ONE YEAR OF TINUBU ADMINISTRATION: EX-PRESIDENT BUHARI CONVEYS GOOD WISHES TO PRESIDENT.

Former President Muhammadu Buhari extends his best wishes to President Bola Ahmed Tinubu on the completion of his first year in office.

The former President appealed to all citizens to continue to strengthen the thread of national unity and goodwill.

He also appealed to them to give their blessings and support to the Tinubu administration so that it can succeed in its efforts to build a Nigeria of our dreams.

President Buhari expressed his wish for a successful tenure in office by the Tinubu administration.

Signed:
Garba Shehu.
28-5-24.

A federal high court in Kano has ordered the removal of Muhammad Sanusi II from the official residence of the Emir of Kano.

S.A. Amobeda, the presiding judge, granted an ex parte motion filed by Aminu Ado Bayero, the dethroned Emir of Kano, and the applicant.

The order comes hours after a state high court restrained Bayero from parading himself as the Emir of Kano.

In the suit marked FHC/KN//CS/190/2024, seen by TheCable on Tuesday, Amobeda ordered Kayode Egbetokun, inspector-general of police (IGP), and Hussain Gumel, Kano commissioner of police, to ensure that all rights and privileges of an Emir are given Ado Bayero.

“An order restraining the 3rd, 4th, and 5th respondents and all other respondents from denying the applicant to use his official residence and palace at the Emir’s Palace, Kofar Kudu, as well as enjoyment of all rights and privileges accrued to him by virtue of being Emir of Kano State, and to evicting anybody residing within the palace illegally pending the hearing and the determination of the originating summons,” the temporary injunction reads.

The judge also restrained the security agencies from arresting Bayero pending the determination of the suit he filed.

The matter was adjourned until June 4 for a hearing.

Meanwhile, Amina Adamu Aliyu of Kano high court has restrained the police and other security agencies from evicting Sanusi.

THE BATTLE

Trouble began when Sanusi was reinstated as Emir on Friday by Abba Yusuf, governor of Kano.

Sanusi’s reinstatement followed the repeal of the law that Abdullahi Ganduje, the former governor of Kano, used to depose and exile him in 2020.

On May 23, a federal high court in Kano ordered the state government not to enforce the Emirate Council Repeal Law 2024.

Bayero returned to Kano from a trip to Ogun on Saturday and moved into a palace in Nassarawa LGA.

But the Kano governor ordered Bayero’s arrest “for creating tension in the state”.

Wale Edun, minister of finance, says economic instability forced 800 companies to shut down operations.

Edun made this known on Tuesday in Abuja during the sectoral report of President Bola Tinubu’s one year in office.

The minister said the departure of these companies was not sudden.

He said issues such as market instability, unfulfilled promises, and contract breaches drove them away, but these issues have now been resolved.

“Government did inherit an unstable economy,” Edun said.

“The 800 companies or so did not make up their minds overnight. They stayed until they could stay no more.

“The conditions which sent them packing are no more. Those conditions were a foreign exchange market that was in no way fit for purpose.

“There was no liquidity. They were a general economic regime marked by instability, broken promises, lack of adherence to contracts.”

Edun said the new environment for investors involves tackling inflation, which will eventually result in lower interest rates.

This, he said, will allow investors to leverage the dynamic domestic markets to enhance their equity and invest.

On March 6, the Manufacturers Association of Nigeria (MAN) said 767 manufacturers shut down operations, while 335 became distressed, in 2023.

The Apex Igbo socio-cultural organisation, Ohanaeze Ndigbo has stated that the first year of President Bola Tinubu’s administration can be described as a period of progress and development.

The group claimed that during the administration of former president, Muhammadu Buhari, the South-East region faced deliberate economic suppression, leading to strife and insecurity.

They, however, noted that Tinubu’s regime has fostered hope in the southeast.

Speaking further, Ohanaeze stated that the Minister of Works, David Umahi, is the best performing Minister in the Federal Executive Council.

They also commended two others, Minister of the Federal Capital Territory (FCT), Nyesom Wike, and Minister of Interior, Olubunmi Tunji-Ojo, and Presidential aide, Bayo Onanuga, for being the pillars of President Bola Tinubu’s administration.

