
Alake said, “Don’t forget that the President has taken very bold steps in the area of economy, and social engineering in the last three weeks and particularly concerning stabilizing the unification of the multiple exchange rate which has caused very positive multiplier effects.”
The need for the injection of foreign direct investment
Speaking further, Alake said, we have noticed that and expect there will be a spike in demand and that will affect the value of the naira. Apart from the immediate short- and long-term effects of that unification policy, there could be a need for an injection of direct foreign exchange into the economy to shore up the value of the naira while market forces stabilize.”
Tinubu and members of the Presidential Policy Advisory Council are expected to return back to the country on Saturday.
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