At the Paris Financial Pact Summit, which starts on Thursday, President Bola Tinubu will have individual meetings with his counterparts from France, the United States of America, Sweden, and two other countries, or with their delegations.
Dele Alake, the Special Adviser to the President on Special Duties, Communication, and Strategy, told reporters in Paris that the request for meetings with Tinubu is ostensibly a result of the economic policies his administration has implemented in the three weeks since taking office.
There were several, including the US, France itself, Switzerland, and two other countries. Many international financial institutions are eager to meet with him, Alake told reporters on Wednesday in Paris.
The two-day summit, according to the presidential spokesman, will give Tinubu, who is on his first international trip since being inaugurated, the chance to network and entice foreign direct investment to the nation.
The President wants to network with international financial institutions and nations that would support foreign direct investment into Nigeria, according to Alake.
“Don’t forget that in the last few weeks, Mr. President has taken some very bold steps in the area of the economy, in the area of social engineering, and particularly with reference to the unification of the multiple exchange rates, which has caused a very positive multiplier effect.”
Alake stated that, in addition to the unification policy’s immediate, medium-term, and long-term benefits, “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 the 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.”
Even people at home who have been holding onto their money out of concern for restrictions and other factors will now be more motivated to enter the financial system, he continued.
Despite this, the presidential aide claimed that the nation still requires a boost of foreign currency to develop or enhance its domestic policies.
“That is the core of this gathering; it’s a global summit with a number of heads of state from developed societies in attendance. These foreign countries and investors are now much more interested in Nigerian affairs and the country’s economy as a result of the President’s policies over the past three weeks.
Quite a few of them seem interested. Many of them have even expressed interest in meeting Mr. President during this visit, according to Alake.
After the devastating effects of climate change, the energy crisis, and the COVID-19 pandemic, Tinubu will join other leaders on Thursday and Friday to review and sign a New Global Financial Pact that prioritises aid to vulnerable nations.
Leaders will encourage development in low-income nations, mobilise innovative financing for countries vulnerable to climate change, and promote spending on “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 institutions, financial experts, and economists will also take a more comprehensive look at how economies are recovering from the impact of the COVID-19 pandemic and the rise in cases of poverty.
On Saturday, he comes back.
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