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Tinubu at WEF Hignlights Gains of Nigeria’s Fiscal Recovery

President Bola Tinubu asserted yesterday that the bold measures taken by his administration, including the removal of fuel subsidies and ongoing efforts to stabilize Nigeria’s foreign exchange market, effectively averted an economic crisis. Speaking at the inaugural session of the World Economic Forum in Riyadh, Saudi Arabia, Tinubu engaged with influential global business figures on the sidelines of the event.

Among the luminaries Tinubu convened with were Microsoft founder and philanthropist Bill Gates, Maersk Uggla of A.P. Moller-Maersk, Samsung President and CEO Hong Namkoong, and Jungwook Kim, Chairman of Samsung Investment Global.

Defending the controversial decision to eliminate fuel subsidies, Tinubu underscored its necessity in safeguarding Nigeria’s fiscal integrity and steering the economy towards sustainable growth. While acknowledging the hardships caused by the subsidy rollback, Tinubu emphasized its alignment with the nation’s long-term interests.

Highlighting his administration’s commitment to social equity, Tinubu detailed parallel initiatives aimed at mitigating the subsidy’s impact on vulnerable demographics. “We endeavored to distribute the burden equitably,” Tinubu affirmed, “ensuring that our most vulnerable citizens were not disproportionately affected.”

Addressing currency management, Tinubu underscored the imperative of restoring the Nigerian currency’s intrinsic value and fostering transparent market dynamics. Despite acknowledging the inherent challenges, Tinubu stressed his government’s proactive measures to engage citizens and mitigate disruptions.

Tinubu further urged the international community to confront the root causes of poverty and instability in Africa’s Sahel region, advocating for inclusive economic strategies to foster growth and stability. As Chairman of the ECOWAS Authority of Heads of State and Government, Tinubu highlighted Nigeria’s efforts to promote democratic governance and regional stability.

Emphasizing the imperative of collaborative action, Tinubu implored global stakeholders to prioritize investment in Africa’s economic development, particularly in the Sahel. “We must address the fundamental issues driving poverty and instability,” Tinubu asserted, urging sustained commitment to inclusive economic growth and capital formation.

Concluding his remarks, Tinubu reaffirmed the forum’s overarching objective: to facilitate dialogue, devise actionable solutions, and foster cooperation amid global economic challenges, including geopolitical tensions and climate change.

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