In a statement issued on Tuesday, Ohanaeze’s factional secretary-general, Okechukwu Isiguzoro, said that despite inherited challenges such as a retrogressive economy, treasury looting, and infrastructural decay, Tinubu has demonstrated the political will to overcome these obstacles more effectively than in the previous eight years of Buhari.

The statement reads in part: “During Buhari’s tenure, the South-East region faced deliberate economic suppression, leading to strife and insecurity. In contrast, President Tinubu’s administration has fostered hope and progress in the South East through initiatives like the ongoing road reconstruction and rehabilitation projects led by Engr. David Umahi and fostering economic activity and inclusivity.

“Ohanaeze Ndigbo unequivocally declares Engr. David Umahi the Best Performing Minister in the Federal Executive Council due to his diligence, dedication, and innovative ideas that have reshaped the region’s narrative.

“The organisation also commends Minister Nyesom Wike for his visionary leadership, Minister Tunji-Ojo for his reformative efforts, and Presidential aide Bayo Ononuga for his invaluable contribution to promoting President Tinubu’s vision.

“As the administration addresses challenges like insecurity and economic issues in the South East, Ohanaeze Ndigbo calls on President Tinubu to halt property demolitions in Lagos, release Nnamdi Kanu, enhance trade policies, and reopen the Calabar seaport to stimulate economic growth further.

“The organisation also advocates for the removal of underperforming ministers to drive progress and efficiency. Ohanaeze Ndigbo affirms its commitment to partnering with the government and urges opposition leaders to join hands with President Tinubu to rebuild the nation for prosperity and progress.”

Dele Momodu, a chieftain of the Peoples Democratic Party (PDP), has called on President Bola Tinubu to bring in capable individuals who can help address the nation’s challenges into his cabinet.

Speaking with journalists on Tuesday in Lagos, Momodu acknowledged the difficult times many Nigerians have faced over the past year and urged Tinubu to invite people with fresh ideas to help turn things around.

According to Momodu, the President needs to do more to meet citizens’ expectations, stressing that Nigeria is blessed with some of the greatest human beings scattered across the globe.

He advised Tinubu to find and bring these individuals into the government.

“The best way to get a second term by any leader is when you have performed in the first term,” Momodu said, adding “My honest advice, borne out of patriotism, is that you urgently get the best people on board.”

The publisher further urged the president to surround himself with people who would provide honest feedback, warning against the culture of sycophancy which he described as an albatross to good governance.

Momodu also called on Tinubu to solve the energy crisis in the country which he believes is crucial for propelling development, stating: “Until we solve the energy crisis, I don’t think we will be ready to join the comity of other nations in their march towards advancement.

“We also need to declare a state of emergency in infrastructure, education, food security, and overall security.”

… More Needs To Be Done To Achieve Monetary Policy Target- Muda Yusuf

Muhammed, a civil servant at the Ministry of Agriculture almost lost his temper after buying 25 pieces of pepper for N1000 after the sellers refused to sell N500 tomato to him.

Dona who sells auto spareparts in Gudu market, Abuja has been frustrated by exchange rate depreciation. The importer has struggled with his spareparts business since the naira fell to over N1,700 per dollar in February 2024.

These testimonies explain how the ‘Renewed Hope’ monetary policy of the Central Bank of Nigeria has failed to bring down inflation and stabilize the naira despite several policy initiatives.

The Bola Ahmed Tinubu-led administration inherited a central bank that applied an unorthodox monetary policy approach in the discharge of its mandate.

In his ‘Renewed Hope’ Manifesto released months before the 2023 presidential election, Tinubu told supporters that monetary policy must focus on the exchange rate, interest rate and price levels.

For him, the trio must serve the objective of fiscal policy, which is broadly shared prosperity.

Tinubu’s Promise To Stabilise Exchange Rate And Deal With Inflation

In order to undo the mistakes of the past government, Tinubu in his Renewed Hope Agenda highlighted some of the issues leading to the depreciation of the naira including, low crude oil production and the multiple exchange rate windows which gave rise to financial dislocation, currency speculation and arbitrage.

“To ensure that exchange rate policy harmonises with our goals of optimal growth and job creation driven by industrial, agricultural and infrastructural expansion, we will work with the Central Bank and the financial sector to carefully review and better optimise the exchange rate regime. Our economic policies shall be guided by our desire for a stronger, more stable Naira founded upon a vibrant and productive real economy,” part of the manifesto reads.

