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[UPDATE] Paris summit: Were ready for business prepared to welcome investments Tinubu

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President Bola Ahmed Tinubu on Thursday in Paris says that the ongoing reforms by his administration in the country would be sustained.

This is in order to have a more competitive economy that would attract Foreign Direct Investment (FDI) and provide opportunities for genuine investors.

Mr Dele Alake, the Special Adviser to the President on Special Duties, Communication and Strategy, made this known in a statement in Abuja.

The News Agency of Nigeria reports that Tinubu had announced the removal of the oil subsidy on his inauguration day, saying it’s an elephant that must be removed for the stability of the economy.

The President also followed the inauguration declaration with the approval of streamlining of the exchange rate in the country.

“We are ready for business, prepared to welcome investments,’’ he said while receiving business chieftains on the sideline of the a two-day summit on New Global Financial Pact in Paris.

Tinubu met with the President and Chairman of the Board of Directors of the African Export-Import Bank (Afrexim), Prof. Benedict Oramah and President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud–Basso, in separate meetings.

The President assured the delegation of Afrexim Bank that the Federal Government would continue to stimulate the economy with policies that supports investments in areas of Nigeria’s competitive advantage, particularly agriculture.

“We need reforms for national survival,’’ he added, noting that it would take boldness and courage to reposition the economy.

“We must stimulate recovery for the growth and prosperity of our people, which will not be far away. Nigeria is ready for global business and our reform is total.

“Nigeria is blessed with human and material resources,’’ President Tinubu told the delegation.

The Afrexim Bank delegation had earlier listed areas of interventions to buoy the economy, like infrastructure, health, energy and agriculture.

The President of AfreximBank commended Tinubu for the bold steps in removing the fuel subsidy and unification of the exchange rate.

Oramah assured the president of the full support of the financial and development institution on the ongoing reforms.

He said that the bank was already building the first African Specialist Hospital in Abuja, and Energy Bank, pledging to inject more money into the economy to further build confidence of investors.

In the meeting with the EBRD, Tinubu said: “We are challenged in terms of reforms, and we have taken the largest elephant out of the room with removal of fuel subsidy, and multiple exchange rates are equally gone.

“We are determined to open up the economy for business. Consider us a stakeholder in the Bank.’’

He told the EBRD President that Nigeria’s economy was too large and potent to be ignored, adding, “Ignoring Nigeria will be a peril to the universe.’’

Renaud-Basso said it would be a mistake for the development bank not to invest in Nigeria, after considering six potential economies for investment.

She explained that focus would be on the private sector, especially Small and Medium Scale Enterprises.

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