On Tuesday, a group from the International Bank of America paid a visit to President Bola Tinubu at the State House in Abuja and praised him for the economic reforms he has already implemented.
The team, which was led by Mr. Bernard Mensah, President of the bank, expressed delight about the first actions taken by the new administration, which, according to him, was returning Nigeria to its proper position on the international stage.
Dele Alake, the President’s Special Adviser on Special Duties, Communications, and Strategy, who made this announcement in a statement on Tuesday, also cited the American bank as saying it was willing to help Nigeria address its short- and long-term challenges by providing ideas and financing, among other things.
Mensah said, “We’re excited about the initial direction of the government. We’re looking to see how we can help and partner. We have a lot of global resources that we think can help the Nigerian economy.
“We operate on such a global basis. We’re a huge international firm. We touch so many things. We think we can help think through the markets, the financial architecture and structure.”
Mensah asserted that the bank may also aid in considering new technological applications, the global conversation surrounding climate change, and how it might mobilize resources so that Nigeria can take a position on the global arena with regard to such concerns.
In his remarks, the Nigerian President said though his administration had been on the right track in the past over 30 days, it needed strategic help from international partners.
“We believe we are on the right track so far. We believe we need all the help we can get,” Tinubu told the delegation.
The President said Nigeria’s governance and development challenges could not be addressed without fiscal and institutional reforms.
He said, “21st-century actions on climate change, finance and innovation are intertwined.
“Having a good platform and believing in innovation will help in undertaking reforms and tackling the issues.
“This is the largest economy and democracy in Africa and if we cannot do it, nobody will do it for us,” Tinubu said.
He invited the International Bank of America and other willing financing institutions to help make sure that Nigerian gas competes favorably on the world market as a viable alternative revenue source by highlighting specific areas of support.
Wale Edun, the President’s Special Advisor on Monetary Policy, reported that topics covered during the meeting included the importance of financing and liquidity in advancing the economy as well as the critical function of technology in economic growth.
Mensah was accompanied on the trip by Mr. Chuba Ezenwa, Head of Investment Banking Sub-Saharan Africa, and Mrs. Yvonne Fasinro, Head of Sub-Saharan Africa, International Bank of America.