A non-governmental organisation, the City Boy Movement (CBM), has supported President Bola Tinubu’s economic reforms, saying they will help transform Nigeria.
Speaking in Lagos at the stakeholders engagement for Lagos Youth tagged, ‘Understanding President Bola Tinubu renewed hope initiatives,’ the director general, CBM, Hon. Ishola Shoga, urged Nigerians to exercise patience as the reforms were for the betterment of the country.
Shoga stated that reforms such as the Agric Investment and Small and Medium Enterprises Scheme, the complete payment of the $7 billion foreign exchange backlog, portfolio investment inflows, which have surged by 106.5%, and diaspora remittances, which have grown by 8.9%, among others, have put the nation on a growth trajectory.
“The release from the CBN through the Agric Investment and Small and Medium Enterprises Scheme shows a working strategy to equip our generation with the tools needed to build enterprises that will define Nigeria’s economic future. Here, Mr. President deserves our applause!
“The Renewed Hope economic transformation has led to the complete payment of the $7 billion foreign exchange backlog. This wasn’t just an accounting exercise; it was a declaration to the world that under President Tinubu, Nigeria honours its obligations and is open for serious business.
“This bold move has restored Nigeria’s credibility in the global financial community, and the results speak volumes. Look at portfolio investment inflows, which have surged by 106.5%, while diaspora remittances have grown by 8.9%.
“These represent renewed faith in Nigeria’s economic prospects. Our gross external reserves have grown to $40.9 billion, providing a crucial safety net for our economy.
Shoga stated further that the approval for constructing 10 road projects nationwide demonstrates Tinubu’s administration’s understanding that infrastructure is the backbone of economic development.
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