Economy can’t grow without a flourishing private sector — Tinubu

President Bola Tinubu has placed  Nigeria’s economic growth on a flourishing organised private sector, just as he sought their support to drive his administration’s resolve to revamp the struggling economy.

Tinubu said the economy was at a turning point and would require the steadfast support of the private sector for sustained growth and prosperity, assuring that he would have no excuse to fail.

The president spoke when he invited the Nigerian business community to a Ramadan dinner  in Abuja on Thursday, where he also, expressed gratitude for their support so far and pledged to engage with them more often.

”I should have summoned you before now because you are a valuable part of my constituency. No driver of the economy is bigger than the private sector. If the private sector is not flourishing, there is no growth, prosperity, employment, or development. No matter how flowery the speeches are, not even a mushroom will grow.

”We are at a turning point in our economy. I do not have to do a quadratic equation to illustrate that. I just want to appreciate you for your endurance and perseverance,’’ the president said.

Sharing insights from his visit to the New York Stock Exchange in 2023, President Tinubu noted Nigeria’s self-belief and determination to drive economic transformation from within.

”At the New York Stock Exchange, I appealed to foreign investors to consider Nigeria as a prime investment destination. At the end of my remarks, I told them we only want them to show their face and diversify Nigeria’s economy not as if we cannot do it ourselves.

“Tony Elumelu walked up to me and thanked me for making that statement. We can do it. Nigeria is a self-believer and can always deliver on its own. We know our first name and our last name. Our first name is ‘Spirit’, and our last name is ‘Can do’.”

Tinubu restated his commitment to fulfilling his mandate, noting that he could not afford to underperform given the trust placed in him by the electorate.

“I have no reason to underperform as the elected president of the country because I campaigned for the job. I cannot complain about the job. I appreciate the gesture, and what you have told me this evening is very inspiring. Cut the costs. Fix the bends. Summon courage. Save the money, but push the economy.

We will be there. Some countries have failed. Some countries have succeeded. In our time, in my time, all of us must work together to succeed. Thank you very much,’’ the president told his guests.

Tony Elumelu, chairman of Heirs Holdings, in his remarks at the dinner, assured the president that the organised private sector (OPS) was behind him.

‘‘Your transformation journey to turn around the economy and businesses is very appropriate for the country. We appreciate what you are doing. We know the journey will not be smooth, but given the will, we will get to the ‘Promised Land.’

‘‘On behalf of the OPS, we want to assure you that we are 100 percent with you. We have engaged with your ministers and associates; we share ideas, and we support them. We know that under your leadership, you have the ability to heal Nigeria permanently,’’ Elumelu said.

Allen Onyema, chief executive officer of Air Peace, charged business owners and manufacturers to work towards bringing down the cost of products and services.

Citing the example of Air Peace in reducing the cost of air tickets to London, Onyema thanked President Tinubu for improving the ease of doing business in the country.

”President Tinubu is thinking of the Nigeria of the future. The ease of doing business is coming back gradually. I can attest to that in the aviation sector because of the people you appointed to head that sector,” he said.

Stella Okoli, pharmacist and founder of Emzor Pharmaceutical Company, urged the president to look into providing more support for the pharmaceutical industry in the country to make it self-sufficient and self-financing.