President Bola Ahmed Tinubu has applauded an investment of $520 million in specialised agro-processing zones by the African Development Bank (AfDB).
Tinubu hailed the AfDB President, Dr Adewunmi Adesina, for further opening up the economy for investments that provide job opportunities and poverty reduction.
Presidential Spokesman, Dele Alake in a statement on Saturday, said Tinubu gave this applause while receiving Adesina after the two-day summit on A New Global Financing Pact in Paris.
According to Alake, 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 Nigerian President, therefore, 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.
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The statement read in part, “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.”
In his remarks, the AfDB President thanked Tinubu for the bold initiatives that had repositioned the Nigerian economy in three weeks and stimulated the appetite of investors from different parts of the world; removal of fuel subsidy and harmonisation of exchange rates.
Adeshina said, “I commend the President’s foresight, boldness and determination for macroeconomic policy direction by removing the fuel subsidy,’’ adding, “No bird can fly with its wings tied behind. All those steps are signals investors like.’’
He added that the bank would support the economic policies of the new administration in Nigeria, having placed the people first in development targets.
The statement read further, “In another meeting, President Tinubu.received executives of Airbus/ATR, and assured them that the aviation sector would be “streamlined for efficiency’’, especially in the
maintenance of aircraft and training.
Vice President of Airbus/ATR, Public Affairs, Laurent Rahul Domergue, assured the President that the company was prepared to invest in the aviation sector, particularly in supplying planes to Nigeria.”
