President Bola Tinubu disapproves of assertions that the Nigerian economy is in distress, he emphasized that the advancements achieved during his administration and various opportunities for growth and development in the country.
This proclamation was made in a speech at the Leadership Conference and Awards, 2023, in Abuja on Tuesday, March 5, 2024.
Represented by the Minister of Information and National Orientation, Mohammed Idris, the President explained the initiatives and investment efforts by the administration to support Nigerian businesses, students, and to most importantly, vulnerable households, as well as to enhance food security and attract foreign investment.
“I should start by respectfully challenging that notion that the Nigerian economy is in distress. Distress suggests helplessness, being at the mercy of something we have no control over. But that is not the case here.
“We are in challenging times, no doubt, but these times have also been marked by unprecedented opportunities, to reset course and to build a new and sustainable economy, away from the rent-seeking and the waste that was once the order of the day.”
Tinubu also revealed that intervention funds, in entirety, N200 billion have been set aside to support Nigerian businesses; in addition to a new Federal Students’ Loan program and the Presidential Initiative on CNG.
According to the President, the N200 Billion Naira, will be disbursed through three special intervention funds newly established to support Nigerian businesses.
President Tinubu, on the Presidential Initiative on CNG noted the “imminent rollout of these CNG-powered buses which will bring down the cost of transportation by as much as 50 per cent.”
“This means more funds are available to directly impact the lives of Nigerians through investments in critical infrastructure, social security, and other areas,” he said.
The President also highlighted the substantial increase in revenues accruing to the three tiers of Government since the removal of the petrol subsidy as well as his robust investment drive.
“Since we assumed office in May 2023, we have attracted $30 billion in Foreign Direct Investment (FDI) commitments into the real sectors of the economy, including Manufacturing, Telecoms, Healthcare, Oil & Gas, and others.”
“Those investments have already started coming into the country. Just a few days ago, I was in Qatar on an official visit, where the Emir assured me that a senior government delegation would visit Nigeria after Ramadan, to begin taking action on some of the new investments they are looking at here.
“I have asked the Minister of Finance and Coordinating Minister of the Economy to directly interface with the Qatari authorities to ensure that speedy progress is made.” He added.
Furthermore, President Tinubu emphasized the importance of media reporting that focuses on successes, and not just the negatives.
“I ask for the continuing patience and support of all Nigerians, including the elite that is very well represented in this room today.
“To the Nigerian media, I urge you to strive to report not only the challenges but also the solutions and the opportunities as well.
“Ours is a story of a country that is taking the right steps, and feeling the fleeting pains that will come with this course of action. A glorious dawn is indeed assured.”
Chinedum Anayo