President Bola Ahmed Tinubu has assured the Nigerian business community and international stakeholders that his administration is committed to honoring all legitimate foreign exchange (forex) obligations and contracts. He also highlighted that plans are in place to boost forex liquidity in the market. This statement was made during his address at the 29th Nigerian Economic Summit (NES) held in Abuja, where the President emphasized the crucial role of the private sector in supporting the nation’s economic recovery and development goals.

Represented by the Minister of State for Solid Minerals, Senator Abdullahi Sabi, President Tinubu expressed confidence that through collaboration with the private sector, Nigeria could expedite the development of its national infrastructure. He believes that by working together, the goal of funding Nigeria’s national infrastructure stock, valued at N3 trillion, could be achieved within 10 years rather than the previously projected 300 years. Tinubu stressed the importance of building megacities in all geopolitical zones, akin to Lagos, within one decade instead of several, emphasizing that the country can establish robust transportation, gas, rail, and fiber-optic networks by 2030.

The President reassured business leaders of the government’s commitment to fairness and the rule of law, stating that all forward contracts related to forex obligations would be honored. He also acknowledged the current challenges in the financial markets but assured the public that the government has identified the foreign exchange liquidity required to restore market confidence.

“My administration is fully aware of the difficulties some businesses face due to financial market volatility. However, I assure you that we are putting in place the necessary mechanisms to address foreign exchange liquidity issues. Every legitimate contract and forward forex obligation the government has entered into will be honored,” Tinubu affirmed.

He outlined the administration’s eight-point agenda, which focuses on critical areas such as eradicating poverty, ensuring food security, stimulating economic growth, creating jobs, providing equitable access to capital, promoting inclusivity, enhancing security, upholding the rule of law, and fighting corruption. Tinubu reiterated his commitment to delivering tangible benefits that will improve the lives of Nigerians and generate sustainable economic outcomes.

Recognizing the importance of sound governance, Tinubu highlighted ongoing efforts to build a public and civil service culture focused on performance and results. He also promised a level playing field for businesses and reaffirmed that his government would be guided by ethical governance, transparency, and accountability.

Addressing some of the root causes of Nigeria’s economic challenges, the President spoke about the impact of fiscal deficits and hidden subsidies, which created an unfair advantage for a select few. However, he assured that these issues had been dealt with head-on, with new measures introduced to revive the economy. As part of these efforts, the government has implemented a N500 billion intervention program aimed at supporting small businesses and the agricultural sector. Tinubu also noted that by January 2024, both the new student loan program and consumer credit schemes would be operational.

Turning to the private sector, Tinubu urged business leaders to redouble their efforts and work closely with the government to realize the vision of a prosperous and renewed Nigeria. He cited his successful experience as governor of Lagos State, where public-private partnerships played a vital role in transforming the city’s economy. He called on industry leaders to bring their ideas, leadership, and capital to help drive Nigeria’s development forward.

“I challenge you, the captains of industry, to commit to our vision of a renewed and more prosperous Nigeria. We must work hand-in-hand to achieve our shared goals. As I demonstrated during my time as governor of Lagos, public-private partnerships can drive tremendous change, and I am confident we can replicate that success across the country,” he said.

Tinubu also used the summit to announce that the Student Loan Scheme would be launched in January 2024, putting an end to industrial actions that have plagued the nation’s educational system. The scheme aims to provide financial support for students while ensuring continuous academic progress without disruptions. Additionally, Tinubu emphasized the need for a sustainable credit system to support consumer credit, which would complement the government’s anti-corruption initiatives.

“We cannot talk about combating corruption when people have to resort to cash to purchase a car or when there is no mortgage system for homeownership. By January 2024, the new Student Loan Program must commence, and we’re saying no more strikes in the academic sector,” he added.

In his concluding remarks, Tinubu called for stakeholders’ cooperation to help stabilize the economy. He emphasized the need for collaboration between the public and private sectors, focusing on credit systems, investment, and financial reforms to improve Nigeria’s overall economic environment.