Plans to increase foreign exchange liquidity are in the works – Tinubu

The business community’s worries have been allayed by President Bola Tinubu, who has assured them that vital preparations are in motion to increase foreign exchange availability.

Tinubu reportedly offered the assurance at the 29th Nigerian Economic Summit (NES), which was held in Abuja on Monday, according to a statement from Chief Ajuri Ngelale, the president’s special adviser on media and publicity.

According to Tinubu, his administration will uphold all valid contracts pertaining to the country’s foreign exchange obligations.

According to the president, financing the 3 trillion dollar stock of national infrastructure could be completed in ten years with the help of the private sector.

According to him, building megacities the size and scope of Lagos in every geopolitical zone need not take six decades to complete because it is feasible to do it in just ten.

In less than 20 years, according to Tinubu, a completely networked and connected Nigeria with booming industrial zones in each geographical zone could be built. This would happen by 2030.

This government will uphold the sanctity of every legal contract, in keeping with our commitment to establishing fairness and the rule of law in our nation.

specifically in relation to the government’s foreign exchange liabilities.

“All advance contracts entered into by the government will be honoured, and a mechanism has been established to guarantee that these commitments be met in due course.

“My government is aware of the difficulties that a number of you are experiencing in the financial markets.

We have a clear view of the additional foreign exchange liquidity needed to boost market confidence, and I can relieve these worries by revealing that.

Tinubu stated that his administration is bolstering the governance apparatus and architecture while assuring the business community of a level playing field for everybody.

He claims that his government is creating a performance- and result-driven public and civil service ethos and organisation.

“We shall govern ethically, with accountability and transparency; implementing sound and effective policies to accomplish our eight priorities,” he declared.

Ending poverty, establishing food security, generating economic growth, and creating jobs were among Tinubu’s list of the eight priorities for his administration.

The availability of capital to all sectors of the economy and society, as well as inclusion, security, fairness, and the rule of law, are other factors.

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According to Tinubu, he is dedicated to providing better living conditions and favourable economic results that Nigerians can actually see, feel, and experience.

He declared that he was aware of the institutional weaknesses of the past and that he would take a practical approach to realising his ambitious goals by taking into account all of the obstacles of the present.

With the combined consequences of an unsustainable budget deficit and covert subsidies, these elements skewed the money supply and paved the way for a select group of anti-patriotic forces to compete unfairly.

But that is no longer true. These modifications have been met head-on.

“My government has put out a number of initiatives to revive the economy, such as the N500 billion intervention to boost agriculture and small enterprises.

“The new student loan programme and consumer credit schemes will have gone into effect by January 2024,” he declared.

The president also urged business leaders to back his plans for a bigger Nigeria.

I want to ask you, the present captains of industry, to commit and double down on your commitment to our vision of a better Nigeria for all.

“We realise that it is essential that we create a highly collaborative partnership with the business sector in order to successfully execute our promise to Nigerians.

“We must collaborate. As we recall the part that public-private partnerships played in the transformation of Lagos State under my leadership, I have demonstrated my ability in this area.

“With your steadfast support, we will repeat that throughout Nigeria.

“Today, I call on you to go far further than you have in the past as Nigeria’s leading think tank for the private sector and group for policy advocacy.

Bring your leadership, your ideas, your money, and the combined force of your vast companies and business networks.

“Let’s create a future filled with new hope. Government here is ready. He inquired rhetorically, “Are you also ready?”

The Federal Ministry of Budget and National Planning and the Nigerian Economic Summit Group collaborate to conduct the annual Nigerian Economic Summit. (NAN)