President Bola Tinubu delivered a keynote address at the World Economic Forum (WEF) in Riyadh, Saudi Arabia, on Sunday, highlighting Nigeria’s decision to eliminate petrol subsidy as a crucial step to avert economic collapse and pave the way for growth. Tinubu emphasized the importance of global collaboration and inclusiveness in addressing socioeconomic challenges, particularly in regions like the Sahel.
In his opening remarks at the WEF plenary session, President Tinubu underscored the necessity of capital formation to drive economic progress, stressing the need for collaboration and inclusiveness in promoting agriculture, food security, innovation, and technological advancement on a global scale.
Addressing the issue of stigmatization against poorer nations, Tinubu emphasized the imperative of not leaving anyone behind, particularly in Africa where the fear of capital deficiency looms large. He called for concerted efforts to marry Africa’s population growth and resource diversity with economic opportunities through collaborative initiatives.
President Tinubu drew attention to the socioeconomic challenges in the Sahel region and urged the global community to prioritize support for the region to ensure stability and global security. He also highlighted Nigeria’s role in stabilizing the political environment in the Economic Community of West African States (ECOWAS) and emphasized the importance of trade over conflict within the region.
Regarding the removal of fuel subsidy in Nigeria, President Tinubu acknowledged the necessity of the decision to prevent the country from bankruptcy and reset the economy on a growth trajectory. He emphasized the leadership’s commitment to managing the fallout of the subsidy removal by sharing the burden across the board and implementing measures to cushion the impact on vulnerable populations.
President Tinubu’s address at the WEF underscored Nigeria’s efforts to navigate economic challenges while advocating for global cooperation and inclusive policies to address pressing issues facing the world today.
