The Democratic Front (TDF) has described President Bola Tinubu’s visit to South Africa as successful based on the agreements reached fostering further economic partnership.
In a statement signed by its Chairman, Mallam Danjuma Muhammad and Secretary, Chief, Wale Adedayo, TDF also described South Africa’s decision to relax visa requirements for Nigerians as a reflection of the country’s improved profile on President Tinubu’s watch.
The group said: “It is quite remarkable that the diplomatic concession on visa by the South African authorities was announced by none other than President Cyril Ramaphosa at the Nigeria – South Africa Bi-National Business Commission.
“Even though we appreciate the socio-economic and political gains achieved in the 30 years of diplomatic relations between Nigeria and South Africa, we view this particular gesture as a tremendous display of confidence in the ongoing economic reforms in Nigeria by the South African government.
“We expect that the growing global confidence in President Bola Tinubu’s reforms as expressed by several nations, would encourage Nigerians to continue to support the President by keeping faith with the policies and guiding philosophy of his administration.
“We observed that since the beginning of the economic reforms in Nigeria, the President has left no stone unturned in exploring and exploiting every global platform to inform world leaders of the country’s full transition into a free-market economy where businesses and investments will compete favourably under the dictates of free market conditions.
“However, it is instructive to note that the South African support for President Tinubu’s economic reform efforts is not the first of its kind. India, China, the US, Great Britain, Brazil, France, Saudi Arabia, and the United Arab Emirates have all expressed similar support and confidence in the ongoing reforms through a cumulative commitment of about $30 billion in investments in the economy.
“The success of the Tinubu reform can best be appreciated within the context of positive reflections emanating from key economic performance indicators like the GDP growth of 3.46% in Q 3, 2024, a decline in unemployment rate to 4.3 % from 5.3%, a significant inflow in foreign capital remittances and an impressive surge in domestic revenue generation.
“Others are a steady decline in revenue to debt service ratio, a 33-month rise in foreign exchange reserve to $40 billion, stability in the foreign exchange rate, sanity in monetary policy implementation and better ease of doing business regime.
“All these, in our opinion, are the winning streaks of President Tinubu’s economic reforms that have motivated the much-needed global confidence and interest in Nigeria’s economy.
“We also believe that the pledge of support by South Africa for Nigeria’s membership of G20, and its readiness to invest in Nigeria’s lithium potential will further strengthen the age-long diplomatic relationship between the two countries, the same way, that the action equally underscores the significance of the President’s visit to that country. “
TDF also commended President Bola Tinubu’s commitment to reform and urged him to stay the course until the objectives are achieved.