Paris Summit: Subsidy removal, FX policy essential for survival – Tinubu

President Bola Tinubu has said at the ongoing Paris Summit in France that the subsidy removal and foreign exchange were necessary for the Nigeria’s economic survival.

Speaking on Thursday, Tinubu promised that the ongoing reforms such as the removal of fuel subsidy and the streamlining of exchange rate would sustain a more competitive economy that will attract Foreign Direct Investment.

According to him, the country is prepared to do business and receive investments from foreign partners, while urging investors to take advantage of the ensuing opportunities.

He said, “We are ready for business, prepared to welcome investments.

Tinubu also received the President and Chairman of the Board of Directors of African Export-Import Bank, Prof. Benedict Oramah and President of European Bank for Reconstruction and Development, Odile Renaud–Basso, in separate meetings, on the sidelines of the Summit for New Global Financing Pact.

The President’s Special Adviser on Special Duties, Communication and Strategy, Dele Alake, disclosed this in a statement he signed on Thursday titled ‘We’re ready for business, prepared to welcome investors to Nigeria, President Tinubu tells AfreximBank, EBRD Presidents in Paris.

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The Nigerian Leader assured the delegation of AfreximBank Executives led by Prof Oramah that the Federal Government will continue to stimulate the economy with policies that support investments in areas of Nigeria’s competitive advantage, particularly agriculture.

“We need reforms for national survival,’’ he added, noting that it would take boldness and courage to reposition the economy, calling for more collaboration to solidify the economy.

“We must stimulate recovery for the growth and prosperity of our people, which will not be far away. Nigeria is ready for global business and our reform is total.

“Nigeria is blessed with human and material resources,’’ President Tinubu told the delegation, who had earlier listed infrastructure, health, energy and agriculture as areas of interventions to buoy the economy.