President Bola Ahmed Tinubu has declared that corruption in Nigeria’s foreign exchange market is over, assuring investors and partners that his government’s reforms are restoring transparency and confidence in the economy.
Speaking during his visit to Brazil, Tinubu said Nigeria is ready to strengthen bilateral ties with the South American nation, especially in technology transfer, research, agriculture, and manufacturing. He described Africa as the “new frontier” for development and urged Brazil to work closely with Nigeria to unlock new opportunities.
The President emphasized the need to harness Nigeria’s large youth population, which he described as energetic, brilliant, and eager to contribute to national growth. He noted that Brazil’s experience in areas such as drug manufacturing and technology advancement should be shared with Nigeria to boost local production and create jobs.
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“We have the youth population in Nigeria that is restless, energetic, brilliant, and ready to work. We must utilize this opportunity and invest in our people,” Tinubu said.
Highlighting Nigeria’s natural resources, Tinubu lamented that despite being the world’s tenth-largest petroleum producer and holding vast gas reserves, these assets have not yielded sufficient benefits for citizens. He expressed optimism that ongoing reforms and new partnerships would change this narrative.
He explained that though the reforms introduced at the start of his administration were painful, they are now showing positive results. According to him, foreign exchange allocation is now transparent, speculators have been pushed out of the currency market, and businesses can access forex without backdoor dealings.
“Today, the results are clearer. We have more money for the economy, no more corruption in the forex market, and the doors are open for businesses to thrive,” Tinubu assured.
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On bilateral relations, the President noted the geographical closeness of Brazil and Africa, separated only by a narrow stretch of the Atlantic Ocean. He said enhanced trade, aviation, and cultural exchanges would further deepen cooperation.
“We promise that Brazil and Nigeria will work together to grow the economy for the people, by the people, and for the benefit of the world,” he added.
