Market News
Nigeria’s economy no longer in threshold of sabotage, says Tinubu - THE NATION
President Bola Tinubu has allayed the fears of investors and others interested in doing business with Nigeria.
He told them that the nation’s economy has escaped the phase of sabotage.
The President stressed that his administration was continually pursuing to end the reign of economic saboteurs working against the nation’s progress.
President Tinubu, who spoke through Vice President Kashim Shettima at a meeting of African Heads of State and Government on the 21st Replenishment of the International Development Association (IDA21) in Nairobi, the Kenyan capital, said Nigeria was set to harness the potential of its youthful population to transform into a global digital economy powerhouse.
The President also hinted at the nation’s plans to become a global hub for outsourcing talent within the digital and creative economy.
President Tinubu spoke on the need for other countries to see Nigeria as a dynamic nation as African Heads of State and Government committed countries on the continent to strengthening implementation capacities, mobilising domestic resources, and partnering effectively with IDA to accelerate the continent’s economic transformation.
A statement yesterday in Abuja by the Senior Special Assistant to the President on Media and Communications in the Office of the Vice President, Stanley Nkwocha, said President Tinubu informed other African leaders of the sweeping reforms implemented by his administration to curb illicit activities and currency manipulation that had long hindered the nation’s progress.
The President said since assuming office, he has remained steadfast in fulfilling his promise to end the reign of economic saboteurs who have long exploited and hindered the nation’s progress.
“I am pleased to report that our economy has escaped the phase of sabotage,” he said.
President Tinubu also reiterated Nigeria’s plans to build a vast digital market that could absorb cutting-edge innovations and technologies, positioning the country as a hub for outsourcing talent in the digital and creative economy spheres.
“Being a young country with a median age of about 18, our interventions in the digital economy have been so extensive that we are no longer boasting of having the most unicorns, but preparing to serve as a global hub for outsourcing talents,” he said in his submission, titled: The Path To Recovery: Nigeria’s Journey Beyond Sabotage.
Alongside the digital transformation agenda, President Tinubu said Nigeria was committed to prioritising climate resilience and becoming an attractive destination for carbon market investments.
“The tensions resulting from climate-induced disruptions serve as a pressing call to action. The profound impact of climate change on our continent’s security underscores our dedication to transforming innovative concepts from conference discussions into tangible actions. We aim to become an investment-friendly destination for carbon market investments,” he said.
The Preesident expressed Nigeria’s belief that the summit’s communiqué would reflect the collective needs of African and IDA countries, capturing their “nuances, consensus, dreams, and projections”.
President Tinubu listed key priorities for Nigeria’s economic recovery in his administration’s Renewed Hope Agenda anchored on poverty alleviation to include economic expansion, job creation, enhanced access to capital, food security, and inclusivity.
