President Bola Tinubu has expressed optimism about Nigeria’s economic outlook, declaring that investor confidence in the country remains strong despite global political headwinds and recent criticism from the United States.
Speaking publicly for the first time since US President Donald Trump redesignated Nigeria as a Country of Particular Concern over alleged religious persecution and threatened military action against terrorists, Tinubu avoided direct mention of the US but struck a defiant tone on Nigeria’s economic and security trajectory.
Reacting to the oversubscription of Nigeria’s recent $2.35 billion Eurobond, the President said the strong investor response reflected renewed global faith in Nigeria’s economy.
“The strong investor response reflected renewed global confidence in the Nigerian economy despite what he calls ‘political headwinds,’” Tinubu said.
He further pledged that his administration would not relent in its efforts to end terrorism and foster unity across the country. “Nigeria would continue to engage international partners diplomatically while working to defeat terrorism and build a peaceful, inclusive, and resilient nation,” the President added.
Earlier, the Coordinating Minister of the Economy and Minister of Finance, Wale Edun, briefed the Federal Executive Council (FEC) on the success of the Eurobond issuance. “The Eurobond attracted 13 billion dollars in orders, an oversubscription of 453 percent,” Edun stated.
He noted that the next phase of the government’s economic reforms would target investment-friendly policies. “The next phase of reforms would remove barriers to investment, review tariffs and import restrictions, and improve fiscal discipline to ensure reform gains reach all Nigerians,” Edun added.
Before the council went into a closed session, President Tinubu, who reconvened the FEC after a three-month break, swore in two new ministers; Kingsley Udeh (SAN) from Enugu State and Bernard Doro from Plateau State, bringing the cabinet back to its full strength of 48 members.
Faridah Abdulkadiri
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