ABUJA, Oct. 23 (Xinhua) — Plans are underway by Nigerian President Bola Tinubu to improve the liquidity of foreign exchange in order to restore market confidence and address concerns from the country’s business community, Tinubu announced on Monday at the Nigerian Economic Summit in Abuja.
Speaking at the opening session of the annual summit, Tinubu assured investors that his administration will tackle the challenges faced in the financial markets and honor all legitimate contracts related to foreign exchange obligations.
“To restore market confidence, I can disclose that we have a clear plan to increase foreign exchange liquidity,” stated Tinubu, while expressing his confidence that a fully connected Nigeria can be accomplished within 20 years through cooperation with the private sector, including the construction of rail, gas, fiber optics, and road networks, as well as the establishment of thriving industrial zones throughout the country by 2030.
Tinubu emphasized his commitment to providing a fair and secure environment for businesses, and highlighted the efforts of his administration in establishing a performance and result-oriented culture and structure in governance.
The president outlined the key areas of focus for his administration, which include poverty eradication, food security, economic growth and job creation, access to capital, inclusivity, security, fairness and the rule of law, as well as the fight against corruption. He stressed that these efforts will lead to improved livelihoods and positive economic outcomes for Nigerians.
“We have taken bold steps to revive the economy in response to the unsustainable fiscal deficit and hidden subsidies. These factors distorted the money supply and favored a select group of unpatriotic individuals. However, these issues are being confronted head-on,” Tinubu stated.
Since assuming office in May, Tinubu has implemented policies and reforms aimed at liberalizing the exchange rate, attracting more foreign direct investment, and providing better support for exports.
