Tinubu welcomes $512m agric investment by AfDB

Tinubu welcomes $512m agric investment by AfDB

 President Bola Tinubu has welcomed an investment of $520m in
specialised agro-processing zones by the African Development Bank.

 

He praised the President of the multilateral institution,
Dr. Akinwunmi Adesina, for further opening up the economy for investments that
provide job opportunities and poverty reduction.

 

In a statement signed on Saturday by the President’s Special
Adviser on Special Duties, Communication, and Strategy, Dele Alake, Tinubu said
this when he received Dr. Adesina after the two-day summit on A New Global
Financing Pact in Paris.

 

The statement is titled ‘President Tinubu applauds AfDB’s
$520m investment in agro-industries.’

 

Tinubu said the agro-industrial project strengthens an area
of Nigeria’s competitive advantage as he listed other areas of priority that
require Foreign Direct Investment.

 

He thanked the AfDB President for his vision of setting up a
Youth Entrepreneurship Bank in Nigeria that will provide credit, skills, and
other support for young Nigerians.

 

However, he urged the Bank to inject funds into projects
that target women and youth empowerment.

 

President Tinubu assured Dr. Adesina that the Federal
Government would provide all the necessary assistance to ensure the sustenance
of the projects, adding that electricity remained a priority area that needed
urgent attention.

 

In his remarks, the AfDB helmsman thanked the Nigerian
leader for the bold initiatives that had repositioned the Nigerian economy in
three weeks and stimulated the appetite of investors from different parts of
the world; removal of fuel subsidy and harmonisation of exchange rates.

 

“I commend the President’s foresight, boldness, and
determination for macroeconomic policy direction by removing the fuel
subsidy,’’ he said. Adding that “No bird can fly with its wings tied behind.
All those steps are signals investors like,’’ Adesina said.

 

Dr. Adesina said the bank would support the economic
policies of the new administration in Nigeria, which had placed the people
first in development targets.

 

In another meeting, President Tinubu received executives of
Airbus/ATR and assured them that the aviation sector would be “streamlined for
efficiency’’, especially in the maintenance of aircraft and training.

 

Senior Vice President of Airbus/ATR, Public Affairs, Laurent
Domergue, assured Tinubu that the company was prepared to invest in the
aviation sector, particularly in supplying planes to Nigeria.

 

Source: Tinubu welcomes $512m agric investment by AfDB

 - NigerianEye
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