Economy: We’ll honour legitimate Forex obligations, restore market confidence, says Tinubu

*President Bola Ahmed Tinubu assures the business community, at the 29th Nigerian Economic Summit, in Abuja, of crucial plans underway to improve Foreign Exchange (Forex) liquidity, stating the government ‘will uphold the sanctity of every legitimate contract’

Isola Moses | ConsumerConnect

President Bola Ahmed Tinubu has allayed the concerns of the business community, assuring them that crucial plans are underway to improve Foreign Exchange (Forex) liquidity.

Tinubu equally reassured young Nigerian learners and the business community, that by January 2024, the new student loan programme and consumer credit schemes will have come into effect.

Cross-sections of participants in the 29th Nigerian Economic Summit, in Abuja

ConsumerConnect reports the President, who stated these in his address at the 29th Nigerian Economic Summit (NES) Monday, October 23, 2023, in Abuja, FCT, said his administration would honour every legitimate contract as regards the country’s Forex obligations.

The President averred he is confident that by working closely with the private sector of the economy, financing the $3Trillion National Infrastructure Stock could be achieved in 10 years and not in 300 years.

He also explained the construction of megacities in every geopolitical zone of the size and scale of Lagos must not take six decades because it could be achieved in a decade.

Tinubu emphasised that a fully-networked and connected Nigeria by rail, gas, fibre optics and road networks could be constructed in less than 20 years with thriving Industrial Zones in every geopolitical zone of Nigeria before 2030.

The Nigerian President 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.”

He further noted: “My government is not blind to the challenges which several of you are facing in the financial markets.

“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.”

Assuring the business community of a fairer and safer playing field for all, Tinubu stated that his administration is strengthening the machinery and architecture of governance by establishing a public and civil service culture, the structure that is performance and result-oriented.

“We shall govern ethically, with accountability and transparency; implementing sound and effective policies to accomplish our Eight Priorities,” said he.

8 Priority areas of current administration

President Tinubu as well outlined the eight priority items of his administration as ending poverty, achieving food security, economic growth and job creation, access to capital across all segments of society and the economy, inclusivity, security, fairness and rule of law, and anti-corruption.

Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, in a statement issued Monday also noted Tinubu restated his commitment to delivering improved livelihoods and positive economic outcomes which Nigerians can tangibly feel and experience.

Recognising the institutional frailties of past years and his pragmatic approach to achieving his bold agenda through a path that fully accounts for present-day challenges, Tinubu said: “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 Five Hundred Billion Naira intervention to support small businesses and the agricultural sector.”

Student loan programme, consumer credit schemes take effect January 2024, says President

Assuring young Nigerian learners and the business community, Tinubu disclosed by January 2024, the new student loan programme and consumer credit schemes will have come into effect.

He urged the private sector to support his vision for a greater Nigeria, saying: “I would like to charge YOU, the Captains of Industry here present, to commit and redouble your commitment to our vision of a Renewed and more Prosperous Nigeria, a better Nigeria for all.

The President, however, said “for us to successfully deliver our promise to Nigerians, we recognise that it is imperative that we foster a highly collaborative relationship with the private sector. We must work together.

“I have proven capacity in this regard, as we remember the role of public-private partnership in the transformation of Lagos State under my leadership. We will replicate that across Nigeria with your unwavering support.”

Tinubu stated: “Today, I urge you, as Nigeria’s foremost private sector think-tank and policy advocacy group, to go much further than you have done before.

“Bring your ideas, bring your leadership, bring your capital, bring the collective will of your large conglomerates and business networks.

“Let us build a future of Renewed Hope. My government is prepared. Are you also prepared?”

The annual Nigerian Economic Summit is organised by the Nigerian Economic Summit Group (NESG), in collaboration with the Federal Ministry of Budget and National Planning.