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President Bola Ahmed Tinubu

Trapped Funds: Tinubu Assures Investors Ease Of Repatriation  

4 months ago
1 min read

In line with Nigerian government’s increased efforts to attract more businesses to the country, President Bola Tinubu has assured foreign investors that repatriating funds will be easy going forward.

The Nigerian leader made the promise on Friday at the State House in Abuja, while receiving Letters of Credence from Lorand Endreffy (Hungary’s Ambassador), Christophe Bazivamo (Rwanda’s High Commissioner), and Ivan Kholostenko (Ukraine’s Ambassador). 

He said that efforts are underway to address concerns related to trapped funds, pledging swift processing for their prompt release. 

The president assured the Rwandan High Commissioner that efforts are underway to address concerns related to trapped funds, pledging swift processing for their prompt release.

READ ALSO: ‘Foreign Airlines May Exit Nigeria’s Airspace’ – IATA Ranks Nigeria Country With Highest Trapped Funds

He said: “We are one family on the continent. We will continue to promote democracy and good governance. I will maintain an open-door policy, and the Minister of Foreign Affairs and the Chief of Staff are also available.

“For the avoidance of doubt, we are already working on the issues of double taxation, and it will be properly streamlined to favour business growth. Nigeria is home and a haven for investors,” the Tinubu stated.

The Rwandan High Commissioner stated that Rwanda was willing to forge closer bilateral relations with Nigeria, pointing to plans to introduce new visa regulations and promote commercial partnerships.

President Tinubu called on the Hungarian Ambassador to vigorously explore prospects for cooperation, with an emphasis on cultivating alliances in the fields of agriculture and food security. The President is also eager to explore Hungary’s technical know-how for shared advantage.

Tinubu, who thanked the country for taking care of the Nigerian students in Hungary, added: “We are a very big country with huge potential to sustainably spur economic growth.

“We are ready to improve relations, especially in the areas of agriculture and food security.”

Responding, the ambassador of Hungary praised President Tinubu for his audacious and well-thought-out choices in realigning the Nigerian economy.

He said: “My Prime Minister always says that our relations are based on mutual respect,

President Tinubu told the Ukrainian ambassador that Nigeria will always work for global peace and harmony.

“We are with you in prayers. We will continue to support good governance and democracy,” the president assured.

The areas of cooperation include medical technology, education, agriculture, food security, and security.

Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.


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