On tackling inflationary pressure, Tinubu said his team would assess the sources and causes of inflation and deploy the right mix of fiscal and monetary policy tools to contain it; instead of copying the policies and practices of economies from other countries.

The manifesto reads, “To impose the usual anti-inflation medicine of higher interest rates and tighter money-supply will only weaken the patient. The answer to supply-driven inflation is not to suppress normal aggregate demand levels. The better solution is to find ways to increase production and supply. To suppress demand will result in the overall loss of economic activity and jobs.

“Worse, since the inflation is grounded in supply-side issues, placing this weight on the demand side will do little to answer the root causes of current inflation. In short, we punish the national economy and the people without deriving any meaningful benefit.”

Naira Devalues By 221% While Inflation Rises To 33.6% One Year After

Two weeks after the administration took over, the CBN on June 14 introduced the ‘willing buyer, willing seller’ model and harmonized the different foreign exchange markets into the Nigerian Foreign Exchange Market (NAFEM) window.

Before the CBN took the decision, the naira was trading at an average of N460.72 in May. The currency moved to N589 on June 24, N770.88 in July, N783.17 in November 2023.

However, the CBN has achieved success in narrowing the gap between the official and black market rates. In May when the naira traded officially at N460.72, the black market rate was N780 effectively allowing speculators to enjoy an arbitrage of N319 per dollar.

As of May 24, 2024, the black market rate was N1,510 against N1,481.1 traded officially.

Inflation has constantly risen since the government assumed office in May last year. The National Bureau of Statistics (NBS) measured inflation at 24.41 per cent in May 2023 but surged to 33.6 per cent as of April 2024.

The Olayemi Cardoso-led CBN has consistently increased the Monetary Policy Rate (MPR) to combat inflation.

The administration met MPR at 18.5 per cent but the CBN increased it to 22.75 per cent on July 25. At the meeting of the Monetary Policy Committee in February 2024, the bank further raised MPR to 22.75 per cent; adjust the asymmetric corridor to+ I 00/-700 basis points around the MPR and raise the Cash Reserve Ratio from 32.5 per cent to 45.00 per cent.

In March, the MPR was raised to 24.75 per cent and in May, the bank also hiked the rate to 26.25 per cent.

This approach is in contrast with the manifesto that condemns increasing “interest rates and tighter money supply” as a “usual anti-inflation medicine.”

More Needs To Be Done To Achieve Monetary Policy Target- Muda Yusuf

Reacting to the development, the Chief Executive Officer of the Centre for the Promotion of Private Enterprises, Muda Yusuf told THE WHISTLER that more needs to be done regarding the approach to monetary policy.

The CPPE boos said, “With respect to issues around interest rates, Customs Duties exchange rate and issues around the volatility in the foreign exchange market, I think the current administration needs to do a lot more in that area because you cannot have an exchange rate that should be swinging almost on daily basis. You can not also have a Customs Duties rate that is also changing almost on a daily basis.

“That is not good, and we should also define the limits of tightening monetary policy because interest rate is getting to a point that nobody can do business with bank funds. We are talking about 30-35 per cent interest rate.What business are you going to do with that. It is not a perfect situation, but I believe some progress has been made.”

However, the former Lagos Chamber of Commerce and Industry DG said that a lot has been achieved compared to past CBN regime led by Godwin Emefiele.

According to Yusuf, the CBN under the previous administration, had a “terribly dysfunctional” foreign exchange market where there was corruption, round-tripping, and a lot of opaqueness in the way that the market was managed.

Yusuf said, “From all the audit reports, we can see the kind of atrocities that were committed under that regime. Under the current dispensation, at least you have more transparency, you have a minimum round-tripping because the gap between the official and parallel market rate have narrowed significantly and the market is beginning to generate more revenue from government.

“We are seeing better governance and stakeholder engagement by the central bank. We are not seeing the kind of reckless use of ways and means financing that we had under Emefiele, which was a gross violation of the CBN Act.”

The National Drug Law Enforcement Agency, NDLEA, has arrested a couple heading a cocaine trafficking cartel, Bolanle Lookman Dauda and Olayinka Toheebat Daudah in Lagos and Ogun states.

They were apprehended with multi-billion-naira worth of the illicit drug recovered in two major operations following the arrest of the kingpin and his queen in one of the intelligence-led raids.

