It’s No Longer Business As Usual In Nigeria, Tinubu Rallies Investors

Yesterday, in Paris, France, President Bola Tinubu said that ongoing reforms will be sustained for the purpose of creating a more competitive economy that attracts Foreign Direct Investment (FDI). He urged investors to take advantage of opportunities in Nigeria. The removal of fuel subsidy

While receiving President and Chairman of the Board of Directors of African Export-Import Bank (Afrexim), Prof. Benedict Oramah, and President of European Bank for Reconstruction and Development (EBRD), Odile Renaud–Basso, in separate meetings on the sidelines of the summit for New Global Financing Pact, he made the following statement: "We are ready for business, prepared to welcome investments."
The President gave an assurance to a delegation of executives from AfreximBank that the Federal Government will keep the economy stimulated through policies that promote investments in sectors of Nigeria's economic advantage, particularly agriculture.
He continued by saying, "We need reforms for national survival," emphasizing that it would take daring and guts to reorient the economy, and called for more collaboration to secure the economy. "We need reforms for national survival," he said.
"We need to take steps to accelerate recovery so that our people can experience growth and prosperity in the not too distant future. Nigeria is now ready to participate in global business, and our reforms are comprehensive.

President Tinubu of Nigeria was complimented by the President of AfreximBank for taking the courageous actions of eliminating the gasoline subsidy and unifying the currency rate. The President of AfreximBank also assured President Tinubu of the full support of the financial and development institution about the continuing reforms.

Oramah stated that the bank had already begun construction on the first African Specialist Hospital in Abuja and that Energy Bank had pledged to infuse further funds into the economy in order to further strengthen investors' confidence.
During the discussion with the EBRD, President Tinubu stated, "We are challenged in terms of reforms, and we have removed the largest elephant out of the room with the removal of fuel subsidy, and multiple exchange rates are equally gone." We are resolute in our efforts to make the economy more business-friendly. We would like you to think of us as a stakeholder in the bank.

After looking at six other economies that might be suitable for investment, Renaud-Basso believes it would be unwise for the development bank to forego the opportunity to invest in Nigeria. She elaborated by saying that the private sector, specifically the Small and Medium-scale Enterprises (SMEs), will be the primary target audience.
Joining other world leaders and heads of international organizations in Palais Brongniart in Paris for the two-day summit that aimed to find better ways to tackle poverty and climate change by reshaping the global financial system, President Tinubu said that Nigeria and other African countries are committed to addressing the intertwined issues of climate change, poverty, and the promotion of sustainable development.

The panel session entitled "Ensuring more reliable, comparable information and data" featured panelists such as David Craig, Co-Chair of the Taskforce on Nature-related Financial Disclosures (TNFD); Mark Carney, Co-Chair of the Glasgow Financial Alliance for Net Zero (GFANZ); Mary Schapiro, Vice-Chair of Global Public Policy at Bloomberg; Sabine Mauderer, Vice-Chair of the Network for Greening the Financial System; and Catherine Mckenna, United Nations Special Envoy.

Also Read: Tinubu’s Start As President Better Than His Lagos Days – Bode George

Tinubu was quoted as saying, "We believe that we have more pressing social issues in Africa." It has been argued that world leaders should prioritize social issues in the same way that they prioritize environmental issues. I feel obligated to offer my congratulations to President Emmanuel Macron, who has brought the topic of poverty to the forefront of public discourse. The topics of climate change, diversity, and people will be discussed during this summit.

After COVID-19, several African nations found themselves in the midst of a terrible financial and economic crisis, which has now been resolved. There are problems with the economy, and we have all come to the conclusion that public resources will no longer be able to fix the problem. Instead, we need to track private money and for us to follow the capital, and we need to compete with other countries all over the world.
"No longer can African countries go about their business as usual; rather, we must now participate in the dialogue. It is imperative that we remain competitive with the rest of the world. We are pleased with President Macron's plan to establish the Net-Zero Data Public Utility (NZDPU) since, in our opinion, it will serve as an open and accessible free repository that will be of enormous assistance to African nations.

The French President extended a warm welcome to the world leaders as they arrived in Paris and stated that the summit would be focused on drafting a new financial order that will scale up finances and support developing nations for energy transition and poverty reduction while maintaining respect for the sovereignty of each individual nation.

Macron pointed out that African nations have been on the receiving end of the main global crises, and that this has resulted in debt hangovers that impede growth and development. He addressed the heads of state from fifty countries, as well as representatives from multilateral organizations and the business sector, that the reimagining of the new global financial architecture should prioritize justice and fairness, with a particular emphasis on those who are the most vulnerable.
He went on to say that "we must admit that no country can succeed alone in reducing poverty and protecting the planet," and that this is something that must be acknowledged.The President of France made the observation that the private sector must be included in the new pact that aims to synchronize growth because private companies own the majority of the financial instruments that need to be liquefied in order to achieve more equitable development, particularly in the areas of health, education, and food security.

The President of the Niger Republic, Mohammed Bazoum, spoke on behalf of the countries of Africa and stated that the new accord needs to be "urgent" and "essential" to Africa, and that the framework needs to be "just" and "robust" in order to reflect the reality of developing countries as partners.

According to Bazoum, the difficulties of poverty and desertification have stoked instability in the majority of countries, which in turn had an impact on the peace and stability of the subregions and the continent as a whole.
"In Africa, we need support for infrastructure, health, food security, and education," he said. Antonio Guterres, the Secretary-General of the United Nations (UN), addressed the meeting and stated that the summit will require additional mobilization and political will in order to be redesigned and implemented.

The scribe for the United Nations stated that many nations were still suffering from the repercussions of COVID-19 and climate change, and that the conflict in Ukraine had made their difficulties even worse.
Guterres stated that a number of African nations had been unable to service their debts, and there was evidence to suggest that future generations may be impacted. According to him, the new global financial pact needs to address financial fragmentation and frustration, and it also needs to enable the kind of transformation that stimulates debt relief, suspension of repayments, change of business models, and more commitment from development banks, with guarantees.

Today, President Tinubu will take part in the conference that will see the unveiling of a new global financing pact as well as a mechanism for its implementation. The purpose of the summit is to establish the basis for a reimagined financial system that is appropriate to the common concerns of the 21st century, such as combating inequities and climate change as well as safeguarding biodiversity.
The New Global Financial Pact will specify the principles and actions necessary to reform the financial system and confront the high levels of debt that prohibit governments from implementing ambitious action to decrease the climate, economic, and technological differences that risk fragmenting our globe. These reforms and policies will be necessary in order to address the high levels of debt that prevent governments from implementing ambitious action.
It will also clear the way for new agreements to be made to address the issue of excessive debt and make it possible for more nations to obtain access to the financing they require in order to engage in sustainable development, better preserve nature, lower emissions, and protect populations against the ecological catastrophe in areas where it is most essential to do so.


Jenny Young

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Comments
Jerome Danjuma 44 w

Nice update