President Bola Tinubu emphasized the ongoing reforms in his country, including the removal of fuel subsidies and streamlining of the exchange rate. Tinubu expressed the commitment to sustaining these reforms to create a more competitive economy that attracts foreign direct investment (FDI). He urged investors to seize the opportunities available in Nigeria, stating that the country is ready for business and welcomes investments.
During separate meetings with the President and Chairman of the Board of Directors of African Export-Import Bank (Afrexim), Prof. Benedict Oramah, and the President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud–Basso, Tinubu assured them of the Nigerian government's dedication to stimulating the economy and supporting investments, particularly in the agriculture sector. Tinubu stressed the need for bold reforms and collaboration to solidify the economy, asserting that Nigeria is prepared for global business.
The President of AfreximBank commended Tinubu for the steps taken in removing fuel subsidies and unifying the exchange rate, expressing the institution's full support for the ongoing reforms. AfreximBank is also planning to invest more in Nigeria, including the construction of the first African Specialist Hospital in Abuja and the establishment of an Energy Bank, to boost investor confidence.
In a meeting with the President of EBRD, Tinubu highlighted the progress made in reforms and the government's determination to open up the economy for business. The President of EBRD acknowledged the importance of investing in Nigeria and mentioned a focus on the private sector, particularly small and medium-scale enterprises (SMEs).
The summit in Paris aimed to address poverty and climate change by reshaping the global financial system. Tinubu joined other world leaders and heads of international organizations in discussing various topics, including ensuring reliable and comparable information and data. Tinubu commended President Emmanuel Macron for prioritizing social issues such as poverty and emphasized the need for African countries to compete globally and participate in the discourse. He welcomed the development of the Net-Zero Data Public Utility (NZDPU), considering it a helpful repository for African countries.
French President Macron, the host of the summit, emphasized the need for a new financial order that scales up finances and supports developing countries in energy transition and poverty reduction, while respecting national sovereignty. Macron highlighted the challenges faced by African countries due to debt and called for justice and fairness in redesigning the global financial architecture. He stressed the importance of involving the private sector and focusing on the most vulnerable populations.
Mohammed Bazoum, the President of Niger Republic, representing African countries, emphasized the urgency and importance of the new financial pact, urging for a just and robust framework that reflects the reality of developing countries. He highlighted the challenges of impoverishment and desertification, affecting peace and stability in sub-regions and the continent. United Nations Secretary-General Antonio Guterres emphasized the need for mobilization and political will to implement the new financial pact, considering the ongoing struggles caused by COVID-19, climate change, and other global crises.
The summit aims to unveil a New Global Financing Pact and a mechanism for implementation. This pact will define principles and measures to reform the financial system and address high levels of debt, enabling governments to take ambitious actions in reducing climate, economic, and technological divides. It will also facilitate agreements to tackle over-indebtedness, provide financing for sustainable development, and protect populations against ecological crises. President Tinubu will continue to participate in the summit, which seeks to lay the groundwork for a renewed financial system aligned with the challenges of the 21st century.
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