President Bola Tinubu has welcomed an investment of $520 million in specialised agro-processing zones by the African Development Bank (AfDB).

He has also praised the President of the bank, Nigeria’s Dr Adewunmi Adesina, for further opening up the economy for investments that provide job opportunities and reduction in poverty.

He gave the commendation while receiving the AfDB boss after the two-day summit on A New Global Financing Pact in Paris, France.

President Tinubu said the agro-industrial project strengthens an area of the country’s competitive advantage as he listed other areas of priority that require Foreign Direct Investment (FDI).

The President urged the Bank to inject funds into projects that target women and youth empowerment while appreciating the AfDB President for his vision of setting up a Youth Entrepreneurship Bank in Nigeria that will provide credit, skills, and other support for young Nigerians.

According to a statement issued on Saturday by Dele Alake, Special Adviser to the President of Special Duties, Communication, and Strategy, Tinubu assured Dr Adesina that the Federal Government would provide all the necessary assistance to ensure the sustenance of the projects, adding that electricity remained a priority area that needed urgent attention.

In his remarks, the AfDB President thanked President Tinubu for the bold initiatives that had repositioned the Nigerian economy in three weeks and stimulated the appetite of investors from different parts of the world; removal of fuel subsidies and harmonisation of exchange rates.

“I commend the President’s foresight, boldness, and determination for macroeconomic policy direction by removing the fuel subsidy,’’ he said, “No bird can fly with its wings tied behind. All those steps are signals investors like.’’