President Bola Tinubu has allayed concerns of the business community, assuring them that plans are underway to improve foreign exchange liquidity.
Speaking at the 29th Nigerian Economic Summit (NES) in Abuja, yesterday, Tinubu expressed confidence that by working closely with the private sector, financing the $3 trillion National Infrastructure Stock can be achieved in 10 years rather than in 300.
The yearly NES is organised by the Nigerian Economic Summit Group, in collaboration with Federal Ministry of Budget and National Planning.
Tinubu assured that his administration is poised to honour every legitimate contract with respect to the nation’s foreign exchange obligations.
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He said construction of megacities, the size and scale of Lagos, in every geopolitical zone should not take six decades because it can be achieved in one decade. He noted also that a fully networked and connected Nigeria – by rail, gas, fibre optics and road network – can be constructed in less than 20 years, with thriving industrial hubs in every geopolitical zone before 2030.
“Consistent with our commitment to enshrining fairness and the rule of law in our country, this government will uphold the sanctity of every legitimate contract. Specifically, as it relates to the foreign exchange obligations of the government, all forward contracts that the government has entered into will be honoured and a framework has been put in place to ensure that these obligations are met in due course.
“My government is not blind to the challenges which several of you are facing in the financial markets. 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 President said.
He added that the era of industrial actions in the nation’s academic environment has come to an end, hinting that the administration’s Students Loans Scheme will commence by January, next year.
