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President Bola Ahmed Tinubu says he is aware of the ‘transient hardship’ his economic policies have subjected Nigerians to since the removal of fuel subsidy.
The President said this while delivering his first address at the 78th session of the United Nations General Assembly in the early hours of Wednesday, September 20, 2023.
Tinubu said he removed the ‘costly and corrupt fuel subsidy’ and discarded the ‘noxious exchange rate system’ in his first days in office to foster economic growth and investors’ confidence in Nigeria.
The President’s policy decisions, particularly the removal of fuel subsidy consequently subjected Nigerians to economic hardship as the prices of petrol and other commodities went through the roof.
However, the President said that it was important for Nigerians to go through the transient hardship to enable his government to build the economy they deserve.
He said, “I am mindful of the transient hardship that reform can cause. However, it is necessary to go through this phase in order to establish a foundation for durable growth and investment to build the economy our people deserve.”
The President, therefore called on the global community to partner with Nigeria and Africa in a mutually beneficial manner.
“The question is not whether Nigeria is open for business. The question is how much of the world is truly open to doing business with Nigeria and Africa in an equal, mutually beneficial manner,” Tinubu said.
He maintained that global institutions, other nations and their private sector actors must see African development as a priority.