Why Tinubu Is Attending Paris Summit – Presidency

The Presidency has said President Bola Tinubu is attending the New Global Financial Pact Summit in France to network and attract Foreign Direct Investment (FDI) to the country.

Alake said the injection of direct foreign exchange into the economy will help shore up the value of the naira and address the immediate, medium, and long-term positive effects of the unification policy.

The Special Adviser to the President on Special Duties, Communication, and Strategy, Dele Alake, stated this during an interview with journalists in Paris on Wednesday.

Alake said the restrictions lifted on spending done through domiciliary accounts will build confidence in the foreign exchange system of the country.

He said: “The President wants to network with international finance Corporations and countries that would facilitate foreign direct investment into Nigeria.

“Don’t forget that Mr. President has taken some very bold steps in the area of economy, in the area of social engineering in the last few weeks, and particularly with reference to the unification of the multiple exchange rates, which has caused a very positive multiplier effect.

“Apart from the immediate, medium, and long-term positive effects of the unification policy, 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.

“The restrictions lifted on spending done through domiciliary accounts will build confidence in the foreign exchange system of Nigeria, which means people abroad can begin to bring in their money into the economy.

“Even those at home, who have hoarded their dollars for fear of restrictions and all that, will now be more encouraged to bring the dollars into the financial system.”

Speaking further, the presidential aide said the country still needs an injection of foreign exchange to build or complement its domestic policies.

“That is the essence of this meeting; it is a global summit and there are several heads of state of developed societies. The President’s policies in the last three weeks have really encouraged these foreign nations and investors to become more interested in the affairs of Nigeria; in shoring up the economy of Nigeria.

“A lot of them are quite interested. Many of them have even indicated interest to meet with Mr. President on this trip,” Alake added.

Naija News reports that Tinubu will join other leaders on Thursday and Friday to review and sign a New Global Financial Pact that places vulnerable countries on the priority list for support and investment.