President Bola Ahmed Tinubu remains confident in the success of his administration, despite the challenges faced by the country, and believes that Nigeria has the potential to be a beacon of progress in Africa.
During a meeting with officials from the Bank of America at the State House, Tinubu expressed his government’s commitment to implementing reforms that would foster sustainable growth and development.
“We believe we are on the right track so far. We believe we need all the help we can get,” said the President, seeking support and partnership from the bank to achieve mutual benefits for Nigeria and the financial institution.
Tinubu emphasized that addressing the governance and development challenges in the country requires fiscal and institutional reforms. He highlighted the interconnection between actions on climate change, finance, and innovation in the 21st century. By establishing a solid platform and embracing innovation, the government aims to undertake necessary reforms and tackle pressing issues.
As the largest economy and democracy in Africa, Tinubu stressed the importance of taking proactive steps to drive progress. He acknowledged that no single entity can achieve this alone and urged the bank and other willing financial institutions to assist Nigeria.
One specific area of collaboration mentioned was ensuring Nigerian gas competes favorably in the global market, serving as a viable source of alternative revenue.
Since assuming office, Tinubu has already introduced reforms such as fuel subsidy removal and foreign exchange window unification.
These policies have had immediate macroeconomic effects, leading to price increases in transportation, goods, and services. However, the President remains steadfast in his belief that these reforms are crucial for the long-term development of the country.