Asiwaju Bola Ahmed Tinubu, the presidential candidate of the All Progressives Congress for the elections of 2023, has assured businesspeople that he will transform Nigeria's current difficulties into chances for growth and development.
Additionally, Tinubu pledged to improve security to give them a supportive atmosphere in which to conduct business.
On Thursday on Lagos' Victoria Island, he gave a speech at the "Business Forward" business luncheon.
The APC candidate stated that his administration will make protecting residents' lives and property a top priority if elected, just as he did when serving as governor of Lagos State.
He believes that insecurity and business cannot coexist.
Babajide Sanwo-Olu, the governor of Lagos State, Wale Tinubu, the group chief executive officer of Oando Plc, Dimeji Bankole, the former speaker of the House of Representatives, Yemi Cardozo, and Dele Alake, former commissioners in his administration in Lagos State, Yemi Ribadu, the former chairman of the Economic and Financial Crimes Commission, and Hadiza Bala Usman, the former managing director of the Nigeria Ports Authority,
Business owners questioned him on how he would address obstacles in the areas of education, healthcare development, power, the investment climate, various currency rates, and current oil subsidies.
In his speech, Tinubu explicitly discussed the urgent problem of fuel subsidies and what he plans to do as president.
He pledged to make audacious choices that would revive the economy. One of these would be a formal declaration that Nigeria will no longer subsidise the use of petrol in its neighbours.
“How can we be subsidising fuel consumption of Cameroon, of Niger, of Benin Republic. No matter how long you protest, we will remove the subsidy,” he said emphatically.
On security, he said: “First, the primary responsibility of government is to protect the lives, properties and prosperity of its citizens.
“As Governor of Lagos, fixing the problematic security situation I inherited was the first item on my list.
“Only after we secured the state and changed its reputation for the better could we embark on the economic reforms that have ultimately produced today's vibrant and active megacity.
“I am committed to securing Nigerians from violence and the fear of such violence.
“Terror, kidnapping and banditry have no place in the society I envision.
“Upon entering office, we will implement several measures: We will increase the numbers of our military and non-military security forces.
“Specialist anti-terrorist battalions with integrated special forces units shall also be established.
“Our Critical National Infrastructure Protection Plan will deploy aerial and ground surveillance technology to surveil the most dangerous areas and secure our country’s vital national infrastructure and installations.
“We shall acquire and upgrade the tactical communications and mobility of our troops and security personnel.
“We must also devote greater attention to the care and welfare of our military and security forces who put themselves in harm’s way to keep us safe.
“In sum, our objective is to outmanoeuvre, outwit and outflank the terrorists and criminal groups.
“They want to defeat our democratic and good society.
“We shall defeat their evil one.
“We did it in Lagos with the RRS Scheme.
“We can do it again for Nigeria.
“As we fight insecurity, we must deal with our economy simultaneously.
“We know business and insecurity cannot thrive side by side,”
Tinubu said his government would give room to allow the private sector to thrive by not interfering while opening rooms for collaboration.
He added: “Thus, where the private sector is doing well, my government will not interfere.
“Our guiding principle regarding economic policy shall provide the proper policy framework so that business can flourish.
“But I want to do more than help existing businesses to exist.
“We must create the space where new sectors and lines of business can open.
“We must grow this economy to accommodate over 200 million people with a decent standard of living.
“My government will collaborate with the private sector to bring about the massive infrastructural renewal that enhances economic opportunities and lower business costs and overheads while producing jobs that spur further growth and development through increased consumer demand.
“This is the virtuous economic cycle we seek to create.”
Tinubu then shared his plans for boosting the country’s economy: “From our national infrastructural campaign to our national portable water campaign and plans to reticulate major dams, our intention is to leverage public-private partnerships to attract private sector investment along the critical path leading from modernisation of infrastructure to realisation of sustainable yet significant economic growth.
“Please also note the various sectors in which we have promised fiscal incentives, tax breaks, tax credits, rebates and access to finance.
“My aim is to develop local manufacturing and value-added businesses.
“My aim is to deepen consumer lending, increase affordable housing and provide business owners with low-cost loans to modernise operations and improve productivity.
“My aim is to reform the structural foundation of our economy.
“To accomplish this significant feat, government and the private must work hand in hand.
“Our policy will further stimulate our world-leading start-up ecosystem.
“I want our brilliant entrepreneurs to continue to innovate our people out of poverty and lead us towards the path of prosperity.
“But I must also say we shall not be afraid to regulate wisely.
“We cannot allow instances like the collapse of FTX to happen here.
“We must protect business, consumer and investor confidence equally.”
The former Lagos State Governor also touched on improving the nation’s power sector which he said is critical to any economic development and strengthening the health sector.
On the demands and inputs of the participants, Tinubu said: “Indeed, I have been assured by the organisers that the secretariat is already collating your inputs so that your contributions can be melded into our plans.”