Tinubu assured investors that Nigeria’s economic reforms are stabilizing markets and boosting transparency.
He said painful early steps are now yielding results, opening the economy for global business.
President Bola Ahmed Tinubu has reiterated his administration’s commitment to far-reaching economic reforms, assuring international investors that the measures are beginning to yield tangible results.
Speaking in Brasília during the signing of bilateral agreements with Brazil, Tinubu acknowledged that the reforms initially posed challenges but emphasized that the benefits are now becoming evident. He noted that the Nigerian economy is opening up to global business, with improved transparency and greater investor confidence.
According to the President, the reforms have curbed corruption and stabilized the foreign exchange market. “Since assuming office, the decisions we have taken have been difficult but highly impactful. What seemed painful at first is now showing positive outcomes, and Nigerians are beginning to see the difference,” he explained.
Tinubu highlighted changes in access to foreign exchange, noting that businesses no longer need personal connections to secure dollars or other currencies. He stated that the Central Bank of Nigeria (CBN) has introduced measures that dismantled speculative activities in the currency market, thereby creating a fairer system for businesses.
“The era of favoritism in forex access is over. Businesses can now obtain foreign exchange transparently without undue hurdles. Speculators have been removed from the system, and the market is more stable,” Tinubu said.
He added that Nigeria is now more open for trade and investment, assuring that the government’s policies will continue to prioritize efficiency and transparency. “The door is open to investors, and it is easier to come in and operate within our economy than before,” the President stated.
Tinubu expressed optimism that Nigeria’s new policy direction would not only boost local confidence but also attract stronger international partnerships, such as the bilateral cooperation signed with Brazil. He stressed that these reforms lay the foundation for sustainable growth and long-term economic stability.
