“The President wants to network with international finance Corporations, institutions, and countries that are well healed that would facilitate or that could facilitate direct foreign investment into Nigeria.”
decided to attend the Global Financial Pact Summit in Paris, France, to shore up Nigeria’s foreign exchange and to complement his recent financial policy.Mr Tinubu left the country on Tuesday to participate in the summit on 22 and 23 June.
The presidential spokesperson said the decision has led to a slight spike in demand which has affected the value of the naira. “People abroad can begin to bring in their money into the economy, even those at home, who have hoarded their dollars for fear of restrictions and all that will now be more encouraged to bring the dollars into the financial system.
Mr Alake said many investors have already shown interest in meeting with Mr Tinubu and that the president’s team had already mapped out the structure and strategies of these meetings. Mr Alake said a lot of international investors exited Nigeria in the recent past because of the restrictive currency policies that were in place, which made business to be so stifled.
However, in the short term, we have noticed and expected that there will be a slight spike in the demand and then that would affect the value of the Naira viz-viz the dollar. So apart from the immediate, short and long term positive effects of that unification policy, there could be a need for an injection of direct foreign exchange into the economy to shore up the value of the naira while market forces stabilize.
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