WE’LL HONOUR LEGITIMATE FOREIGN EXCHANGE OBLIGATIONS AND RESTORE MARKET CONFIDENCE – TINUBU
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By reassuring the business community that important initiatives are ongoing to boost foreign exchange availability, President Bola Tinubu has allayed their anxieties.
The president declared that, in terms of the country’s foreign exchange responsibilities, his government will uphold all lawful contracts.
President Tinubu expressed his confidence that, through strong collaboration with the private sector, financing the $3 trillion National Infrastructure Stock could be accomplished in 10 years rather than 300 by speaking at the 29th Nigerian Economic Summit (NES) in Abuja on Monday.
The President stated that it is not necessary to take sixty years to construct megacities of the size and scope of Lagos in each geopolitical zone, as it can be accomplished in just ten. The President further emphasised that Nigeria can become fully networked and connected in less than twenty years, with thriving industrial zones in each geopolitical zone before 2030.
“Consistent with our commitment to enshrining fairness and the rule of law in our country, this government will uphold the sanctity of every legitimate contract. Specifically, as it relates to the foreign exchange obligations of the government, all forward contracts that the government has entered into will be honoured and a framework has been put in place to ensure that these obligations are met in due course.
“My government is not blind to the challenges which several of you are facing in the financial markets. I can allay these concerns by revealing that we have a good line of sight into the additional foreign exchange liquidity that is required to restore market confidence,” the President said.
The President said that his administration is strengthening the machinery and architecture of governance by creating a public and civil service culture and structure that is performance- and result-oriented, assuring the business community of a more level playing field for everyone. He continued by saying, “We shall govern ethically, with accountability and transparency, implementing sound and effective policies to accomplish our eight priorities.”
As he stated that he is committed to delivering improved livelihoods and positive economic outcomes that Nigerians can tangibly feel and experience, President Tinubu outlined the eight priority items of his administration: ending poverty, achieving food security, economic growth and job creation, inclusivity, security, fairness and rule of law, and anti-corruption.
The President stated, acknowledging the institutional weaknesses of previous years and taking a practical approach to realising his ambitious agenda by taking into account all of the obstacles that face it today: “The effects of an unsustainable fiscal deficit and hidden subsidies distorted the money supply and created an unfair playing field for an elite crop of unpatriotic forces.” But it no longer exists.
These modifications have been met head-on. In order to revive the economy, my government has implemented a number of initiatives, such as the Five Hundred Billion Naira intervention to aid small enterprises and the agriculture industry. The new consumer credit schemes and student loan programmes will be implemented by January 2024.
The President called on the private sector to support his vision for a greater Nigeria, saying: “I would like to charge YOU, the Captains of Industry here present, to commit and redouble your commitment to our vision of a Renewed and more Prosperous Nigeria, a better Nigeria for all. For us to successfully deliver our promise to Nigerians, we recognise that it is imperative that we foster a highly collaborative relationship with the private sector. We must work together. I have proven capacity in this regard, as we remember the role of public-private partnership in the transformation of Lagos State under my leadership. We will replicate that across Nigeria with your unwavering support.
“Today, 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, bring your leadership, bring your capital, bring the collective will of your large conglomerates and business networks. Let us build a future of renewed hope. My government is prepared. Are you also prepared?”
The annual Nigerian Economic Summit is organized by the Nigerian Economic Summit Group in collaboration with the Federal Ministry of Budget and National Planning.
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