President Bola Tinubu has challenged the perception of Nigeria’s economy being in distress, highlighting the country’s progress and the vast opportunities for growth and development. Speaking at the Leadership Conference and Awards 2023 in Abuja, where he was honoured as the Leadership Person of the Year 2023, Tinubu emphasized the need to seize the unprecedented opportunities for economic revitalization.
Represented by the Minister of Information and National Orientation, Mohammed Idris, President Tinubu outlined key initiatives and investments aimed at supporting Nigerian businesses, students, and vulnerable households, enhancing food security, and attracting foreign direct investment. He dismissed the notion of helplessness, stating that Nigeria is facing challenges but is not in distress, emphasizing the potential for building a new, sustainable economy.
The President disclosed several interventions, including a N200 billion fund to support businesses, a new Federal Students’ Loan program, and the Presidential Initiative on CNG. He highlighted the imminent rollout of CNG-powered buses, expected to reduce transportation costs by up to 50 percent.
President Tinubu also mentioned the substantial increase in revenues since the removal of the petrol subsidy, providing more funds for critical infrastructure and social security. He underscored efforts to negotiate a new minimum wage, scale up the social investment programme, and support vulnerable households with direct cash transfers.
Regarding foreign investment, Tinubu stated that his administration has attracted $30 billion in Foreign Direct Investment (FDI) commitments since assuming office, with investments already flowing into various sectors. He highlighted a recent visit to Qatar, where discussions on new investments were held, demonstrating Nigeria’s attractiveness to foreign investors.
President Tinubu called for support and patience from Nigerians, paying tribute to the late Sam Nda-Isaiah, founder of the Leadership Group Limited. He urged the media to focus on reporting successes and opportunities, not just challenges, to portray Nigeria’s positive trajectory accurately.
Daily Nigerian