Nigeria’s President Bola Ahmed Tinubu is shifting the country’s economic strategy towards attracting investments rather than relying on borrowing. The government’s new approach aims to revive an economy that is burdened with record debt, a weak currency, double-digit inflation, and insufficient power supply.
President Tinubu’s bold reforms have been well-received by investors, even though they have caused additional hardship for Nigerians grappling with a cost of living crisis. In August, Nigeria’s inflation reached an 18-year high, highlighting the urgency for sustainable solutions.
As President Tinubu prepares for his first appearance at the the United Nations General Assembly (UNGA) in 2023, he plans to make a compelling case for much-needed investments in Nigeria. This comes at a time when the country is still facing economic uncertainties. His address at the assembly will mainly focus on sustainable development, global cooperation, climate change, and the need to address inequalities.
President Tinubu will seize this international platform to reaffirm Nigeria’s commitment to diplomacy, particularly in resolving the crisis in Niger Republic. He recognizes that war is not conducive to his economic reforms in the region, especially as he chairs the Economic Community of West African States.
The president remains steadfast in his mission to drive aggressive investment and advance his economic transformation agenda in Nigeria. His aim is to entice transnational firms to invest more in the country, thereby generating more job opportunities.
Furthermore, President Tinubu recognizes the significance of enabling home-grown Nigerian companies to have fair and equal access to foreign and international markets. This approach will foster a healthier business ecosystem, promoting the growth of domestic enterprises while attracting foreign direct investment.
President Tinubu understands the importance of diplomacy and will utilize this opportunity to foster economic partnerships with various nations. President Tinubu has scheduled meetings with leaders from the United States, Brazil, Algeria, Comoros, South Africa, European Union, as well as the prime ministers of the Netherlands and Spain, and the King of Jordan. His commitment to creating prosperity for Nigerians remains unwavering.
Additionally, President Tinubu believes that the private sector will play a pivotal role in driving economic growth within a conducive environment. He emphasizes that providing appropriate incentives will encourage increased investment. As part of his efforts in advancing economic development through diplomatic channels, he is set to meet with Nick Clegg, President of Global Affairs for Meta technologies. This meeting aims to harness new innovations like artificial intelligence and other applications to enhance business practices in Nigeria.
Furthermore, the president is anticipated to engage in discussions with Brad Smith, President of Microsoft worldwide. The focus will be on deepening digital transformation within the country and expanding its digital economic footprint. One aspect under consideration is ensuring quick internet access for small businesses to facilitate smooth transactions.
The President will have a unique opportunity to engage with the global CEO of Exxon Mobil Oil and Gas Company during this event. This will be an important platform for discussing the various aspects of Nigeria’s petroleum industry, including the implementation of the Petroleum Industry Act and the incentives provided by President Bola Ahmed Tinubu to attract investments in both oil and gas sectors.
In addition, the President will highlight the importance of gas as a key resource and emphasize that Nigeria has much to offer in terms of its potential for investment. The sideline business forums will serve as a forum to encourage business leaders to think innovatively and explore opportunities for industrial investment in Nigeria.
The government is committed to stimulating economic growth in Nigeria and will actively create incentives to support this objective. The President will address concerns related to regulations, taxes, and environmental considerations, reaffirming his commitment to addressing these specific issues.