President welcomes bank’s $512m agric investment; departs for London on private visit
The President of African Development Bank (AfDB), Dr. Akinwunmi Adesina, has hailed President Asiwaju Bola Ahmed Tinubu for taking initiatives that has repositioned the nation’s economy within his first three weeks in office.
Speaking as a guest of Tinubu after the two-day summit on A New Global Financing Pact in Paris, France, the AfDB President thanked President Tinubu for the bold moves which he said had stimulated the appetite of investors from different parts of the world, particularly the removal of fuel subsidy and harmonisation of exchange rates.
“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.’’
Adesina pledged that the AfDB would support the economic policies of the new administration in Nigeria, which he said had placed the people first in development targets.
On his part, President Tinubu lauded the AfDB for supporting the growth of Nigeria’s agro-allied sector with $520 million investment in the development of agro-processing zones in the country.
President Tinubu, according to a statement issued by his Special Adviser on Special Duties, Communication and Strategy, Mr Dele Alake, also praised the AfDB boss for further opening up the Nigerian economy for investments that provide job opportunities and reduction in poverty.
Tinubu noted that the agro-industrial project has strengthened an area of the country’s competitive advantage even 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 boss for his vision in setting up a Youth Entrepreneurship Bank in Nigeria to provide credit, skills and other forms of 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.
In another meeting, President Tinubu received the executives of Airbus/ATR, assuring them that the aviation sector would be “streamlined for efficiency’’, especially in the maintenance of aircraft and training.
Senior 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.
Following the conclusion of the Paris summit, President Tinubu has headed for London, the United Kingdom (UK), on a private visit.
According to a statement issued by his Special Adviser on Special Duties, Communication and Strategy, Mr Dele Alake, President Tinubu, who was initially scheduled to return to Abuja after the Paris events, was expected to arrive in London yesterday.
The statement, however, disclosed that the President would be back in Nigeria in time for the Eid-el-Kabir festival.
“President Tinubu, who was initially scheduled to be back in Abuja on Saturday, will now proceed to London, United Kingdom, for a short private visit.
“The President will be back in the country in time for the upcoming Eid-el-Kabir festival,” the statement said.
On the President’s outing in Paris, the statement said: “President Bola Tinubu on
Friday concluded his official trip to Paris, France, during which he had an outstanding participation in the summit for ‘A New Global Financing Pact’ hosted by French President Emmanuel Macron.
“Aside his participation at the event where he represented Nigeria well, President Tinubu also held high-profile sideline meetings with fellow heads of state and government, global business leaders and chief executives of leading multilateral and development finance institutions from around the world.”
“The summit afforded the President the opportunity of projecting, on a global stage, his advocacy for widening the fiscal space, economic justice for Africa as the world accelerates the pace of energy transition, and the urgency of addressing the pressing issues of poverty and climate change,” the statement said.
The Nation Newspaper, Ltd.