Presidency: Tinubu in Paris to facilitate foreign investment into Nigeria

The Special Adviser to the President on Special Duties, Communication and Strategy, Mr Dele Alake, has said President Bola Ahmed Tinubu is attending New Global Financial Pact Summit in Paris, France to facilitate foreign direct investment into Nigeria.

He stated this on Wednesday while speaking to reporters in Paris.

The presidential spokesman said the president’s policies in the last three weeks had encouraged the foreign nations and investors to become more interested in the affairs of Nigeria, shoring up the country’s economy.

He also said heads of state and international financial institutions had indicated interest to meet with the president to consider areas of cooperation with the new positive development in Nigeria.

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Alake expressed optimism that a lot of international investors that exited Nigeria because of restrictive currency policies would return with the new economic measures being put in place as the nation needed a comprehensive and robust direct foreign investment into the country.

He said the liberalization of restriction on domiciliary accounts would boost foreign direct investment.

“Now that these are being liberalized, and freed to market forces, in the short run, we will need very comprehensive and robust direct foreign investment into the country. So, we are very, very hopeful, that some of these meetings will come to fruition and will bear very positive fruits and yield results for Nigeria,” he added.

Asked about the expectations of Nigeria at the summit to hold Thursday and Friday, Alake said: “The essence of this trip is to network as much as feasible, as much as is practicable. The President wants to network with international finance corporations, institutions, countries that are well healed that would facilitate or that could facilitate direct foreign investment into Nigeria.

“Don’t forget that Mr. President has taken some very bold steps in the area of economy, in the area of social engineering in the last few weeks, and particularly with reference to the unification of the multiple exchange rates, which has caused very positive multiplier effect.

“However, in the short term, we have noticed and expected that there will be a slight spike in the demand and then that would affect the value of the Naira viz-viz the dollar. So, apart from the immediate, short and long term positive effects of that unification policy, there could be a need for an injection of direct foreign exchange into the economy to shore up the value of the naira while market forces stabilize. And in the short run or medium term, there is going to be when the effects of this policy begin to mature.

“For instance, you can now spend your money in your domiciliary account. The domiciliary account restrictions have been liberalized. So, there’s no more restriction. Once there’s money in your account, you can spend it anywhere in the world.

“Now that is going to build confidence in the foreign exchange system of Nigeria, which means people abroad can begin to bring in their money into the economy, even those at home, who have hoarded their dollars for fear of restrictions and all that will now be more encouraged to bring the dollars into the financial system.

“However, with all of these, you still need a direct foreign injection of foreign exchange to build or complement the domestic policies. That is the essence of this meeting and is a global summit and there are several heads of state of developed societies that Mr. President’s policies in the last three weeks really have encouraged these foreign nations and investors to become more interested in the affairs of Nigeria in shoring up the economy of Nigeria.

“So, a lot of them are quite interested. So, many of them have even indicated interest to meet with Mr. President in this trip. Just upstairs now, we were having a meeting with the president structuring some of these meetings with heads of state.

“At the last count about three, four different heads of state of developed countries have indicated willingness to meet with him, have a chat with him and explore areas of cooperation, on the economy, on agriculture, on other areas that are salient to the development of Nigeria’s economy. That is generally the essence of this meeting.”