President Bola Ahmed Tinubu is spearheading a bid to attract global capital and sustainable foreign direct investment in the country’s economy with his visit to India.
He leaves today for New Delhi.
The President is seeking the collaboration of Indian businessmen and their Nigerian counterparts, and will attend the G-20 Summit, where issues of economic development will also take centre stage.
The President will be accompanied by leading business leaders in all major sectors . Also on the trip with him are: Minister of Foreign Affairs Amb. Yusuf Tuggar; Minister of Finance and Coordinating Minister of the Economy Wale Edun; Minister of Communications, Innovation, and Digital Economy Mr. Bosun Tijani; and Minister of Industry, Trade, and Investment Dr. Doris Uzoka-Anite.
Since his inauguration, the President has embarked on massive economic reform on the planks of removal of petrol subsidy, which cost more than half of the nation’s revenue, and the multiple naira to dollar exchange rates, a policy which was unhealthy for the economy.
These two initiatives, although brought some pains, are believed by investors, locally and internationally to be good enough to attract forex inflow and thereby solve the problem of dollar shortage.
The savings realized from the termination of subsidy payment have raised the Federation Account inflow given the tiers of government more revenue.
The President has also initiated a plan to double the nation’s revenue within three years and raise the revenue to Gross Domestic Product (GDP) to 18 per cent.
The G-20 Summit will hold on Saturday and Sunday.
Ahead of the summit, the President will participate in and deliver keynote addresses at both the Nigeria-India Presidential Roundtable and the Nigeria-India Business Conference.
Presidential spokesman Ajuri Ngilale said: ”The CEO Roundtable will be attended by leading industrialists in the Indian private sector, Nigerian industrialists, as well as senior government officials from both countries. The President aims to leverage this platform to attract global capital and promote increased foreign direct investments in key labour-intensive sectors of Nigeria’s economy for job creation and revenue expansion.
“Moreover, he will use this opportunity to highlight Nigeria’s attractiveness as an investment destination, specifically outlining his cross-sectoral reform plan as encapsulated by the Renewed Hope Agenda.
“Given the President’s renowned experience in attracting investment to Lagos State, leading industrialists have sought separate private engagements with him at the summit. The President’s itinerary will also feature bilateral meetings with a cross-section of world leaders from four different continents, representing both G-20 and non–G20 countries. These engagements are geared towards strengthening bilateral economic, trade, and investment partnerships for mutual benefit.
“At the G20 Summit, the Nigerian leader is expected to share Nigeria’s perspective on the theme: “One Earth-One Family-One Future,” which speaks to the global unity required to address the challenges facing humanity and the planet.
“With its collective contribution of up to 80% of global GDP, 75% of international trade, and housing 60% of the world’s population, the G-20 constitutes a significant economic power bloc of socio-economic opportunity and geo-political stability.
“While Nigeria’s membership of the G-20 is desirable, the government has embarked on wide-ranging consultations with a view to ascertaining the benefits and risks of membership.
“This is consistent with the desire of the President to democratise foreign policy and articulate policy formulation and implementation through a Whole-of-Society and a Whole-of-Government approach that achieves the nation’s long-term strategic objectives.
“Once consultations are concluded, the government will decide whether or not to apply to join as appropriate. The participation of President Tinubu at the G-20 Summit in India is, in part, in furtherance of this objective”.