President Bola Ahmed Tinubu, addressing potential investors at the Nigeria-Saudi Investment Roundtable in Riyadh, Saudi Arabia, reassured them of unhindered fund flow in and out of Nigeria. He attributed this assurance to the significant reforms implemented by his administration, including the discontinuance of petrol subsidy and the unification of the exchange rate.
Tinubu emphasized the eradication of bottlenecks that hindered fund movement, stating, “Your money will flow easily in and easily out. The arbitrage around our nation’s old foreign exchange policy regime and the corruption that was associated with it is also gone.” He declared Nigeria “open for business” and affirmed the commitment to free market economics.
The President expressed confidence in his team and their efforts to eliminate negative perceptions about Nigeria’s business climate. He stated, “Today, I declare that red tape is gone! I believe in the full application of free market economics. We took on those bold endeavors from day one in preparation for serious investors like you seated here.”
In response, Saudi Arabia’s Trade and Investment Minister, Kahlid El-Falih, commended Tinubu’s passion and candid expression. El-Falih noted that the Saudi investment community would respond with substantial new investments across various sectors of the Nigerian economy. He announced plans for a visit to Nigeria, either by the end of the year or early next year, with a large delegation of Saudi CEOs, emphasizing the intent for implementation rather than exploratory discussions.
