At the opening plenary of the Special World Economic Forum (WEF) in Riyadh, Saudi Arabia, President Bola Tinubu of Nigeria addressed the nation’s fuel subsidy removal and called for global collaboration and inclusiveness to support developing nations.
According to Tinubu, the elimination of the fuel subsidy was a necessary action to steer Nigeria away from potential bankruptcy and reset the economy towards growth. He emphasised the importance of capital formation to drive sectors such as agriculture, food security, innovation, and technological advancement, urging advanced nations to promote policies that foster collaboration and inclusiveness by injecting capital to support poorer countries in tackling these challenges.
The Nigerian leader cautioned against stigmatising poorer nations, stating that no one should be left behind. He acknowledged the real fear of a lack of capital in Africa and the need to recognise the continent’s population growth and diversity of resources, as well as the necessity to marry these with economic opportunities through collaboration.
Tinubu also drew global attention to the socioeconomic challenges in the Sahel region and their consequences for global stability, encouraging the entire world to pay attention to the Sahel and neighbouring countries.
Regarding the Economic Community of West African States (ECOWAS), Tinubu recalled how Nigeria’s influence helped stabilise the region’s political environment by discouraging unconstitutional changes of government and easing sanctions. He called on the global community to strengthen trade, emphasising the necessity of engendering growth, stability, and economic prosperity for the people of the region.
Addressing the fuel subsidy removal in Nigeria, Tinubu acknowledged the difficulties and drawbacks it caused but emphasised that it was a necessary action to prevent the country from going bankrupt and to reset the economy for growth. He stated that the hallmark of leadership is making difficult decisions and that the subsidy removal was taken decisively at the right time.
Tinubu highlighted the parallel arrangements made to cushion the effect of the subsidy removal on the vulnerable population, sharing the pain across the board and ensuring transparency, accountability, and fiscal discipline. He expressed confidence in Nigeria’s vibrant, youthful population’s interest in discoveries, technology, and good education, which positions the country for growth.
The President also noted the implementation of policies for currency management aimed at removing artificial elements of value in the Nigerian currency, allowing it to find its level and compete with other currencies while eliminating arbitrage, corruption, and opaqueness.
Tinubu pledged to rigorously pursue the direction for Nigeria’s progress, emphasising the importance of inclusivity in governance and rapid communication with the public to address challenges effectively.