Nigeria’s President Bola Ahmed Tinubu has promised that investors looking to put money in Nigeria will no longer experience incidents of trapped funds as was witnessed during the past administration of President Muhammadu Buhari.
Tinubu, who gave the assurance on Saturday in Riyadh, Saudi Arabia, while talking with captains of Saudi Arabian industries at the Nigeria-Saudi Investment Roundtable, said his administration would ensure the free flow of investors’ funds in and out of Nigeria. He added that the bottlenecks that created the impasse of trapped funds was long gone.
The president also stated that economic reforms embarked upon by his administration, particularly the discontinuance of petrol subsidy and the unification of the exchange rate, would enhance the free flow of funds in and out of the country.
In a statement issued by Special Adviser to the President on Media and Publicity, Ajuri Ngelale, Tinubu said his team of ministers and aides were working to erase the justifications for every negative notion about Nigeria’s business climate in the past with respect to ease, monetary policy and trade cooperation.
“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,” the president assured.
“All bottlenecks will be crushed and your funds will come in and go out without hindrance.”
Assuring the Saudi business community that Nigeria had the ripe market and human capital for investors to prosper, Tinubu said:
“Nigeria is open for business. I believe in the team that I have brought from Nigeria. When I took office, I declared the immediate commencement of bold and fundamental economic reforms.
“We have executed them, and we sustain the reform process. Today, I declare that red tape is gone! I believe in the full application of free market economics.
“We took on those bold endeavours from day one in preparation for serious investors like you seated here.”