Nigeria’s President, Bola Ahmed Tinubu has expressed confidence in his government’s ability to secure the necessary foreign exchange liquidity to rebuild trust in the FX market.
He also says a One-trillion-dollar Nigerian Economy is possible by 2026 in Nigeria.
The President said these while declaring open a two-day occasion of the 29th Nigerian Economic Summit holding in Abuja, Nigeria’s Capital.
The Nigerian Leader confirmed that by 2024, new and affordable homes will also be built at a record pace.
“We have all felt the pain of these reforms; soon we shall begin to reap the rewards. It is my hope that this Summit will deliberate and proffer yet more solutions to complement the programs mentioned above.”
The Nigerian Leader who said that a Three Trillion Dollar Economy is possible within this decade clarified that his administration will achieve this with double-digit, inclusive, sustainable and competitive growth.
He further stated that his administration has infused the sum of Five Hundred Billion Naira in intervention to support small businesses and the agricultural sector.
President Tinubu added that the fund was part of several measures introduced to resuscitate the Nigerian economy.
He listed the five sub-themes of the summit which include, Stimulating Economic Growth, Mobilising Finance for Sustainable Development, Harnessing Human Capital, Reforming Public Institutions, and Promoting National Cohesion and Inclusion.
The President said that the sub-themes are consistent with his Renewed Hope agenda.
“I believe that Economic Stabilisation and Growth are possible in the short to medium term and that Sustainable and Inclusive Economic Transformation is possible in the medium to long term”.
The president of the Federal Republic of Nigeria, H.E Bola Tinubu, GCFR officially declared the 29th Nigerian Economic Summit (#NES29) themed ” Pathways to Sustainable Economic Transformation and Inclusion” open. #NES29 #EconomicTransformation #Inclusion pic.twitter.com/vlFIrH64x5
— Nigerian Economic Summit Group (NESG) (@officialNESG) October 23, 2023
President Tinubu affirmed that his administration is currently strengthening the machinery and architecture of governance by establishing a public and civil service culture and structure that is performance and result-oriented.
“We shall govern ethically, with accountability and transparency; implementing sound and effective policies to accomplish our Eight Priorities.
The Nigerian President further stated that his government has simultaneously commenced what he described as aggressive domestic and external mobilisation of financial resources and capital from a range of partners.
He asserts that this is to mobilise finance for sustainable development.
“Amongst several initiatives, we are progressing forward with the development of wide-ranging reforms to our fiscal and tax policies to ensure an efficient, fair and growth-friendly fiscal environment.
President Tinubu avowed that his government would uphold the sanctity of every legitimate contract consistent with initial commitment to enshrining fairness and the rule of law in Nigeria.
“Specifically as it relates to foreign exchange obligations of the government, all forward contracts that the government has entered will be honoured and a framework has been put in place to ensure that these obligations are met in due course.
The President acknowledged the place of public-private partnership in the transformation of the Nigerian economy saying this administration will partner with the NESG.
He urged the NESG to redouble its commitment to the Renewed vision and a more Prosperous Nigeria that would be a better Nigeria for all.
“I urge you as Nigeria’s foremost private sector think tank and policy advocacy group, to go much further than you have done before. Bring your ideas, your leadership, your capital, and the collective will of your large conglomerates and business networks. Let us build a future of renewed hope”.
Chairman of the Nigerian Economic Summit Group, Mr. Niyi Yusuf, in his opening remarks tasked the government to act urgently in repositioning the Nigerian economy.
He said that a Multi-Trillion Dollar Economy growth trajectory will need a macroeconomic stabilisation programme supported by scaled national security efforts to stop all forms of syndicated and organised crime around crude oil and solid minerals
He also listed a Made-in-Nigeria Agenda to Make-in-Nigeria, a national emergency energisation programme as a means of creating access to stable, predictable, and affordable electricity supply as measures to achieve growth.
“A national job creation plan that drives the creation of a huge volume of high-quality jobs, a revised national assets optimisation plan that ensures critical national assets are fully utilized
“A national competitiveness plan that defines the sectors where we have a competitive advantage; and export expansion targets to achieve a trade surplus and a positive balance of payment, we need a new Compact with the Nigerian Child that guarantees their promising, secure and safe future.
“We need a revitalised National Security Policy and Strategy to protect lives, properties and our national assets.
He pledged the commitment of the NESG to support the Government to model the diverse choices required and the associated palliative measures to ameliorate the short-term impact on the populace.
The theme of the Summit is; Pathways to Sustainable Economic Transformation and Inclusion.
