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Mr. Tinubu said the agro-industrial project will strengthen an area of the country’s competitive advantage.
President Bola Ahmed Tinubu has welcomed an investment of $520 million in specialized agro-processing zones by the African Development Bank (AfDB).
He praised the president of the multilateral institution, Adewunmi Adesina, for further opening up the economy for investments that provide job opportunities and poverty reduction.
Receiving Mr. Adesina after the two-day summit on A New Global Financing Pact in Paris, Mr. Tinubu said the agro-industrial project strengthens an area of the country’s competitive advantage as he listed other areas of priority that require Foreign Direct Investment (FDI).
The Nigerian leader urged the bank to inject funds into projects that target women and youth empowerment while appreciating the AfDB president for his vision of setting up a Youth Entrepreneurship Bank in Nigeria that will provide credit, skills, and other support for young Nigerians.
Mr. Tinubu assured the Nigerian-born Adesina that the federal government would provide all the necessary assistance to ensure the sustenance of the projects, adding that electricity remained a priority area that needed urgent attention.
In his remarks, the AfDB president thanked Mr. Tinubu for the bold initiatives that had repositioned the Nigerian economy in three weeks and stimulated investors’ appetite from different parts of the world; removal of fuel subsidies and harmonization of exchange rates.
“I commend the president’s foresight, boldness, and determination for macroeconomic policy direction by removing the fuel subsidy,’’ he said, “No bird can fly with its wings tied behind. All those steps are signals investors like.’’
Mr. Adesina said the bank would support the new administration’s economic policies in Nigeria, which had placed the people first in development targets.
Senior Vice President of Airbus/ATR, Public Affairs, Laurent Domergue, assured the president that the company was prepared to invest in the aviation sector, particularly in supplying planes to Nigeria
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