Fuel Subsidy will Strengthen the Economy: Tinubu’s Insight
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Politics - June 23, 2023

Fuel Subsidy will Strengthen the Economy: Tinubu’s Insight

President Bola Ahmed Tinubu reaffirmed his dedication to upholding the elimination of fuel subsidy as well as the unification of Nigeria’s exchange rates having recognised  the potential these actions hold in fostering a more robust and competitive economy within the nation.

He made this statement on Thursday, June 22, during a conversation with a delegation from the Africa Export-Import Bank (Afreximbank) at the ongoing Summit for New Global Financing Pact in France. The President emphasized that a competitive Nigeria would attract Foreign Direct Investments (FDIs), thus enhancing the country’s economic growth. 

During a dialogue with a delegation from the Africa Export-Import Bank (Afreximbank) at the ongoing Summit for New Global Financing Pact in France, n Thursday, June 22, President Bola Ahmed Tinubu emphasized his commitment to the removal of fuel subsidy and the unification of Nigeria’s exchange rates. The President underscored the significance of a competitive Nigeria in attracting Foreign Direct Investments (FDIs) and bolstering the country’s economic growth.

Tinubu states more policies to come

President Tinubu went on to declare that his administration is steadfast in its commitment to implementing policies that stimulate the economy and facilitate investments in sectors where Nigeria possesses a competitive edge. 

The President’s vision entails harnessing the potential of these sectors to attract both domestic and international investments, further propelling Nigeria’s economic growth. He specifically emphasized the crucial role of Nigeria’s infrastructure, healthcare, energy, and agricultural sectors, which he believes present substantial opportunities for investment. 

In his interaction with the Afreximbank delegation, led by Dr Benedict Oramah, the President and Chairman of the Board of Directors at AfreximBank, Tinubu urged them to seize the business opportunities available in Nigeria. 

During his interaction with the Afreximbank delegation, headed by Dr. Benedict Oramah, President and Chairman of the Board of Directors at AfreximBank, Tinubu encouraged them to capitalize on the abundant business prospects present in Nigeria. 

He urged the delegation to actively pursue and seize the available opportunities, recognizing the potential for mutual benefit and growth that could be achieved through collaboration and investment in the country. He said: “We are ready for business, prepared to welcome investments. We need reforms for national survival. 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.”  

AfreimBank tenders support

Dr. Oramah, the President of AfreximBank, expressed his commendation to President Tinubu for his courageous actions in eliminating the fuel subsidy and unifying the exchange rate. He assured Tinubu of AfreximBank’s unwavering support as he endeavors to reform the economy. Dr. Oramah emphasized the institution’s commitment to collaborating with the President and providing the necessary assistance to drive the economic transformation of Nigeria.

Additionally, Dr. Oramah revealed that AfreximBank had already undertaken the construction of the inaugural African Specialist Hospital in Abuja, as well as the establishment of Energy Bank. 

He further pledged to inject additional financial resources into the economy, with the aim of bolstering investor confidence and promoting further economic growth. This commitment demonstrated AfreximBank’s dedication to supporting key sectors and initiatives that contribute to Nigeria’s overall development.

Meeting with the (EBRD)

President Tinubu also engaged in a meeting with Odile Renaud-Basso, the President of the European Bank for Reconstruction and Development (EBRD), where he emphasized Nigeria’s readiness to collaborate and open up its economy for business Tinubu said: “We are challenged in terms of reforms, and we have taken the largest elephant out of the room with the removal of fuel subsidy, and multiple exchange rates are equally gone. We are determined to open up the economy for business.  

He added that Nigeria should be considered a stakeholder in the Bank, ignoring that the country will be a peril to the universe.  

In response, Renaud-Basso expressed that it would be an oversight for the development bank to overlook investing in Nigeria, especially after considering six potential economies for investment. She highlighted that the EBRD’s primary focus would be on the private sector, with a particular emphasis on Small and Medium Scale Enterprises (SMEs). Renaud-Basso recognized the significant potential and opportunities present in Nigeria’s private sector and affirmed the EBRD’s intention to actively support its growth and development.

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