Tinubu applauds AfDB’s $520m investments in Agro industries

President Bola Ahmed Tinubu has welcomed the investment of $520 million in specialised agro-processing zones by the African Development Bank (AfDB), praising the leader of the multilateral institution, Dr. Adewunmi Adesina, for further opening up the economy for investments that provide job opportunities and reduce poverty.

Receiving Adesina after the two-day summit on a new global financing pact in Paris, Tinubu said that the agro-industrial project strengthens an area of the country’s competitive advantage as he listed other areas of priority that require Foreign Direct Investment (FDI).

The President, therefore, urged the bank to inject funds into projects that target women and youth empowerment, while appreciating the AfDB President for his vision of setting up a Youth Entrepreneurship Bank in Nigeria that will provide credit, skills and other support for young Nigerians.

Tinubu assured Adesina that the Federal Government would provide all the necessary assistance to ensure sustenance of the projects, adding that electricity remains a priority area that needed urgent attention.

In his remarks, the AfDB President thanked Tinubu for the bold initiatives that has repositioned Nigerian economy within three weeks and stimulated the appetite of investors from different parts of the world.

“I commend the president’s foresight, boldness and determination for macroeconomic policy direction by removing the fuel subsidy. No bird can fly with its wings tied behind. All those steps are signals investors like,” he said.

Adesina said the bank would support the economic policies of the new administration in Nigeria that places the people first in development targets.

In another meeting, Tinubu received executives of Airbus/ATR, assuring them that the aviation sector would be streamlined for efficiency, especially in maintenance of aircrafts and training.

Senior Vice President of Airbus/ATR, Public Affairs, Laurent Rahul Domergue, assured the president that the company was prepared to invest in the aviation sector, particularly in supplying planes to Nigeria.

Meanwhile, Tinubu, who was initially scheduled to be back in Abuja, yesterday, has proceeded to London, United Kingdom, for a short private visit. The president will be back in the country in time for the upcoming Eid-el-Kabir festival.