Commencing on Thursday, President Bola Tinubu [/b]is set to attend the Paris Financial Pact Summit [/b], where he will engage in meetings with delegations from France, the United States of America, Sweden, and two other undisclosed countries.
Dele Alake, the Special Adviser to the President on Special Duties, Communication, and Strategy, revealed to reporters in Paris that the request for meetings with Tinubu stems from the positive economic policies implemented during his three weeks in office.
"Quite a number of them, the US, France itself, Switzerland and two others. There are so many international financial institutions that are also willing to see him," Alake stated during a press briefing on Wednesday.
The two-day summit provides Tinubu, who is embarking on his inaugural foreign trip as President, with an opportunity to network and attract foreign direct investment to Nigeria.
Alake elaborated, "The President aims to establish connections with international finance corporations and countries that can facilitate foreign direct investment into Nigeria.
"Let us not forget that Mr. President has taken significant strides in the economy and social engineering in recent weeks, particularly through the unification of multiple exchange rates, which has resulted in positive ripple effects."
Aside from the immediate, medium, and long-term benefits of the unification policy, Alake mentioned, "There might be a need to inject direct foreign exchange into the economy to bolster the value of the naira while market forces stabilize."
He highlighted the lifting of restrictions on spending through domiciliary accounts, stating that it will "instill confidence in Nigeria's foreign exchange system, allowing people abroad to bring their money into the economy."
"Even those at home who have hoarded dollars due to concerns about restrictions and such will now be encouraged to bring their dollars into the financial system," he added.
Despite these measures, Alake emphasized that the country still requires an injection of foreign exchange to support or complement its domestic policies.
"That is the essence of this meeting; it is a global summit with the presence of several heads of state from developed societies. The President's policies over the past three weeks have garnered significant interest from these foreign nations and investors, who are now more engaged in Nigeria's affairs and bolstering its economy," Alake expressed.
He further stated that many of them have expressed a keen interest in meeting with President Tinubu during this trip.
During the summit on Thursday and Friday, Tinubu will join other leaders in reviewing and signing a New Global Financial Pact, which prioritizes support and investment for vulnerable countries facing the impacts of climate change, the energy crisis, and the COVID-19 pandemic.
The leaders will focus on mobilizing innovative financing for climate-vulnerable nations, promoting development in low-income countries, and encouraging investment in "green" infrastructure for energy transition in emerging and developing economies.
Leaders will mobilise innovative financing for countries vulnerable to climate change, foster development in low-income countries, and encourage investment in “green” infrastructure for the energy transition in emerging and developing economies.
The President and the other global leaders, multilateral institutions, financial experts and economists will also take a more holistic look at the recovery of economies from the impact of the COVID-19 pandemic and rising cases of poverty to provide access to finance and investment that will leverage inclusive growth.
He returns on Saturday.
