President Bola Tinubu, Monday, said he was confident that by working closely with the private sector, financing the $3 trillion National Infrastructure Stock can be achieved in 10 years and not in 300 years.
The President also emphasized that a fully networked and connected Nigeria by rail, gas, fibre optics, and road network can be constructed in less than 20 years with thriving Industrial Zones in every geopolitical zone of Nigeria before 2030.
Speaking at the 29th Nigerian Economic Summit (NES) in Abuja, on Monday in Abuja, Tinubu allayed the concerns of the business community, assuring them that crucial plans are underway to improve foreign exchange liquidity.
Assuring the business community of a fairer and safer playing field for all, the President said his administration is strengthening the machinery and architecture of governance by establishing a public and civil service culture and structure that is performance and result-oriented.
His administration, he said, will honour every legitimate contract with respect to the nation’s foreign exchange obligations.
The President also said the construction of megacities in every geopolitical zone of the size and scale of Lagos must not take six decades because it can be achieved in one decade.
“Consistent with our commitment to enshrining fairness and the rule of law in our country, this government will uphold the sanctity of every legitimate contract.
“Specifically, as it relates to the foreign exchange obligations of the government, all forward contracts that the government has entered into will be honoured and a framework has been put in place to ensure that these obligations are met in due course.
“My government is not blind to the challenges that several of you are facing in the financial markets. I can allay these concerns by revealing that we have a good line of sight into the additional foreign exchange liquidity that is required to restore market confidence,” the President said.
“We shall govern ethically, with accountability and transparency; implementing sound and effective policies to accomplish our Eight Priorities.”
President Tinubu outlined the eight priority items of his administration as ending poverty, achieving food security, economic growth and job creation, access to capital across all segments of society and the economy, inclusivity, security, fairness, and rule of law, and anti-corruption, stating that he is committed to delivering improved livelihoods and positive economic outcomes which Nigerians can tangibly feel and experience.
Recognizing the institutional frailties of past years and his pragmatic approach to achieving his bold agenda through a path that fully accounts for present-day challenges, the President said: “With the effects of an unsustainable fiscal deficit and hidden subsidies, these factors distorted the money supply and created an unfair playing field for an elite crop of unpatriotic forces. But that is no more.
The annual Nigerian Economic Summit is organized by the Nigerian Economic Summit Group in collaboration with the Federal Ministry of Budget and National Planning.