At economic summit, Tinubu entices investors with improved forex liquidity

President Bola Tinubu said on Monday his government has taken steps to improve foreign exchange liquidity in the country.

The president, according to a statement issued by his Special Adviser on Media and Publicity, Ajuri Ngelale, stated this at the 29th Nigerian Economic Summit (NES) held in Abuja.

He expressed that the government would achieve the planned $3 trillion national infrastructure stock in 10 years with the support of the private sector.

The president stressed that the construction of megacities, similar in size and scale to Lagos can be accomplished in one decade.

President Tinubu also assured Nigerians that the student loan would come into effect in January next year.

He said: “Consistent with our commitment to enshrining fairness and the rule of law in our country, this government will uphold the sanctity of every legitimate contract.

“Specifically, as it relates to the foreign exchange obligations of the government.

“All forward contracts that the government has entered into will be honoured and a framework has been put in place to ensure that these obligations are met in due course.

“My government is not blind to the challenges that several of you are facing in the financial markets.

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“I can allay these concerns by revealing that we have a good line of sight into the additional foreign exchange liquidity that is required to restore market confidence.”

Tinubu, who assured the business community of a level playing field for all, said his administration would strengthen the machinery and architecture of governance.

He stressed that the government would put in place a public and civil service culture and structure that is performance and result-oriented.

The president added: “We shall govern ethically, with accountability and transparency; implementing sound and effective policies to accomplish our eight priorities.

“With the effects of an unsustainable fiscal deficit and hidden subsidies, these factors distorted the money supply and created an unfair playing field for an elite crop of unpatriotic forces.

“But that is no more. These changes have been tackled head-on.

“My government has introduced several measures to resuscitate the economy; including the N500 billion interventions to support small businesses and the agricultural sector.

“By January 2024, the new student loan programme and consumer credit schemes will have come into effect.”

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