Senate President Godswill Akpabio recently addressed a delegation from Switzerland in Abuja, outlining President Bola Ahmed Tinubu’s ambitious economic policies. During this meeting, Akpabio emphasized that the administration’s reforms, particularly the removal of the fuel subsidy, are strategic moves designed to secure a target Gross Domestic Product (GDP) growth rate of 4.17% by the end of 2025.
This initiative is part of a broader plan to transform Nigeria’s economy into one that is more resilient and capable of attracting foreign investment.
The discussions took place at the National Assembly Complex, where Akpabio welcomed key figures from the Swiss delegation, including Senator Carlo Sommarugo, Elizabeth Schneider-Schneiter, and Thomas Aeschi, as well as the Swiss Ambassador to Nigeria, Nicolas Land.
Akpabio seized this opportunity to highlight the potential of a robust partnership between Nigeria and Switzerland, describing the meeting as a pivotal moment that could positively influence the economic futures of both nations.
During his address, Akpabio asserted that Nigeria is undergoing significant structural changes under President Tinubu’s leadership. He pointed to various bold reforms, such as the removal of the fuel subsidy and the unification of the naira exchange rate, asserting that these measures are crucial for stabilizing the economy. By implementing such reforms, the government aims to create a conducive environment for foreign investment, thereby laying the groundwork for sustainable economic growth.
The Senate President outlined that the projected GDP growth rate of 4.17% in 2025 is a reflection of the government’s commitment to fostering innovation and job creation. He further elaborated that one of the administration’s focus areas is enhancing access to credit and supporting entrepreneurship.
The upcoming establishment of the National Credit Guarantee Company is expected to play a vital role in empowering both businesses and individuals, ensuring that they have the necessary resources to thrive in a competitive market.
Aeschi, the leader of the Swiss delegation, expressed optimism about the potential for deepening economic collaboration between Switzerland and Nigeria. He emphasized the enormous potential that Nigeria possesses, particularly due to its large population, which can serve as a significant driver of economic growth.
Aeschi highlighted the importance of parliamentary diplomacy in strengthening ties and re-launching cooperative processes between the two governments.
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While acknowledging that there is currently no formal trade negotiation process in place between Nigeria and the European Free Trade Association (EFTA), Aeschi reiterated the delegation’s intention to lay a solid foundation for future partnerships. The discussions aim to pave the way for new areas of collaboration that can harness Nigeria’s vast economic potential, ultimately contributing to the prosperity of both nations.
