The Tinubu Media Volunteers has applauded the President Bola Tinubu administration for using the attendance at the World Economic Forum at Davos Switzerland to showcase Nigeria’s preparedness for foreign direct investments.
We note that this positive exposure of the business opportunities in the country to the gathering of world leaders was encapsulated in the revelation by the Minister of Finance Mr. Wale Edun to the Bloomberg media that the implementation of critical reforms has stabilized the Nigerian economy.
In a statement issued by the Tinubu Media Volunteers and signed by Chukwudi Enekwechi and Shedrach Sunday, Chairman and Secretary of the group respectively quoted the minister as saying that there had been a reclamation of 5% of the country’s GDP, which had been previously lost to “inefficiencies in the federal government and fiscal authorities.”
The minister acknowledged that the removal of wasteful subsidies and the implementation of market-driven pricing mechanisms for petroleum products and foreign exchange had enabled an influx of foreign direct investments to Nigeria The result is that Nigeria’s economy is now on an upward swing and yielding positive outcomes.
“In specific terms, we recall that Shell and Total Energies had announced $5 billion and $3 billion investments in the country, respectively, following the economic reforms.
“It is, therefore, heart-warming that President Tinubu, represented by Vice President Kashim Shettima, had used his participation at the World Economic Forum to rally the world on the vast business opportunities that exist in Nigeria.
We also note that the bold economic reforms rolled out by the Tinubu administration, though painful, have started repositioning the economy, and it is gratifying that these policies are resonating well with the international community.
We therefore consider Nigeria’s outing at the World Economic Forum in Davos Switzerland as worthwhile as the Tinubu administration used it maximally to re-launch Nigeria’s economic and growth potential to the world.
