President of the Federal Republic of Nigeria, Bola Ahmed Tinubu, has seemingly showed the first signs of optimism. Despite the fact his government has inherited outstanding diverse and multiple problems that set back the nation’s development and economic progress. Over the years, Nigeria with its estimated 220 million population, has enormous untapped resources.
Despite the fact that there have been widespread news over his controversial victory which is now being disputed at the Election Petitions Tribunal, Bola Tinubu took over the presidency on May 29 in Abuja. Attending the Global Financing Pact Summit in Paris, France, coincidentally became his first official trip abroad. Sources said that “the trip is to check his health too. It is a strategy to go to hospital.”
Bola Tinubu will, on June 22, join world leaders to review and sign a New Global Financial Pact that places vulnerable countries on a priority list for support and investment. This follows the devastating impact of climate change, energy crisis, and after effect of the Covid-19 pandemic.
He is merely making good on his promise to sustain the agenda of his predecessor, General Muhammadu Buhari, whose tenure was a fortified by systematic economic and social transformation.
According to the organizers, the two-day Summit, June 22 and 23, that will explore opportunities to restore fiscal space to countries that face difficult short-term financial challenges, especially the most indebted, mobilize innovative financing for countries vulnerable to climate change, foster development in low-income countries, and encourage investment in green infrastructure for the energy transition in emerging and developing economies.
President Emmanuel Macron of France will host the global leaders, multilateral institutions, financial experts and economistsbe at the Palais Brongniart. The Summit will examine rising cases of poverty, with a view to providing access to finance and investment that will leverage inclusive growth.
Bola Tinubu, as the newly inaugurated leader of the Nigeria which is highly recognized as an economic powerhouse and energy giant in West Africa, has the opportunity to convince potential French investors and other participating foreign business executives about the economic opportunities in Nigeria.
The significance of this New Global Financial Pact summit offers the chance to make conscious attempts in seeking support for investment necessary for the economic development that will help overcome the challenges facing young women and men specifically in the Republic of Nigeria and, to some extent, across West Africa.
The summit aims to build a new consensus for a more inclusive international financial system to fight inequalities, finance the climate transition and bring us closer to achieving the Sustainable Development Goals (SDGs).
It will showcase successful public-private partnerships and examine how the public sector is creating an environment for private players to collaborate with small-scale producers, financing private sector entities along rural value chains and attracting the private sector as co-investors.
According to sources, Nigerian President Bola Tinubu will be accompanied by members of the Presidential Policy Advisory Council and senior government officials. He will return to Abuja on June 24.