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Sunday, February 25, 2024

President Tinubu vows to eliminate investment bottlenecks for Saudi investors

Nigeria-Saudi Investment Roundtable in Riyadh witnesses President Tinubu's commitment to free-flowing funds and a business-friendly climate

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President Bola Ahmed Tinubu assured potential investors in Riyadh, Saudi Arabia, that his administration has eradicated the bottlenecks hindering the smooth flow of funds in and out of Nigeria. Speaking at the Nigeria-Saudi Investment Roundtable, Tinubu highlighted key reforms, such as the discontinuation of petrol subsidies and the unification of the exchange rate, contributing to a more investor-friendly environment.

In a statement by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, President Tinubu conveyed a clear message to the captains of Saudi Arabian industry. The President affirmed that the arbitrage associated with the old foreign exchange policy and the corruption linked to it were things of the past, ensuring a transparent and conducive investment landscape.

The President’s team of ministers and aides is actively working to dispel negative perceptions about Nigeria’s business climate, focusing on ease, monetary policy, and trade cooperation. President Tinubu emphasized his commitment to economic reforms, declaring that red tape is now a thing of the past.

Nigeria is positioned as “open for business,” with Tinubu expressing confidence in the economic reforms initiated by his administration. He stated, “I believe in the full application of free-market economics. We took on those bold endeavors from day one in preparation for serious investors like you seated here.”

President Tinubu assured Saudi investors of Nigeria’s ripe market and abundant human capital, creating a favorable environment for prosperity. The President’s remarks garnered positive responses from Saudi Arabia‚Äôs Trade and Investment Minister, Kahlid El-Falih, who acknowledged Tinubu’s passion and candid expressions.

El-Falih committed to substantial new investments across various sectors of the Nigerian economy, pledging an action-oriented visit rather than exploratory discussions. The Saudi delegation, led by the Minister of Commerce and El-Falih, is set to visit Nigeria either before the end of the year or early next year, marking a significant step towards enhanced economic cooperation between the two nations.

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