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Tinubu Asserts Nigeria’s Economy Poised for Growth, Not in Distress

President Highlights Opportunities Amid Challenges, Unveils Economic Initiatives

by Ikeoluwa Juliana Ogungbangbe
Tinubu's Economic Growth Plans

President Bola Tinubu, addressing the pervasive narrative of Nigeria’s economic distress, presented a resolute and optimistic view of the nation’s economic prospects during the Leadership Conference and Awards 2023 in Abuja. Contrary to the widespread perception of economic turmoil, President Tinubu, speaking through the Minister of Information and National Orientation, Mohammed Idris, underscored the unique growth and development opportunities that currently exist in Nigeria.

In a speech that set out to redefine the economic narrative, President Tinubu asserted, “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.” This message of resilience and proactive governance was shared in a statement by Rabiu Ibrahim, the Special Assistant (Media) to the Minister of Information and National Orientation.

Amidst concerns, President Tinubu outlined several key initiatives aimed at boosting the Nigerian economy. These include the allocation of intervention funds totaling N200 billion to support local businesses, the launch of a new Federal Students’ Loan program, and the Presidential Initiative on Compressed Natural Gas (CNG), which promises to significantly reduce transportation costs by up to 50 percent with the rollout of CNG-powered buses.

According to a report by Punch, President Tinubu highlighted the increased revenues available to government tiers following the petrol subsidy removal, which is meant to enhance investment in infrastructure, social security, and other vital sectors directly impacting Nigerians. In a move to improve the livelihoods of the country’s most vulnerable populations, the administration is also reviewing and enhancing the Social Investment Programme. This initiative is set to provide millions of households with direct cash transfers to help them meet basic needs.

Illustrating the administration’s successful investment drive, President Tinubu revealed that since taking office in May 2023, Nigeria has secured $30 billion in Foreign Direct Investment (FDI) commitments across various sectors. This influx of investment is not just a testament to Nigeria’s economic potential but also a signal of the international community’s confidence in the country’s direction under President Tinubu’s leadership.

The president’s recent visit to Qatar further emphasizes the global interest in Nigeria’s economy, with the Emir of Qatar committing to exploring new investments in the country post-Ramadan. President Tinubu has tasked the Minister of Finance and the Coordinating Minister of the Economy to facilitate swift progress with the Qatari authorities, demonstrating the administration’s commitment to leveraging international partnerships for domestic growth.

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