According to the report from the Punch, In response to accusations made by former Vice President Atiku Abubakar, the Presidency has vehemently defended the economic policies and initiatives of President Bola Tinubu, dismissing claims of undermining the economic progress of the country.
"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?" said the Presidency in a statement addressing Atiku's criticisms.
The Presidency refuted Atiku's assertion that the demolition of buildings for the Lagos-Calabar highway would deter investors, highlighting the positive impact of various sectors in attracting Foreign Direct Investments (FDIs) to Nigeria. It pointed out the significant influx of investments in sectors such as telecoms, manufacturing, solid minerals, oil and gas, e-commerce, and fintech, showcasing Nigeria as an attractive market for lucrative returns.
Contrary to Atiku's claims, the Presidency emphasized President Tinubu's administration's success in attracting over $20 billion in investments within its first year, with a substantial portion of new investments already materializing in the country following President Tinubu's trip to India for the G20 summit last September.
The statement also noted a remarkable surge in foreign investment in Nigeria's stock market, with a notable increase from N18.12 billion in Q1 2023 to N93.37 billion in Q1 2024, marking a 415 percent growth. The Presidency attributed this upsurge to the pro-business environment cultivated under President Tinubu's leadership.
Responding to Atiku's allegations of conflict of interest involving President Tinubu's son and associates with certain companies, the Presidency dismissed such claims as baseless and urged all Nigerians to prioritize the nation's unity and economic progress over political differences.
Infrastructure projects like the Lagos-Calabar Coastal Highway were hailed by the Presidency as crucial drivers of economic growth, drawing parallels with US President Joe Biden's infrastructure initiatives to revitalize the American economy.
Addressing reports about the IMF reclassifying Nigeria's economy as the fourth largest in Africa due to Naira devaluation, the Presidency assured that Nigeria would reclaim its position as Africa's leading market and top economy.
In conclusion, the Presidency reiterated the importance of fostering a conducive environment for local and foreign investments to thrive, emphasizing the need for all Nigerians to support initiatives that bolster the nation's economic well-being and unity.