Buhari: Nigeria to Join Most Attractive Investment Destinations in the World
President Muhammadu Buhari, on Wednesday, assured potential investors that Nigeria will soon be one of the most attractive places to invest as his administration has embarked on significant economic reforms to realize that goal.
Presidential Special Adviser to the President on Media and Publicity, Mr Femi Adesina, said Buhari gave the assurance to a large gathering of political and business leaders from the United States, Africa and other regions of the world at the Second United States-Africa Business Forum in New York.
The forum was organized by the United States Department of Commerce and Bloomberg Philanthropies.
The Nigerian leader said that the Presidential Enabling Business Environment Council headed by Vice-President Yemi Osinbajo, would soon come out with wide-ranging business environment reforms on ports, visa-on arrival, improving the speed and efficiency of land titling and business registration.
Some of these fiscal incentives, he noted, include, up to 5 years tax holiday for activities classified as “pioneer;” tax-free operations; no restrictions on expatriate quotas in Free Trade Zones; and a low VAT regime of 5 per cent.
“We intend to make Nigeria one of the most attractive places to do business,” he declared, even as he noted that Nigeria remained the number one investment destination in Africa.
Buhari added that his administration would continue to strengthen government institutions in order to address the concerns of investors and ease investments in the Nigerian economy.
“We are weaning ourselves from a historical dependence on crude oil, diversifying our economy, and putting it on the path of sustainable and inclusive growth. To this end, we have embarked on policies aimed at establishing an open, rules-based and market-oriented economy.
We will continue to actively engage with the private sector at the highest levels to listen to your concerns and to assure you of our commitment to creating enabling policies in which your businesses can survive and thrive,” Buhari said.
He urged participants to “take advantage of this forum to establish and strengthen business relationships, share valuable experience and collaborate for mutual benefits.”
Buhari stated that enormous potential existed for foreign investment and for the local economy.
He listed the following as sectors that investors could take advantage of: Nigeria’s 180-million population and abundance of labour; arable land; forest waters; oil and gas; solid minerals; livestock and huge tourist potential.
According to him, these are no doubt challenging times for the Nigerian economy, "but let me use this opportunity to boldly affirm our conviction that there is no crisis without an accompanying opportunity. In our case, we see Nigeria’s ongoing economic challenges – occasioned mainly by the fall in oil prices – as an opportunity to set the economy firmly on the path of true diversification, sustainable economic growth and shared prosperity.”
The president said that the reform measures taken by his administration since inception in 2015 had started yielding good fruits especially in the areas of security, anti-corruption and revamping the economy.
He said the priority investment sectors for his administration were improving infrastructure, industrial productivity, agriculture, mining and digital economy where “young Nigerians are increasingly demonstrating that they have the talent and the passion to leverage.”
On United States-Nigeria business relations, he announced the commencement of the US-Nigeria Commercial and Investment Dialogue with a focus on the infrastructure, agriculture, digital economy, investment and regulatory reform to be jointly led by the Nigerian Minister of Industry, Trade and Investment and his US counterpart.
Buhari said after this business forum, he looked forward to increased trade and investment flows between Nigeria and the United States.