Arriving Monday in Riyadh, the capital of the Kingdom of Saudi Arabia, to participate in the conference of the Future Investment Initiative Institute, Nigerian President Muhammadu Buhari, delivered his speech on Tuesday, October 26, 2021. In front of the assembly, the head of state of Nigeria, focused on the digital currency launched by his country this week.
Nigeria now has its e-money. Called eNaira, this digital currency will allow this giant West African country to withstand the wind of monetary digitization that is gradually challenging old financial practices. This feat achieved by Nigeria occupied a prominent place in President Muhammadu Buhari’s speech at the Future Investment Initiative Institute conference currently taking place in Riyadh.
Stressing that Nigeria is the first African country to adopt a digital currency, Buhari said that this “digital currency and digital finance practices will help Nigeria fight corruption.” “Private and public investments must focus on health, education, poverty eradication, among others,” adds the President of Nigeria.
According to Buhari, Nigeria is focusing on social investment, as well as investment in food and agriculture, and is moving away from oil.
The Future Investment Initiative Institute, or FII Institute, is a non-profit organization managed by the Public Investment Fund, Saudi Arabia’s leading sovereign wealth fund. It was announced in September 2017 by the Public Investment Fund, Saudi Arabia’s largest sovereign wealth fund, as part of the Saudi Vision 2030 economic and social reform program. The Board of Directors of the FII Institute includes HE Yasir Al-Rumayyan, HRH Princess Reema bint Bandar Al Saud, HE Mohamed Alabbar, HE Matteo Renzi, Dr. Peter Diamandis, Professor Tony F. Chan, Professor Adah Almutairi and CEO Richard Attias. The first Board of Directors took place in April 2020.
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