UNGA 78 : Tinubu speaks to United Nations, seeks more direct investments in Africa

President Bola Tinubu called for more direct investments in Africa during his speech at the United Nations General Assembly in New York on September 19th.

He noted that the world and several private sector players must see Africa’s development as a priority “not just for Africa but in their interests as well”.

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The President in a bid to woo economic collaboration with other countries declared that Nigeria is ready for business and that it is a question of how ready the world is open to doing business with Nigeria. He said:

“The question is not whether Nigeria is open for business. The question is how much of the world is truly open to doing business with Nigeria and Africa in an equal, mutually beneficial manner.

Direct investment in critical industries, opening their ports to a wider range and larger quantity of quality African exports, and meaningful debt relief are important aspects of the cooperation we desire”.

Economic Growth

Tinubu further emphasized the need to have more investors’ confidence in Nigeria, saying that it was necessary to remove fuel subsidies and unify the exchange rate.

He noted: “To foster economic growth and investor confidence in Nigeria, I removed the costly and corrupt fuel subsidy while also discarding a noxious exchange rate system in my first days in office.

Other growth and job-oriented reforms are in the wings. I am mindful of the transient hardship that reform can cause.

However, it is necessary to go through this phase to establish a foundation for durable growth and investment to build the economy our people deserve”.
Tinubu also emphasized to the world the importance of the African continent, noting that Africa is a key to the world’s future. He said:

“Walk with us as true friends and partners. Africa is not a problem to be avoided, nor is it to be pitied. Africa is nothing less than the key to the world’s future.”

What You Should Know

President Tinubu has had bilateral meetings with several business leaders and governmental organizations at the ongoing UN General Assembly.

He met with the AU Chairperson where he emphasized the commitment of Nigeria to collaborate with the African Union noting that the AU is strategically positioned to secure consensus positions for the continent on economic and socio-political relations with the world.

President Tinubu also met with a delegation of global energy giant ExxonMobil, in New York, where he made his position known that “Nigeria has never been more ready for business than it is now”.