President Bola Tinubu, in his inaugural speech after being sworn in as Nigeria’s 16th President, expressed his immediate objective of achieving higher Gross Domestic Product (GDP) of not less than 6 percent annually and a significant reduction in the unemployment rate.
He emphasized that his administration aims to accomplish these goals by implementing budgetary reforms that stimulate the economy without causing inflation.
To promote domestic manufacturing and reduce dependence on imports, Tinubu stated that his industrial policy will employ a comprehensive range of fiscal measures.
Additionally, he emphasized the importance of improving accessibility and affordability of electricity for both businesses and households.
Tinubu pledged to nearly double power generation and enhance transmission and distribution networks. He also encouraged states to develop local energy sources.
Addressing concerns raised by local and foreign investors, Tinubu assured them that his administration would thoroughly review complaints related to multiple taxation and other barriers to investment.
He emphasized his commitment to ensuring that investors and foreign businesses can repatriate their dividends and profits back to their home countries.
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