In a statement released, the NDLEA spokesperson, Femi Babafemi, said the duo were arrested on Saturday 25th May 2024 by operatives of a special operation unit in NDLEA with the support of the Drug Enforcement Administration of the United States at Ibiye, along Lagos-Badagry expressway while attempting to cross the land border to deliver the consignment in Ghana. 

‘’At the point of their arrest, 42 blocks of the Class A drug weighing 47.5 kilograms were found on them. A swift follow-up operation in their residence at Plot 24/25 OPIC extension, Petedo road, Agbara, Ogun state, led to the recovery of an additional eight blocks of the same drug weighing 10kg, bringing the total weight of the cocaine seized from the couple to 57.5 kilograms. ‘’ Babafemi said.

He stated that in another raid by the special operation unit, no fewer than 1,100 ampoules of lethal synthetic opioid, fentanyl, weighing 6.48kg were recovered from a member of a drug trafficking syndicate, 34-year-old Ikeh Stanley Ifeanyi at the popular Idumota market in Lagos Island.

‘'No less than 790 ampoules of the dangerous opioid weighing 5.273kg were equally seized from another member of the fentanyl syndicate, 48-year-old Chieze Ogechukwu Benjamin who was also arrested at Idumota market. Fentanyl, a lethal synthetic opioid, which is 100 times more potent than heroin is currently responsible for over 70% of overdose deaths as well as a major contributor to fatal and nonfatal overdoses in the US.

Two other persons: Olayiwola Aremu Kazeem, 37, and Ogunfowora Taofik Ajibola, 35, were arrested on Lagos Island in a different raid by NDLEA officers with 432 grams of methamphetamine recovered from them.''

Babafemi added that at the Tincan port in Lagos, NDLEA operatives on Saturday 25th May intercepted 15 parcels of Loud, a synthetic strain of cannabis weighing 7.5kg concealed in the doors and body crevices of a Toyota Highlander SUV in a container marked MSMU 7294325. The container declared as containing three units of used vehicles including the Toyota Highlander originated from Toronto and shipped to Nigeria via Montreal, Canada.

He said a swift follow-up operation led to the arrest of two suspects: Sunday Sodade and Oriyomi Adesina, who were to receive the vehicle and the drug consignment. A bribe of six million naira offered to the NDLEA officers by the sender of the container based in Canada through his agent has also been registered as an exhibit for the prosecution of the case.

Reacting to the arrest of the drug kingpins and the seizure of the dangerous illicit drugs, the Chairman/Chief Executive Officer of NDLEA, Brig Gen Mohamed Buba Marwa (Retd) commended the officers and men of the special operation unit for their resilience in targeting and taking down drug cartels and barons. He equally praised the result-oriented collaboration between NDLEA and its local and international partners, urging all commands and formations of the Agency to remain unrelenting in their offensive action against the drug underworld.

Minister Of Agriculture and Food Security has blamed the rising cost of tomato products across Nigeria on an infestation of tomato farms known as Tomato Ebola or Tomato Leaf Miner.

He disclosed this on Monday through his official social media account.

Kyari was reacting to the astronomical rise in the prices of tomatoes in Nigeria.

DAILY POST reports that the average price of one kilogram of tomato rose by 131.58 per cent yearly to N1,123.41 in April 2024 from N485.10 in April 2023.

However, Kyari said the infestation in tomato farms has reduced product availability and price hikes.

“Many of our tomato farms have been affected by a severe infestation known as Tomato Ebola or Tomato Leaf Miner.

“This has drastically reduced the availability of tomatoes and contributed to rising costs.

“Our ministry is taking immediate action to combat this issue. We are deploying agricultural experts to affected areas to contain and eliminate the infestation.

“Additionally, we are supporting our farmers with the necessary resources and guidance to recover their crops as quickly as possible, just as we instituted the Ginger Blight Control Taskforce.

“We understand the impact this has on your daily lives and are working tirelessly to resolve the situation and restore the supply of affordable tomatoes”, he wrote.

Meanwhile, Nigeria’s food inflation surged to a record high in April.

Data from the National Bureau of Statistics showed that food and headline inflation increased to 33.69 per cent and 40.53 per cent in April 2024, respectively.

Four teams from Nigeria have secured two grand prizes and two first prizes at the Huawei ICT Competition 2023-2024 Global Final held in Shenzhen, China, on May 26.

