Tinubu Affirms Commitment to Tough Choices for Nigeria’s Long-Term Prosperity Amid Economic Challenges

President Bola Ahmed Tinubu, on Thursday, said his government would continue to take difficult decisions for the Nigerian people, despite the short-term pains that often come with such choices.

Speaking at a meeting with Prime Minister Mark Rutte of the Netherlands, in The Hague, Tinubu said Nigeria had seen the worst of storms, yet he was not afraid of the consequences of his actions since they were in the best long-term interest of the people.

Noting that Nigeria offerred immense trade opportunities to the Netherlands across a pool of sectors, Tinubu, who met Rutte at his official residence, known as The Catshuis, in The Hague, also stated that his administration was already deepening reforms to enhance the investment climate. 

The president disclosed that Nigeria was well-positioned to power the clean energy future of Europe and the world with its high-grade lithium deposits.

Tinubu said Nigeria sought robust, balanced, and mutually beneficial partnerships that would bring about value-addition in areas like solid minerals.

He reiterated that Nigerians had tremendous confidence in themselves and his confidence in the Nigerian people gave him the courage to take difficult decisions on their behalf, given his full awareness of the need to give Nigerians the long-term tools they need to succeed.

The president stated, “I am a determined leader of my people. I have and will continue to take the difficult decisions that will benefit our people, even if there is short-term pain. 

“We have gone through the worst of the storms. I am unafraid of the consequences once I know that my actions are in the best long-term interests of all Nigerians.

“Taking a holistic view of the world order, there is a tremendous opportunity between us across trade spheres, but especially in solid minerals, where we have high-grade lithium deposits that we know can power the clean energy future of the world. 

“There is excellent value-additive opportunity in Nigeria. The world knows us for oil. They will soon know us for greater innovative exploits in other areas.”

Tinubu said Nigeria boasted a highly energetic and self-motivated youth population.

He stated, “We have an extremely dynamic youth population in Nigeria. It is a young country. Seventy per cent of our people are under the age of 30, and when we are referring to 200 million plus citizens, it represents both a massive workforce and a massive market for Dutch and other international investors.

“If our young people know they can achieve a good future in Nigeria, they will stay home and build our nation to greatness.

“Lawful migration of trained Nigerian minds and hands will be a benefit to Europe, and irregular migration will no longer be a source of fear in Europe if we partner effectively. 

“This is what we want and it is why we are adamant about providing student loans and new credit opportunities to not only enhance the skills of our people but also to ensure that they can access a higher quality of life within their legitimate incomes. We will transform our economy, and our young people will be the reason why.” 

On the state the nation’s currency, Tinubu said, “The Nigerian naira is one of the world’s best performing currencies today. We took the necessary risk, and all resilient Nigerians kept faith with us.  

“They will be rewarded, and the reward will only be greater as we partner effectively with you on new opportunities for development. As leaders, we must take decisions for the benefit of our nations, and we cannot shy away from that.”

He expressed his firm commitment to develop the developmental partnership between the European Union (EU) and Nigeria, stating that symbiotic economic ties remain the best long-term path to sustainable and mutual prosperity rather than one-sided relationships in which bilateral trade is skewed too much in one direction.

Specifically, to the Dutch industry, Tinubu stressed that bilateral partnerships must be mutually beneficial, transformative, and must translate into real gains for ordinary citizens.

Speaking at the Nigeria-Netherlands Business and Investment Forum at The Hague, the Nigerian president emphasised the significance of stronger ties between Nigeria and the Netherlands.

He said both countries must explore more creative channels of collaboration, through partnerships, joint ventures, or strategic alliances in order to build bridges that could connect markets and facilitate the flow of goods, services, ideas and peoples.

Tinubu said, “I am delighted and honoured to be at this occasion of the Nigeria-Netherlands Business Forum. This is a platform that symbolises the potential for collaboration and partnership between our two nations. 

“It is worthy to note that while this forum seeks to highlight and advance the potential of mutually beneficial partnerships, I wish to state here that we must also ensure that the partnerships are creative and transformative in such a manner that the ordinary citizens of our countries can reap verifiable gains.

“It is on record that Nigeria and the Netherlands have established business ties for decades. There is every need to re-invigorate this relationship. This is a call for creativity on the part of all of us.”

While noting the long history of diplomatic relations between Nigeria and the Netherlands, Tinubu called for even stronger bonds, not just in diplomacy but also in commerce, innovation, and enterprise. 

According to him, “Our countries possess unique strengths and resources. It is through collaboration that we can harness these strengths, unlock new opportunities, and drive economic development. 

“Together, we have the potential to create synergies that will benefit our present and future generations. We must endeavour to replicate the success stories of various Dutch companies and enterprises by learning and sharing their experiences and approaches for the benefit of all. 

“As the world braces up for today’s economic challenges, which in many ways affect our two countries, a creative approach to the search for investment-minded solutions will prove to be the most viable path to the level of sustainable development that we all desire. 

“In line with the above vision, I believe that we must endeavour to push this narrative into our daily business activities and to move toward industrial value addition, agribusiness, innovative technology, green energy, marine economic expansion, as well as solid mineral exploitation and processing.”

Tinubu emphasised that relations between Nigeria and the Netherlands would henceforth set a new tone and foundation for stronger economic ties between both countries.

He stated, “As we engage in discussions and negotiations today, let us do so with a spirit of openness, trust, and mutual respect. Let us listen to one another, learn from each other, and find common ground that will allow us to move forward together in pursuit of our shared prosperity.”

Tinubu said his administration was enhancing the business environment in Nigeria to make it friendly through various reforms.

He said such reforms included, “The cleaning up of our foreign exchange market to make it more transparent for seamless business transactions, removal of the fuel subsidy, and the readiness of the Central Bank of Nigeria to provide the necessary window to allow foreign companies repatriate their profits, among others.” 

Tinubu said the improved business environment in Nigeria was making the country an investors’ paradise. He urged business men and women to take advantage of these opportunities for mutually rewarding economic partnerships between Nigeria and the Netherlands. 

Rutte, on his part, stated that Tinubu’s economic reforms had engendered greater confidence in the Nigerian economy by international investors, adding that Dutch investors have activated another set of $250 million worth of new investments over the next few months, including a $100 million investment in a waste-to-wealth industrial facility in Lagos State.

The Dutch prime minister said, “You are promoting democratic governance and the solutions it can bring in dealing with problems of development. I saw how you went through democratic channels to remove an incumbent president in 2015 in partnership with President Buhari and how that has led to development in your country.

“I saw you take the courageous decision to deal with fuel subsidies and other reforms, and we are interested in what allowed you to take the decisions that many before you could not take.

“And you took those decisions early in your term. It shows rare determination. And your stand in ECOWAS, all of these point to your commitment in leadership.”

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