President Bola Tinubu, on Monday, declared that his administration has dismantled corruption in Nigeria’s foreign exchange market, insisting that reforms introduced since his assumption of office have blocked leakages and opened the economy to genuine businesses.
Speaking at a joint press conference with Brazilian President Luiz Inácio Lula da Silva in Brasília, Tinubu said the Central Bank of Nigeria (CBN) now operates transparently, stressing that foreign exchange is available to investors without the need for personal connections.
“The reforms I’ve embarked upon since I took over in Nigeria have been very impactful. It was initially painful, but today the result is blossoming. It’s getting clearer to the people. We have more money for the economy, and there will be no more corruption,” the President said.
“We have the governor of the Central Bank of Nigeria here. You don’t have to know him before getting the foreign exchange you need. The speculators are out. In our currency market, the door is open for businesses,” he added.
Tinubu, who is on a two-day State Visit to Brazil, said his government’s economic adjustments were designed to strengthen investor confidence and drive sustainable growth. He maintained that Nigeria’s economy is “blossoming” despite the initial pains citizens endured under subsidy removal and monetary reforms.
The President assured international investors that his government would sustain the clean-up of the system to ensure Nigeria remains an attractive destination for trade and investment.
His comments came shortly after Nigeria and Brazil signed five Memoranda of Understanding (MoUs) covering trade, aviation, finance, science, and diplomacy. The agreements, sealed at the Palácio do Planalto in Brasília, included a Bilateral Air Services Agreement (BASA) that paves the way for Nigeria’s carrier Air Peace to operate direct flights between Lagos and São Paulo.
Tinubu also said Petrobras’ imminent return to Nigeria, after halting joint venture operations five years ago, was further proof that reforms were restoring confidence in the Nigerian economy.
President Lula, for his part, welcomed what he described as the “restart” of Brazil–Nigeria relations, stressing that both countries, as the largest Black nations in the world, must seize opportunities for cooperation in agriculture, energy, and trade.