At the competition designed to help students enhance their ICT knowledge and practical skills, the Nigerian teams emerged as part of 19 teams from nine countries that won the Grand Prizes of the Practice and Innovation Competitions.

This 8th edition of the Huawei ICT Competition, themed “Connection, Glory and Future,” attracted more than 170,000 students from over 2,000 universities and colleges across more than 80 countries and regions, making it the largest offline competition since its launch.

More than 160 teams, consisting of over 470 contestants from 49 different countries and regions, made it through national and regional competitions to reach this year’s global final.

The Nigeria team, comprising four students from the University of Ibadan – Rufus Olusoji Adisa, Tolani Adekunle Adisa, Chibueze Emmanuel Ibekwe, and Lawrence Chukwuemeka, won the grand prize in the Computing Track category.

In the Cloud Track category, another Nigeria team also from the University of Ibadan won the grand prize. The students include Lukman Oyeniyi Abdulyekeen, Sodiq Babawale, and Temiloluwa Oloye.

Two teams from the Federal University of Technology, Minna, also won first prizes in the Network Track category. Students in Team 1 include Knimi Bakna Musa, Kaosar Salaudeen Ahmad, Taiye Ayantola, and Oluwagbemiga Victor Ogundele, while Team 2 consists of Justus Ilegieuno, Yusuf Olanrewaju Toye, and Jamiu Damilare Dahunsi.

The Nigerian students beat thousands of competitors at the national level competition, testing a range of practical and theoretical digital skills, and represented Nigeria at the regional level contest where they qualified for the finals in China.

Speaking at the event, the President of Huawei’s ICT Strategy and Business Development Department, Ritchie Peng, described ICT as the cornerstone of the intelligent world.

“ICT is the cornerstone of the intelligent world. Through the Huawei ICT Competition, we aim to provide students with a global platform to compete and exchange ideas.”

…says trial- and-error economic policies won’t work

The presidential candidate of the Peoples Democratic Party (PDP), in the 2023 general elections, Atiku Abubakar, has said President Ahmed Tinubu’s one year rule hasn’t produced tangible results because he unleashed reforms without an implementation plan.

Atiku said this in an article he made public on Tuesday. He recalled that “On May 29, 2023, President Bola Tinubu raised the hopes of Nigerians with his pledge to ‘remodel our economy to bring about growth and development through job creation, food security and an end of extreme poverty.”

He explained that since making this pronouncement, Tinubu has also spoken about growing the economy at double-digit rates to US$1 trillion in six years, ending misery, and bringing immediate relief to Nigeria’s cost-of-living crisis.

According to the former Vice President noted that on listening to this, Nigerians must have breathed a sigh of relief after their experience with ex-President Buhari’s 8 years of economic misadventure.

He, however, said, “Tinubu laid out no plans for the ‘remodeling’ of the economy but soon embarked on a cocktail of policies to achieve it.

“In May 2023, he eliminated PMS subsidies, and a month later, the CBN implemented a new foreign exchange policy that unified the multiple official FX windows into a single official market.

“More policies followed in rapid succession: the tightening of monetary policy to reduce Naira liquidity, a hike in monetary policy rates, the introduction of cost-reflective electricity tariff, and a cybersecurity tax.

“Predictably, 12 months on, Tinubu’s pledge of growing the economy and ending misery remains unfulfilled.

“His actions or inactions have significantly worsened Nigeria’s macroeconomic stability. Nigeria remains a struggling economy and is more fragile today than it was a year ago.

“Indeed, all the economic ills – joblessness, poverty, and misery – which defined the Buhari-led administration have only exacerbated.

“Africa’s leading economy has slipped to the 4th position lagging behind Algeria, Egypt, and South Africa. Citizens’ hopes have been dashed (and not renewed contrary to the propaganda of the administration) as Nigeria’s economic woes have multiplied.

Giving an analysis of how he thinks Nigeria got to this sorry state, Atiku said, “In my press statement on the state of our economy, earlier this year, I expressed my concerns about the downside risks of unleashing reforms without sequencing;

“…without any ideas on how to implement them; and without any regards to their potential and real devastating consequences. Implementing policies without proper planning and a clear destination is nothing other than trial-and-error economics.

“My concerns have not diminished. I will focus on just four areas to underscore those downside risks associated with Tinubu’s reform measures and their dire consequences on Nigeria’s medium to long-term growth and development.

