President Bola Tinubu has allayed the concerns of the business community over foreign exchange obligations, saying that his administration will honour every legitimate contract and also assuring them that crucial plans are underway to improve foreign exchange liquidity.
The President gave the assurances while speaking at the 29th Nigerian Economic Summit (NES) in Abuja on Monday, expressing confidence that by working closely with the private sector, financing the N3 trillion national infrastructure stock can be achieved in 10 years and not in 300 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 can be achieved in one decade, emphasising that a fully networked and connected Nigeria by rail, gas, fibre optics, and road networks can be constructed in less than 20 years with thriving industrial zones in every geopolitical zone of Nigeria before 2030.
Tinubu 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.
“My government is not blind to the challenges that 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.”
President Tinubu said 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, just as he assured the business community of a fairer and safer playing field for all.
“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, access to capital across all segments of society and the economy, inclusivity, security, fairness and rule of law, and anti-corruption, stating that he is committed to delivering improved livelihoods and positive economic outcomes that Nigerians can tangibly feel and experience.
He further 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. By January 2024, the new student loan programme and consumer credit schemes will have come into effect.”
The President called on 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.
