24th June, 2023
Michael Adesina
The AfDB President, Dr. Akinwumi Adesina said the bold initiatives of President Bola Tinubu have repositioned Nigerian economy in three weeks.
Akinwumi, who met the president in Paris, said the bold initiatives which include removal of fuel subsidy and harmonisation of exchange rates stimulated appetite of investors from different parts of the world.
“I commend the President’s foresight, boldness and determination for macroeconomic policy direction by removing the fuel subsidy,’’ he said, “No bird can fly with its wings tied behind. All those steps are signals investors like.’’
Dr. Adesina said the bank would support the economic policies of the new administration in Nigeria, that had placed the people first in development targets.
Speaking to Dr. Adesina, President Tinubu said he welcomes with great joy the investment of $520 million in specialised agro-processing zones by the African Development Bank (AfDB).
The president praised the leader of the multilateral institution for further opening up the economy for investments that provide job opportunities and reduction in poverty.
President Tinubu said the agro-industrial project strengthens an area of the country’s competitive advantage as he listed other areas of priority that require Foreign Direct Investment (FDI).
The President urged the Bank to inject funds into projects that target women and youth empowerment, while appreciating the AfDB President for his vision of setting up a Youth Entrepreneurship Bank in Nigeria that will provide credit, skills and other support for young Nigerians.
President Tinubu assured Dr. Adesina that the Federal Government would provide all the necessary assistance to ensure sustenance of the projects, adding that electricity remained a priority area that needed urgent attention.