BRITISH-NIGERIA BUSINESS NETWORK BELIEVES THAT NIGERIA'S FX UNIFICATION WILL BENEFIT INVESTMENT

The British-Nigeria corporate Network (BNBN), a well-known independent corporate think tank, has shown interest in the Central Bank of Nigeria's (CBN) decision to combine all of its FX windows. According to the company, the action will give Nigeria several new investment opportunities.

President Bola Ahmed Tinubu for having the guts the Nigerian economy.

Ifeanyi Ubani, the executive director of BNBN, made the statement from the United Kingdom.

The President's primary but admirable endeavor, according to Ubani, was the harmonization of exchange rates, he stated in a telephone interview.

The group, which was made up of distinguished financial and economic specialists, praised President Tinubu's administration for what it called its innovative approach to economic development. The Executive Director emphasized the actions made up guiding the stability and progress.

The head of BNBN acknowledged that Nigeria has a long-standing FX difficulty, but noted that the new strategy aimed to unify Nigeria's several exchange rates. According to him, the crisis had a negative effect on the nation's economy and investments.

There is no longer a parallel Naira flow thanks to the President's opening of the currency market. There is no longer a difference between the CBN's rates and those on the black market.

He noted that by correcting the exchange rates, it is now simpler for those looking to invest in Nigeria to say, “This is the amount which to do your proposal and feasibility, which can stand between one and five years.”

In contrast to earlier times, when “you are, for instance, doing the Nigeria rate of say N450 to a Dollar and the parallel market is N750,” Ubani indicated that the current situation was significantly different.

The British African Business Alliance's (BABA) Ubani, who called the harmonization of exchange rates “just exciting,” praised the policy as an essential step toward economic cooperation.

He claims that standardizing exchange rates can increase investor confidence, draw in foreign capital, and support economic growth.

President Tinubu has started what is known as the capital and current repatriation flow, which is something else.

In the past, there was a significant delay when moving money or capital into or out of Nigeria since it had to go through the CBN. Investment was hampered as a result. That was the cause of Nigeria's issues.

President Tinubu's administration has demonstrated a willingness to confront economic difficulties head-on, and this most recent measure serves as evidence of their dedication.

He claimed that by implementing a single currency rate, the government aimed to level the playing field for businesses, lessen market distortions, and draw in foreign direct investments.

BNBN is a proactive organization, the Executive Director revealed, adding, We examine your steps, check the facts. We have checked the accuracy of every meeting President Tinubu has had with foreign governments. It demonstrates a strong willingness to expand Nigeria's market for international trade.

And in fact, he has made it possible for you to bring your money into the economy and withdraw it. Those are two wise decisions, the ambassador remarked.

Furthermore, he stressed that these actions make him proactive and that President Tinubu has invited all the “sensitive countries” and informed them that Nigeria is eager to watch them.

“Tinubu has demonstrated his commitment to improving Nigeria. His actions demonstrate his willingness to attract foreign investors. It shows that he wants to liberalize the economy,” he stated.

The envoy expressed hope that the President's action would make a substantial contribution to reducing economic inequalities and improving financial stability.

And in fact, he has made it possible for you to bring your money into the economy and withdraw it. Those are two wise decisions, the ambassador remarked.

The organisation has disclosed how it had been working covertly to improve commercial relations between Nigeria and the UK. Experts noted that it is crucial to promote strong trade and investment links between nations in a period of economic globalization.

Under Ubani's direction, the BNBN is said to have played a significant role in strengthening ties and fostering joint ventures between Nigeria and the UK.

The report that is now accessible demonstrates the aggressive efforts made by the BNBN to increase trade and investment prospects between these two countries.

According to reports, the organization is committed to fostering cultural and economic understanding between the UK and Nigeria. According to reports, the BNBN serves as a crucial forum for bringing together businesses, entrepreneurs, and stakeholders from both countries. It was created with the aim of promoting bilateral trade and investment.

In diplomatic circles, the Executive Director is regarded as someone who is passionate in fostering wholesome trade between Nigeria and the UK.

According to him, BNBN involve fostering a climate that trade and invest in order to promote sustainable growth and the mutual benefit of the two nations.

To increase trade between the two countries, techniques including networking gatherings, seminars, and trade missions. These gatherings, which are believed to have the active backing of her partners, the British African corporate Alliance UK, offer a platform for interaction, idea exchange, and consideration of potential partnerships between corporate executives, legislators, and investors from both countries.

Ubani noted that the group for legislative changes to encourage trade and investment, acknowledging the significance of a supportive policy climate.

He claims that this entails dealing with regulatory obstacles, removing tariff barriers, and supporting government programs that support a favorable business environment.

The Executive Director's primary responsibility is to introduce UK investors to investment opportunities in Nigeria. BNBN aggressively encourages foreign direct investment by showcasing promising industry sectors and making introductions to influential local businesspeople.

The promotion of collaboration is claimed to benefit greatly from trade missions and delegations. It is believed that the Executive Director will spearhead and assist these projects, assisting businesses to research possible markets, form alliances, and develop trust with their counterparts in Nigeria and the UK.