“First, President Tinubu’s policies do not create prosperity. Instead, they pauperize the poor and bankrupt the rich.

“They spare no one. Nigerian citizens, the majority of whom are poor, are going through the worst cost-of-living crisis since the infamous structural adjustment programme of the 1980s.

“The annual inflation rate at 33.69% is the highest in nearly 3 decades. Food prices are unbearably higher than what ordinary citizens can afford as food inflation soared to 40.53% in April, the highest in more than 15 years.”

He further said, “Nigerian citizens have to pay 114% more for a bag of rice, 107% more for a bag of flour, and 150% more in transport fares relative to May 2023. Today, in some locations, motorists are paying 305% more for a litre of fuel.

“Yet, on a minimum wage of the equivalent of US$23 per month, Nigerian workers are among the lowest wage earners in the world. Tinubu had the ‘courage’ to remove subsidy on PMS;

“…and impose additional taxes on his people but lacks the compassion to raise the minimum wage or implement a social investment programme that would reduce the levels of vulnerability, and deprivation of workers and their families.

“Second, President Tinubu’s policies create a hostile environment for businesses, big or small. The private sector is overwhelmed by Tinubu’s dismal policies and overburdened by his failure to address the policy fallouts.

“The manufacturing sector, which holds the key to higher incomes, jobs, and economic growth, has been bogged down by rising input prices, higher energy and borrowing costs, and exchange rate complexities.

“For example, since 2023, the average price of diesel has doubled to N1,600 per litre. Electricity tariff has recently been increased by 250% from N68/Kwh to N206/Kwh.

“As reported by the Guardian (13 May 2024), in Q1 of 2024, energy prices were up by 70%, costing manufacturers N290 billion.

“Since May 2023, corporate Nigeria has lost more than a dozen enterprises to other countries. Unilever, GlaxoSmithKline (GSK), Procter & Gamble (P&G), Sanofi-Aventi Nigeria, Bolt Food, Equinor, among others had exited Nigeria citing reasons including foreign exchange complexities, security concerns, and high operational costs.

“According to the Nigeria Employers’ Consultative Association (NECA), nearly 20,000 jobs may have been lost due to the departure of 15 multinational companies from Nigeria.

“Those enterprises that remain are struggling to survive. Vanguard Newspaper (20 May, 2024) reported a significant rise – to nearly 30% – in unsold goods in the warehouses of manufacturers of fast-moving consumer goods, occasioned by the rising cost of living and declining purchasing power of the citizens.

“According to the Guardian, manufacturers reported in Q1 a 10% drop in capacity utilization, a 10% drop in production, a 5% drop in investment, and more than 7% drop in sales.

“The Daily Trust (1 May, 2024) quoted Dangote lamenting that nearly 97% of manufacturing concerns in Nigeria will be unable to pay dividends this year.

“In an economy with high rates of unemployment, a declining manufacturing sector cannot be an option.

“Third, President Tinubu’s foreign exchange policies have not had any positive impact on Nigeria’s foreign trade balance, contrary to policy expectations.

“In particular, the free-float and the resulting devaluation of the Naira has not resulted in an appreciable improvement in Nigeria’s trade balance.

“Devaluation has not enhanced the competitiveness of local producers and has had no positive impact on exports of goods, primary or manufactured. In Q4 of 2023, for example, while imports surged 163.1%, exports rose at a slower 99.6%, indicating a huge foreign trade deficit.

“Similarly, in Q1 of 2024, Nigeria recorded a trade deficit of $7.5 billion, with exports value of $12.7 billion and import value of US$14 billion. Overall, the trade deficit as a percentage of GDP increased by 0.83% from 0.05% in May 2023 to 0.88% in May 2024.

“Fourth, President Tinubu’s policies have failed to attract foreign investments into the country despite all the posturing and media hype by the President’s men.

“Exchange rate unification and free float of the Naira have not led to higher capital inflows (whether Foreign Direct Investment or Foreign Portfolio Investments), again contrary to policy expectations.

“ Indeed, FDI inflows declined by 26.8%, from US5.33 billion in May 2023 to US$3.9 billion in May 2024. It is not difficult to understand why: FDI is about TRUST.

“It is about the investing world trusting the leadership of a country to act and deliver on promises made. Investors come when the right policies are designed and delivered timely and efficiently by public institutions.”