Nigerian Economic Summit Focuses on Pathways for Transformation

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Nigerian President Bola Tinubu has assured the business community at the 29th Nigerian Economic Summit holding in Abuja that plans are underway to improve foreign exchange liquidity.

President Tinubu expressed confidence in achieving the financing of the $3 trillion National Infrastructure Stock within 10 years by working closely with the private sector.

The President emphasized that the construction of megacities, similar in size and scale to Lagos, should not take six decades but can be accomplished in one decade.

Tinubu also highlighted the possibility of constructing a fully networked and connected Nigeria by rail, gas, fibre optics, and road network in less than 20 years, with thriving industrial zones in every geopolitical zone before 2030.

“Consistent with our commitment to fairness and the rule of law, this government will uphold the sanctity of every legitimate contract.”

He assured that all forward contracts related to the government’s foreign exchange obligations will be honored, and a framework is in place to ensure these obligations are met.

The 29th Nigerian Economic Summit (NES 29) anchored its discussions around ‘Pathways for Sustainable Economic Transformation and Inclusion’, emphasizing the need to translate growth into improved living standards.
The annual Nigerian Economic Summit is organized by the Nigerian Economic Summit Group (NESG) in collaboration with the Federal Ministry of Budget and National Planning. Photo: Abdullah Bello

President Tinubu acknowledged the challenges faced by the business community in the financial markets and assured them of additional foreign exchange liquidity to restore market confidence.

He also emphasized his administration’s commitment to strengthening governance by establishing a performance and result-oriented public and civil service culture and structure.

The President outlined the eight priority items of his administration to include ending poverty, achieving food security, economic growth and job creation, access to capital, inclusivity, security, fairness and rule of law, and anti-corruption.

He mentioned several measures introduced by his government to resuscitate the economy, such as the N5billion intervention to support small businesses and the agriculture sector and also announced upcoming initiatives, including a new student loan program and consumer credit schemes.

Tinubu called on the private sector to support his vision for a greater Nigeria and urged them to bring their ideas, leadership, capital, and collective will to build a future of renewed hope.

He emphasized the importance of a collaborative relationship between the government and the private sector, citing the success of public-private partnerships in transforming Lagos State.

The President expressed his readiness to deliver on his promises to Nigerians and called on the private sector to join him in this endeavor.

Ayelagbe Samuel Adeleke
Ayelagbe Samuel Adeleke is an economist, finance, and data analytics expert. He has a knack for transforming complex economic concepts into engaging news stories. He has honed his research and analytical skills through his education, earning a Bachelor's degree in Economics from Obafemi Awolowo University, Ile-Ife.

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