December 1, 2023

President Bola Tinubu has allayed the fears of the business community, assuring that crucial plans are underway to improve foreign exchange liquidity.

The Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale, in a statement said Tinubu gave the assurance at the 29th Nigerian Economic Summit (NES), held in Abuja on Monday.

Tinubu said his administration would honour every legitimate contract with respect to the nation’s foreign exchange obligations.

The president said he was confident that by working closely with the private sector, financing the 3 trillion U.S. dollars national infrastructure stock could be achieved in 10 years.

He said 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 one decade.

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

” 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 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,” he said.

Tinubu, who assured the business community of a fairer and safer playing field for all, said his administration is strengthening the machinery and architecture of governance.

According to him, his administration is establishing a public and civil service culture and 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,” he said.

Tinubu outlined the eight priority items of his administration as ending poverty, achieving food security, economic growth, and job creation.

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