World leaders are expressing their satisfaction with the policies implemented by President Bola Tinubu's administration in recent weeks and are eager to engage in discussions and explore areas of cooperation.
At least four foreign leaders have requested meetings with President Tinubu during his visit to Paris, France, where he will be participating in the New Global Financial Pact Summit hosted by President Emmanuel Macron.
According to Dele Alake, the Special Adviser to the President on Special Duties, Communication, and Strategy, these countries include France, the United States, and Switzerland. The purpose of the summit is to provide President Tinubu, on his inaugural foreign trip, with networking opportunities to attract foreign investment to Nigeria.
Alake emphasized that the President aims to engage with international finance corporations, institutions, and economically prosperous countries that can facilitate direct foreign investment into Nigeria. He highlighted the positive impact of recent economic and social engineering measures, particularly the unification of multiple exchange rates. However, he acknowledged that in the short term, there may be a slight increase in demand that could affect the value of the Naira against the dollar.
In order to stabilize the value of the Naira and allow market forces to take effect, there may be a need for an injection of foreign exchange into the economy. Alake explained that the recent policy changes, such as the liberalization of domiciliary accounts, will enhance confidence in Nigeria's foreign exchange system, encouraging both international and domestic investors to contribute to the economy.
The purpose of the upcoming meetings with foreign leaders is to discuss areas of cooperation, particularly in the fields of economy and agriculture, that are crucial for Nigeria's development. Several developed countries' heads of state have expressed interest in President Tinubu's policies and are willing to engage in dialogue to strengthen the Nigerian economy. The countries mentioned include the United States, France, Switzerland, and others, while numerous international financial institutions are also eager to meet with the President.
Alake highlighted the importance of attracting comprehensive and robust direct foreign investment, especially considering that some international investors had previously withdrawn from Nigeria due to restrictive currency policies. However, with the recent liberalization and market-oriented reforms, there is optimism that the meetings will yield positive results and encourage foreign investors to engage and invest in Nigeria.
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