Nigeria ready to let foreign companies repatriate profits, says Tinubu

President Bola Tinubu says the Central Bank of Nigeria is making efforts to ensure foreign companies repatriate their profits, urging that bilateral partnerships must be mutually beneficial and transformative, translating into real gains for ordinary citizens.

Mr Tinubu said this at the Nigeria-Netherlands Business and Investment Forum in The Hague on Thursday in Amsterdam.

He said Nigeria and the Netherlands must explore more creative collaboration channels through partnerships, joint ventures, and strategic alliances.

The president said this would enable the building of bridges to connect markets and facilitate the flow of goods, services, ideas and people. He said his administration was enhancing the business environment in Nigeria to make it very friendly through various reforms.

He said such reforms included cleaning up the foreign exchange market to make it more transparent for seamless business transactions and removing the fuel subsidy.

The reforms also include the CBN’s readiness to provide the necessary window for foreign companies to repatriate their profits.

Mr Tinubu said Nigeria’s improved business environment was making the country an investors’ paradise, urging investors to take advantage of these opportunities for mutually rewarding economic partnerships.

“I wish to state here that we must also ensure that the partnerships are creative and transformative in such a manner that the ordinary citizens of our countries can reap verifiable gains.

“It is on record that Nigeria and the Netherlands have established business ties for decades. There is every need to re-invigorate this relationship. This is a call for creativity on the part of all of us,” the president said.

Noting the long history of diplomatic relations between Nigeria and the Netherlands, the president called for stronger bonds in diplomacy, commerce, innovation and enterprise.

He explained that “our countries possess unique strengths and resources” and that “we can harness these strengths, unlock new opportunities, and drive” economic development through collaboration.

Mr Tinubu added, “We must endeavour to replicate the success stories of various Dutch companies and enterprises by learning and sharing their experiences and approaches for the benefit of all.

“As the world braces up for today’s economic challenges, which in many ways affect our two countries, a creative approach to the search for investment-minded solutions will prove to be the most viable path to the level of sustainable development that we all desire.

“I believe that we must endeavour to push this narrative into our daily business activities and to move toward industrial value addition, agribusiness, innovative technology, green energy, marine economic expansion, as well as solid mineral exploitation and processing.”

Mr Tinubu stressed that relations between Nigeria and the Netherlands would set a new tone and foundation for stronger economic ties.

(NAN)