Tinubu applauds AfDB’s $520m investment in Nigeria’s agro industries

President Bola Ahmed Tinubu has applauded an investment of $520 million in specialised agro-processing zones by the African Development Bank (AfDB).

Tinubu, in a statement on Saturday by his special Adviser on special duties, communications and strategy, Dele Alake, praised AfDB’s president, Dr Adewunmi Adesina, for further opening up the economy for investments that provide job opportunities and reduction in poverty.

Speaking with Adesina after the two-day summit on A New Global Financing Pact in Paris, Tinubu said the agro-industrial project strengthens an area of the country’s competitive advantage as he listed other areas of priority that require Foreign Direct Investment (FDI).

He urged the Bank to inject funds into projects that target women and youth empowerment, while appreciating the AfDB President for his vision of setting up a Youth Entrepreneurship Bank in Nigeria that will provide credit, skills and other support for young Nigerians.

In his remarks, Adesina said: “I commend the President’s foresight, boldness and determination for macroeconomic policy direction by removing the fuel subsidy,’’ he said, adding: “No bird can fly with its wings tied behind. All those steps are signals investors like.’’

In another meeting, President Tinubu received executives of Airbus/ATR, and assured them that the aviation sector would be “streamlined for efficiency’’, especially in maintenance of aircrafts and training.