Nigeria: new President Tinubu promises economic growth of 6% per year

ABUJA (Reuters) – Nigeria’s new President Bola Tinubu promised to achieve the country’s economic growth of at least 6 percent, remove barriers to investment, create jobs and unify the exchange rate when he was sworn in on Monday. Was. insecurity.

The former Lagos State governor presides over a country in economic difficulty and heavily indebted where the population suffers from foreign exchange and fuel shortages, a weak currency, low investment, high inflation, power cuts for nearly two decades. and a drop in oil production in the backdrop of piracy.

“As far as the economy is concerned, we are aiming for high GDP growth and significant reduction in unemployment,” he said, adding that these goals would be achieved through fiscal reforms, increase in generation electricity and improvement in food security. will be received through

“I have a message for our local and foreign investors: our government will investigate all complaints made about multiple taxation and various barriers to investment,” he said.

Bola Tinubu was sworn in at an open ceremony at Eagle Square in the Nigerian capital before leaving for the country’s northern Katsina state, where his country residence is located.

Nigeria’s new president has also pledged to end fuel subsidies, a popular but considered costly measure. He also promised a “major cleanup” of monetary policy, believing that the central bank should work towards a unified exchange rate, allowing financial flows to be “key to the factories, equipment and jobs that fuel the real economy”. It will be possible to convert towards “Investment”. ,

Bola Tinubu also inherited a country divided after his controversial victory, which he disapproves of, with his main rivals considering him a member of the old guard.

“I thank my supporters. For those who voted differently, I extend my hand across the political divide. I ask you to understand this in the spirit of national affinity and brotherhood,” he said.

The February elections enthused young voters who had hoped for a break with the two parties that have dominated Nigerian politics since the end of military rule in 1999.

But the elections, considered by officials to be the most free and fair, ended in frustration for many voters.

Bola Tinubu assured that he would tackle the widespread violence in the country by reforming the security services, increasing the number of law enforcement personnel, their training, their equipment and their salaries.

(Reporting by Felix Onua in Abuja and McDonald Dizirutwe in Lagos; With Chijoke Ohucha in Abuja; French Edition Claude Chandjou)