President Bola Tinubu returned to Nigeria on Saturday night following his participation in the G20 Leaders’ Summit in Rio de Janeiro, Brazil. The president was welcomed at the Nnamdi Azikiwe International Airport in Abuja by senior government officials.
At the summit, President Tinubu endorsed the global alliance against hunger and poverty, a key agenda of the G20. On the sidelines of the summit, he engaged in talks with Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), who commended Nigeria’s ongoing economic reforms. The IMF also expressed its support for Nigeria’s efforts to improve its economic stability.
A major outcome of Tinubu’s trip was the signing of a $2.5 billion Letter of Intent between Nigeria and JBS S.A., a leading global meat processing company. This deal is aimed at boosting Nigeria’s livestock sector, creating jobs, and addressing the long-standing issue of farmer-herder conflicts.
Tinubu acknowledged that while his economic reforms had temporarily impacted Nigerians’ purchasing power, the results were beginning to show. He assured citizens that the government would continue to provide social safety nets to ease the challenges posed by the reforms.
Education, according to the president, is a critical focus of his administration. He stressed the importance of keeping children in school as a way to combat hunger and poverty. His government is designing programs to incentivize education and provide support for vulnerable students.
On tax reforms, Tinubu said his administration was engaging stakeholders to expand the country’s tax base without increasing the financial burden on citizens. He believes this approach will stimulate further economic growth.
Georgieva also praised Nigeria’s social investment programs, which she said were helping to mitigate the impact of the reforms on the most vulnerable populations. She promised the IMF’s continued support in Nigeria’s development efforts. Additionally, the IMF Managing Director informed President Tinubu about the Fund’s approval of a new Chair for Sub-Saharan Africa, which will give the region a stronger voice in global economic discussions.
