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‘We’ll improve forex liquidity, restore market confidence’ — Tinubu assures Nigerians

‘We’ll improve forex liquidity, restore market confidence’ — Tinubu assures Nigerians
October 23
16:10 2023

President Bola Tinubu says his administration is taking steps to improve foreign exchange liquidity and honour all legitimate foreign exchange obligations.

Speaking at the 29th Nigerian Economic Summit (NES) in Abuja on Monday, Tinubu said the squeeze that has resulted in the naira weakening to record lows against the dollar will ease.

According to Tinubu, there is a need to achieve the required foreign exchange liquidity to restore market confidence.

“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,” Tinubu said.

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“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.”

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$3 TRILLION INFRASTRUCTURE STOCK CAN BE ACHIEVED IN 10 YEARS

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

Tinubu further said he is confident that by working closely with the private sector, financing the $3 trillion national infrastructure stock can be achieved in 10 years and not in 300 years.

“The construction of megacities in every geopolitical zone of the size and scale of Lagos must not take six decades because it can be achieved in one decade,” he said.

“A fully networked and connected Nigeria by rail, gas, fibre optics and road network can be constructed in less than 20 years with thriving industrial zones in every geopolitical zone of Nigeria before 2030.”

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He also assured the business community of a fairer and safer playing field for all.

Tinubu added that his administration is strengthening the machinery and architecture of governance by establishing a public and civil service culture and structure that is performance and result-oriented.

PRIVATE SECTOR TO SUPPORT VISION FOR A GREATER NIGERIA 

Tinubu: “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.”

Speaking more on his target, the president outlined eight priority items of his administration.

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According to Tinubu, the items are ending poverty, achieving food security, economic growth and job creation.

Others on the list are improving access to capital across all segments of society and the economy, inclusivity, security, fairness and rule of law, as well as anti-corruption.

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Tinubu said he is committed to delivering improved livelihoods and positive economic outcomes which Nigerians can tangibly feel and experience.

He, therefore, called on the private sector to support his vision for a greater Nigeria.

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The president said: “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.”

“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.

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“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.”

This, he said, will be replicated across Nigeria with the private sector’s support.

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