President Bola Tinubu says Nigeria’s economy is at a turning point and requires the support of the private sector for sustained growth and prosperity.
Speaking during Iftar on Thursday in Abuja with members of
the Nigerian business community, the President expressed gratitude for their
support and pledged to engage with them more frequently.
“I would have summoned you before now, not during Ramadan
because you are a very valuable part of my constituency.
“There is no driver of the economy that is bigger than the
private sector. If the private sector is not flourishing, there is no growth,
no prosperity, no employment or development.
“No matter how flowery the speeches are, not even a mushroom
will grow.
‘’We are at a turning point in our economy. I do not have to
do a quadratic equation to illustrate all of that to you. I just want to
appreciate you for your endurance and perseverance,’’ the President said.
Sharing insights from his visit to the New York Stock
Exchange in 2023, Tinubu noted Nigeria’s self-belief and determination to drive
economic transformation from within.
“At the New York Stock Exchange, I appealed to foreign
investors to consider Nigeria as a prime investment destination.
“At the end of my remarks, I told them we only want them to
show their face and diversify Nigeria’s economy not as if we cannot do it
ourselves.
“We can do it. Nigeria is a self-believer and can always
deliver on its own. We know our first name and our last name. Our first name
is: Spirit, and our last name is: Can do.”
Tinubu reiterated his commitment to fulfilling his mandate,
emphasizing that he could not afford to underperform, given the trust placed in
him by the electorate.
“I have no reason to underperform as the elected President
of the country because I campaigned for the job.
“I cannot complain about the job. I appreciate the gesture,
and what you have told me this evening is very inspiring. Cut the costs. Fix
the bends. Summon courage. Save the money, but push the economy.
“We will be there. There are some countries that have
failed. There are some countries that have succeeded. In our time, in my time,
all of us must work together to succeed,’’ the President said.
In separate remarks, industrialists, bank executives, and
entrepreneurs pledged their support towards the success of the administration’s
economic programmes.
Mr Tony Elumelu, Chairman of Heirs Holdings, assured the
President that the Organized Private Sector (OPS) in the country was solidly
behind him.
‘‘Your transformation journey to turn around the economy and
businesses are very appropriate for the country.
‘‘We appreciate what you are doing. We know the journey will
not be smooth, but given the will, we will get to the Promised Land.
‘‘We admire your decisiveness, and we appreciate what you
are doing. You are extremely passionate about taking Nigeria to the Promised
Land.
‘‘We have engaged with your ministers and associates; we
share ideas, and we support them. We know that under your leadership, you have
the ability to heal Nigeria permanently,’’ Elumelu said.
Allen Onyema, Chief Executive Officer, Air Peace, charged
business owners and manufacturers to work towards bringing down the cost of
products and services.
Citing the example of Air Peace in reducing the cost of air
tickets to London, Onyema thanked the President for improving the ease of doing
business in the country. Selloffs
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“President Tinubu is thinking of the Nigeria of the future.
The ease of doing business is coming back gradually. I can attest to that in
the aviation sector.
“I can also attest to what our High Commission in the United
Kingdom did in making Air Peace flights into Gatwick Airport a possibility,’’
he said.
Dr Stella Okoli, pharmacist and founder of Emzor
Pharmaceutical Company, urged the President to look into providing more support
for the pharmaceutical industry in the country to make it self-sufficient and
self-financing.
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