At the Paris Financial Pact Summit, which starts on Thursday, President Bola Tinubu will meet privately with his counterparts from France, the US, Sweden, and two other countries, or their delegations.
The request for meetings with Tinubu, according to Dele Alake, Special Adviser to the President on Special Duties, Communication, and Strategy, who spoke with journalists in Paris, is ostensibly a result of the economic policies his administration has implemented in the three weeks since taking office.
They include the US, France itself, Switzerland, and two other countries. Alake told reporters in Paris on Wednesday that numerous international financial institutions were eager to meet with him.
According to the presidential spokesman, Tinubu, who is on his first overseas trip since being inaugurated, will be able to network and bring in foreign direct investment during the two-day summit.
According to Alake, “The President wants to network with nations and international financial corporations that would support foreign direct investment into Nigeria.
Remember that the President has recently taken some very audacious steps in the areas of the economy and social engineering, particularly with regard to the unification of the various exchange rates, which had a very positive multiplier effect.
In addition to the unification policy’s immediate, intermediate, and long-term advantages, Alake stated that “there could be a need for an injection of direct foreign exchange into the economy to shore up the value of the naira while market forces stabilise.”
He cited the easing of restrictions on spending made through domestic accounts, claiming that this would “build confidence in the foreign exchange system of Nigeria, which means people abroad can begin to bring their money into the economy.”
He continued, “Even those at home who have hoarded their dollars out of concern for restrictions and everything else will now be more encouraged to bring the dollars into the financial system.”
The country still requires a foreign currency infusion to develop or supplement its domestic policies, according to the presidential aide, despite these.
“That is the main purpose of this gathering; it is a global summit with many heads of state from developed societies. The last three weeks of the President’s policies have really stoked interest among these foreign countries and investors in Nigerian affairs and the nation’s economy.
Many of them seem to be quite interested. On this trip, many of them have even expressed interest in meeting with the president,” Alake said.
In response to the devastating effects of climate change, the energy crisis, and the COVID-19 pandemic, Tinubu will review and sign a New Global Financial Pact on Thursday and Friday with other world leaders. This agreement puts vulnerable nations at the top of the priority list for aid and investment.
Leaders will mobilise creative financing for climate change-prone nations, promote low-income nation development, and promote investment in “green” infrastructure for the energy transition in emerging and developing economies.
In order to provide access to finance and investment that will leverage inclusive growth, the President and other world leaders, multilateral organisations, financial experts, and economists will also examine the recovery of economies from the impact of the COVID-19 pandemic and rising cases of poverty in a more comprehensive manner.
He comes back on Saturday.
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