Alake further emphasized the recent bold steps taken by the President in the economic and social engineering domains, particularly in the unification of multiple exchange rates.
By Jane Oghenetega:
President Bola Tinubu is scheduled to engage in bilateral discussions with leaders or their delegations from France, the United States of America, Sweden, and two additional countries during the Paris Financial Pact Summit, commencing on Thursday.
Dele Alake, the Special Adviser to the President on Special Duties, Communication, and Strategy, spoke to journalists in Paris, noting that the requests for meetings with Tinubu stem from the positive economic policies implemented by his administration within the past three weeks since assuming office. Alake stated, “The US, France itself, Switzerland, and two other countries are among those expressing interest. Numerous international financial institutions are also keen on meeting him.”
The two-day summit, which marks Tinubu’s inaugural foreign trip since his inauguration, aims to facilitate networking opportunities and attract foreign direct investment to Nigeria. Alake explained, “The President intends to establish connections with international finance corporations and countries that can contribute to foreign direct investment in Nigeria.”
Alake further emphasized the recent bold steps taken by the President in the economic and social engineering domains, particularly in the unification of multiple exchange rates. He highlighted the positive effects of this policy and stressed the need for direct foreign exchange injection into the economy to stabilize the value of the naira while market forces take effect.
Alake cited the removal of spending restrictions on domiciliary accounts, stating that it would boost confidence in Nigeria’s foreign exchange system, allowing people abroad to bring their money into the economy. He also expressed optimism that individuals within the country who had been hoarding dollars due to fear of restrictions would now be encouraged to bring them into the financial system.
Despite these measures, Alake emphasized the country’s requirement for foreign exchange infusion to complement domestic policies. He underscored that the essence of the Paris meeting lies in its status as a global summit with the participation of several heads of state from developed societies. Alake asserted that the President’s recent policies have generated significant interest among foreign nations and investors in Nigeria’s affairs and the strengthening of its economy.
During the summit, taking place on Thursday and Friday, Tinubu will collaborate with other leaders to assess and endorse a New Global Financial Pact. This pact prioritizes support and investment for vulnerable countries affected by climate change, the energy crisis, and the COVID-19 pandemic. The leaders aim to mobilize innovative financing for climate-vulnerable nations, promote development in low-income countries, and encourage investments in eco-friendly infrastructure for the energy transition in emerging and developing economies.
The President and other global leaders, multilateral institutions, financial experts, and economists will also adopt a comprehensive approach to address the economic recovery from the impact of the COVID-19 pandemic and the increasing poverty rates. Their objective is to provide access to finance and investment that fosters inclusive growth.
President Tinubu is expected to return from the trip on Saturday.