Paris Summit: Subsidy removal, FX policy needed for survival

President Bola Tinubu said his administration’s policies on subsidy removal and foreign exchange were necessary for the nation’s economic survival.

President Tinubu stated this at the ongoing Paris Summit in France on Thursday.

He promised that the ongoing reforms such as the removal of fuel subsidy and the streamlining of exchange rate would sustain a more competitive economy that will attract Foreign Direct Investment.

The President said Nigeria is ready to do business and receive investments from foreign partners.

Therefore, he urged investors to take advantage of the ensuing opportunities.

He said, “We are ready for business, prepared to welcome investments.

Tinubu also received the President and Chairman of the Board of Directors of African Export-Import Bank, Prof. Benedict Oramah and President of European Bank for Reconstruction and Development, Odile Renaud–Basso, in separate meetings, on the sidelines of the Summit for New Global Financing Pact.

The President’s Special Adviser on Special Duties, Communication and Strategy, Dele Alake, disclosed this in a statement he signed on Thursday titled ‘We’re ready for business, prepared to welcome investors to Nigeria, President Tinubu tells AfreximBank, EBRD Presidents in Paris.

The Nigerian Leader assured the delegation of AfreximBank Executives led by Prof Oramah that the Federal Government will continue to stimulate the economy with policies that support investments in areas of Nigeria’s competitive advantage, particularly agriculture.

“We need reforms for national survival,’’ he added, noting that it would take boldness and courage to reposition the economy, calling for more collaboration to solidify the economy.

“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.

“Nigeria is blessed with human and material resources,’’ President Tinubu told the delegation, who had earlier listed infrastructure, health, energy and agriculture as areas of interventions to buoy the economy.

Prof Oramah commended Tinubu for the bold steps in removing the fuel subsidy and unification of the exchange rate, assuring the Nigerian leader of the full support of the financial and development institution on the ongoing reforms.

He said the bank was already building the first African Specialist Hospital in Abuja, and Energy Bank, pledging to inject more money into the economy to further build confidence of investors.

In the meeting with the EBRD, the President said, “We are challenged in terms of reforms, and we have taken the largest elephant out of the room with removal of fuel subsidy, and multiple exchange rates are equally gone.