In reaction to allegations levelled by former Vice President Atiku Abubakar, the Presidency has firmly supported President Bola Tinubu's economic policies and initiatives, denying that they have impeded the country's economic advancement, Replying to Atiku's criticisms, the Presidency issued a statement asking, "How can an elder statesman be waging a campaign of calumny against the economic fortunes and prosperity of a country he wishes to governor trying to scuttle a project that will bring prosperity to nine coastal states and the nation in general?" By showcasing the beneficial effects of several industries on luring Foreign Direct Investments (FDIs) to Nigeria, the Presidency disproved Atiku's claim that the destruction of structures for the Lagos-Calabar motorway would discourage investors.
Nigeria was highlighted as an appealing market for profitable returns due to the large influx of investments in industries like telecommunications, manufacturing, solid minerals, oil and gas, e-commerce, and fintech. In contrast to Atiku's assertions, the Presidency highlighted the accomplishments of President Tinubu's administration, which included attracting over $20 billion in investments within its first year. Following President Tinubu's visit to India for the G20 summit last September, a significant portion of these new investments began to materialise in the country.
In addition, the statement highlighted the extraordinary increase in foreign investment in Nigeria's stock market, which saw a significant 415 percent gain from N18.12 billion in Q1 2023 to N93.37 billion in Q1 2024. This increase was credited by the Presidency to the pro-business climate that President Tinubu fostered. President Tinubu's son and colleagues have been accused by Atiku of having a conflict of interest with specific corporations. The Presidency has denied the charges and encouraged all Nigerians to put aside their political disagreements and focus on the nation's unity and economic success.
The Presidency compared the Lagos-Calabar Coastal Highway and other infrastructure projects to those of former US President Joe Biden, praising them as fundamental to economic growth. In response to news that the devaluation of the Naira had caused the International Monetary Fund to reclassify Nigeria's economy as the continent's fourth biggest, the Presidency of Nigeria promised that the country will once again be the leading market and economy in Africa. Finally, the Presidency emphasised that all Nigerians should back efforts to strengthen the country's economy and unity, and that this includes creating an atmosphere that is welcoming to both domestic and international investors.