President Muhammadu Buhari has declared that investment opportunities in Nigeria are not only attractive, they have some of the highest returns-on-investment globally.
Buhari made this declaration to participants at the Seventh Tokyo International Conference on African Development (TICAD7) in Tokyo, Japan on Thursday.
Presenting Nigeria’s statement at Plenary Session Three on “Public-Private Business Dialogue” at the TICAD7, he took advantage of the forum to market the country’s potential to foreign investors.
According to a statement by his Special Adviser on Media and Publicity, Femi Adesina, the President said he looked forward to prospective investors making inroads in power and renewable energy, petrochemical and gas, maritime (shipping and ports), automobiles, mining, agribusiness, healthcare and pharmaceuticals, ICT and railway, which he classified as priority sectors.
Urging investors to take advantage of ongoing reforms being carried out by his administration, Buhari added: “I have also established a Presidential Committee on Enabling Business Environment, which is made up of key Ministries and prominent businessmen to promote the Ease of Doing Business and make Nigeria more attractive and competitive for investment.
“Our administration is committed to removing all impediments to private sector participation in these sectors by creating policies that will ensure consistency, predictability and a level playing field for all.”
He identified power, transportation, infrastructure, maritime/shipping, agro-processing, mining, manufacturing, petro-chemicals, food processing and textiles among others, as “key drivers to the diversification” of the local economy as well as “priority areas that will drive our Economic Agenda.” The President said he looked forward to “welcoming prospective investors to Nigeria.”
Reviewing the Nigeria-Japan relations, President Buhari commended the existing bonds of friendship and economic cooperation between both countries, describing the Asian country as “a strategic partner for our socio-economic development.”
He explained Nigeria’s intention to “further encourage relationships with key public and private sector stakeholders” in both nations.
The President hailed the level of “discussions on the establishment of the Japan-Nigeria Business Facilitation Council, an initiative of the Japanese government, which would be launched on our return to Nigeria.” He added: “I look forward to positive reports of increased trade and investment between Nigeria and Japan from these initiatives.”
Describing the TICAD forum as important to Nigeria, President Buhari said: “It coincides with the period when the country is faced with a number of challenges that affect our economy.”
Noting that his administration “has put in place measures seeking to diversify the economy by developing agriculture, emphasising on manufacturing and addressing the energy and infrastructure deficit,” he expressed confidence that, “with these, we shall be placing Nigeria on the path of rapid growth and sustainable development.
President Buhari stressed: “TICAD is also coming at a time when our government is implementing home-grown and private sector-driven economic measures that are predicated on good governance, infrastructure and human capital development as well as, business climate reform.”
The above domestic measures, he explained, informed his invitation to “the private sector to come and invest in Nigeria.”
Packaged by Alice Egbedele
