President Bola Tinubu says Nigeria’s economy is at a turning point and will require the steadfast support of the private sector for sustained growth and prosperity.

Speaking during Iftar on Thursday in Abuja with members of the Nigerian business community, the President expressed gratitude for their support and pledged to engage with them more frequently.

“I would have summoned you before now, not during Ramadan, because you are a very valuable part of my constituency.

“There is no driver of the economy that is bigger than the private sector. If the private sector is not flourishing, there is no growth, no prosperity, no employment or development. No matter how flowery the speeches are, not even a mushroom will grow.

“Thank you for persevering. We are at a turning point in our economy. I do not have to do a quadratic equation to illustrate all of that to you. I just want to appreciate you for your endurance and perseverance,’’ the President said.

Sharing insights from his visit to the New York Stock Exchange in 2023, President Tinubu noted Nigeria's self-belief and determination to drive economic transformation from within.

“At the New York Stock Exchange, I appealed to foreign investors to consider Nigeria as a prime investment destination.

“At the end of my remarks, I told them we only want them to show their face and diversify Nigeria’s economy not as if we cannot do it ourselves.

“Tony Elumelu walked up to me and thanked me for making that statement. We can do it. Nigeria is a self-believer and can always deliver on its own. We know our first name and our last name. Our first name is: Spirit, and our last name is: Can do.”

President Tinubu reiterated his commitment to fulfilling his mandate, emphasizing that he cannot afford to underperform, given the trust placed in him by the electorate.

“I have no reason to underperform as the elected President of the country because I campaigned for the job.

“I cannot complain about the job. I appreciate the gesture, and what you have told me this evening is very inspiring. Cut the costs. Fix the bends. Summon courage. Save the money, but push the economy. We will be there. There are some countries that have failed. There are some countries that have succeeded. In our time, in my time, all of us must work together to succeed. Thank you very much,” the President concluded.

In separate remarks at the Ramadan dinner, industrialists, bank executives, and entrepreneurs pledged their support towards the success of the administration’s economic programmes.

Mr. Tony Elumelu, Chairman of Heirs Holdings, assured the President that the Organized Private Sector (OPS) in the country is solidly behind him.

“Your transformation journey to turn around the economy and businesses are very appropriate for the country.

“We appreciate what you are doing. We know the journey will not be smooth, but given the will, we will get to the Promised Land.

“We admire your decisiveness, and we appreciate what you are doing. You are extremely passionate about taking Nigeria to the Promised Land.

“On behalf of the OPS, we want to assure you that we are 100 percent with you. We have engaged with your ministers and associates; we share ideas, and we support them. We know that under your leadership, you have the ability to heal Nigeria permanently,’’ Mr. Elumelu said.

Allen Onyema, Chief Executive Officer, Air Peace, charged business owners and manufacturers to work towards bringing down the cost of products and services.

Citing the example of Air Peace in reducing the cost of air tickets to London, Mr. Onyema thanked President Tinubu for improving the ease of doing business in the country.

“President Tinubu is thinking of the Nigeria of the future. The ease of doing business is coming back gradually. I can attest to that in the aviation sector because of the people you appointed to head that sector.

“I can also attest to what our High Commission in the United Kingdom did in making Air Peace flights into Gatwick Airport a possibility,” he said.

Dr. Stella Okoli, pharmacist and founder of Emzor Pharmaceutical Company, urged the President to look into providing more support for the pharmaceutical industry in the country to make it self-sufficient and self-financing.

•President Tinubu speaking during Thursday’s Iftar in Abuja with members of the Nigerian business community

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