Additionally, Tinubu has allayed the worries of the business sector by assuring them that vital initiatives are being taken to reestablish market trust.
In addition, the President pledged that his administration will uphold all valid contracts pertaining to Nigeria's foreign exchange obligations.
This was revealed by Tinubu on Monday during his speech at the 29th Nigerian Economic Summit (NES) in Abuja. He highlighted his belief that by collaborating closely with the private sector, financing the three trillion dollar national infrastructure stock could be completed in ten years rather than three hundred.
Ajuri Ngelale, the president's spokesperson, also revealed in a statement that Tinubu had stated that megacities the size and scope of Lagos shouldn't be built in any geopolitical region in six decades.
This is because to Tinubu's conviction that it is feasible to accomplish in ten years. He emphasizes that a completely networked and connected Nigeria can be built in less than twenty years, with thriving Industrial Zones in each of Nigeria's geopolitical zones by 2030.
Ngelale reported Tinubu as saying, "This government will preserve the sanctity of every valid contract, consistent with our commitment to enshrining fairness and the rule of law in our nation.
"Specifically, with regard to the government's foreign exchange obligations, all forward contracts will be honored and a mechanism has been established to guarantee that these obligations be satisfied in a timely manner.
"My government is aware of the difficulties that a number of you are experiencing in the financial markets. By exposing that we have a clear view of the additional foreign exchange liquidity needed to regain market confidence, I can relieve these worries, the President added.
The President stated that his administration is bolstering the machinery and architecture of governance, assuring the business community of a level playing field that is safer and fairer for all.
Specifically, "We shall govern ethically, with accountability and transparency; implementing sound and effective policies to accomplish our Eight Priorities." This will be done by creating a public and civil service culture and structure that is performance and result-oriented.
Ending poverty, ensuring food security, economic growth and job creation, access to capital across all facets of society and the economy, inclusion, security, fairness and the rule of law, as well as fighting corruption, were President Tinubu's list of the eight priorities for his administration.
According to Tinubu, he is dedicated to bringing about improved livelihoods and favorable economic outcomes that Nigerians can actually perceive and feel.
The President stated: "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. The President is cognizant of the institutional frailties of previous years and is pragmatic in his approach to achieving his bold agenda through a path that fully accounts for present-day challenges.
But that is no longer true. These modifications have been met head-on. In order to revive the economy, my government has implemented a number of initiatives, including as the involvement of 500 billion Naira to promote agriculture and small companies.
The new student loan program and consumer credit policies will go into effect on January 1, 2024.
"I would like to charge YOU, the Captains of Industry here present, to commit and redouble your commitment to our vision of a Renewed and more Prosperous Nigeria, a better Nigeria for all," the President urged the business sector to embrace his goal of a bigger Nigeria. We understand that fostering a close partnership with the business sector is essential if we are to successfully fulfill our commitment to Nigerians. We must cooperate. As we recall the part that public-private partnerships played in the transformation of Lagos State under my leadership, I have demonstrated my ability in this area. With your unwavering support, we will spread that throughout Nigeria.
"Today, I implore you to go far further than you have in the past as Nigeria's leading think tank for the private sector and group for policy advocacy. Bring your thoughts, your leadership, your resources, and the accumulated power of your vast corporations and commercial networks. Let's create a future filled with new hope. Government here is ready. Are you ready as well?
The Federal Ministry of Budget and National Planning and the Nigerian Economic Summit Group collaborate to organize the annual Nigerian Economic Summit.