President Bola Ahmed Tinubu has assured potential investors that their investments are safe in Nigeria.
He made the promise in a statement by Special Adviser to the President on Media and Publicity, Ajuri Ngelale, titled ‘President Tinubu to Saudi investors: your investments are safe in Nigeria.’
According to Tinubu, it is on the premise of the recent “bold economic reforms” by his administration to remove wasteful subsidies on petroleum and merge the foreign exchange market, to improve the ease of doing business in Nigeria.
“I also wish to assure all potential Saudi investors of the safety of their investments based on the sanctity of the rule of law and good returns on their investments in the largest economy in Africa,” the President declared at the Saudi-Africa Summit in Riyadh, Saudi Arabia.
His remarks came nearly one month after he received Saudi Arabia’s Minister of State for Foreign Affairs, Adel Al-Jubeir, who was in Abuja to invite him to the Saudi-Africa summit officially.
The President said Nigeria is eager to enhance collaboration with the Kingdom of Saudi Arabia on combating terrorist organisations such as Boko Haram, ISWAP, and other violent extremist groups terrorising the Lake Chad and Sahel regions.
Tinubu noted that Nigeria, like the Kingdom, is diversifying its economy away from oil dependence to promote sustainable development.
He said; “My administration has undertaken bold economic reforms by removing wasteful subsidies on petroleum and the merging of our foreign exchange market, among other incentives aimed at improving the ease of doing business in Nigeria.”
He further assured potential Saudi investors of safety and good returns on their investments, saying; “the benefit attached to the early inauguration of the Nigeria-Saudi Business Council cannot be over-emphasised.”