Nigeria to improve foreign exchange Liquidity

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Nigerian President Bola Tinubu said on Monday that crucial plans are underway to improve foreign exchange liquidity in a bid to restore market confidence and allay concerns of the country’s business community.

Speaking at the opening session of the annual Nigerian Economic Summit in the capital of Abuja, Tinubu said his administration will address the challenges that investors have so far faced in the financial markets, while pledging to honor every legitimate contract with respect to the nation’s foreign exchange obligations.

“I can allay these concerns by revealing that we have a good line of sight into the additional foreign exchange liquidity that is required to restore market confidence,” the Nigerian leader said while declaring open the summit attended by business leaders and captains of industries.

Tinubu said he remained confident that by working closely with the private sector, a fully networked and connected Nigeria by rail, gas, fiber optics and road network can be constructed in less than 20 years with thriving industrial zones in every geopolitical zone of the most populous African country before 2030.

Assuring the business community of a fairer and safer playing field for all, the president said his administration will continue to strengthen the machinery and architecture of governance by establishing a public and civil service culture and structure that is performance and result-oriented.

He outlined the eight priority areas of his administration as poverty eradication, food security, economic growth and job creation, access to capital across all segments of society and the economy, inclusivity, security, fairness and the rule of law, as well as the fight against corruption, emphasizing that these will bring about the delivery of improved livelihoods and positive economic outcomes which Nigerians can tangibly feel and experience.

“With the effects of an unsustainable fiscal deficit and hidden subsidies, these factors distorted the money supply and created an unfair playing field for an elite crop of unpatriotic forces. But that is no more. These changes have been tackled head-on. My government has introduced several measures to resuscitate the economy,” Tinubu said.

Since taking office in late May, Tinubu has introduced policies and reforms that focus on liberalizing the exchange rate, attracting more foreign direct investment and enhancing export support, among others.

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