President Muhammadu Buhari said in Paris on Wednesday that Nigeria remained the finest option for FDI on the African continent, and urged international investors to take advantage of current changes.
The President, speaking at a high-level Nigeria International Partnership Forum (NIPF) in Paris on Wednesday, drew the international community’s attention to opportunities in several sectors, including mining, which he said “had been expanded, with the simplified licensing process, investments in the transportation of raw materials, equipment, and other mining elements by road and rail.”
President Buhari told investors in Paris that the Nigerian economy is strong, with continued investments in infrastructure, notably in information and communication technology, that benefit global firms and a welcoming regulatory framework that encourages FDI (FDI).
The President said the Nigerian economy was being re-engineered and repositioned to be globally more competitive, supporting enterprise and entrepreneurship to promote growth and development, in a keynote address at the Nigeria International Partnership Forum with a focus on “Beyond the Pandemic.”
“For us in Nigeria, lessons drawn from the pandemic prompted us to redouble efforts to mitigate its socio-economic effects. Despite prevailing uncertainties, our equitable and sustainable reform initiatives resulted in substantial economic gains and steady recovery.
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“I can assure you that our administration is on the right path to achieving multi-sectoral progress. We have revitalized the economy by increasing investments in capacity building, health, infrastructure, women’s empowerment, climate change, and food security.
“Today, these actions are yielding self-employment, expanding our human resource pool, and strengthening our national productivity for sustainable development,’’ he said.
The President informed a group of French and Nigerian businesses that the administration was aware of the country’s risk profile and has decided to re-evaluate and revise the National Security Strategy in 2019.
“The implementation of this multi-sectoral strategy has contributed to the progress we have made in fighting insurgents and terrorists in the North East of the country. Working closely with international partners, we are firmly addressing the root causes of crimes, and taking measures to prevent and counter violent extremism,’’ he added.
“As I said at the 5th edition of the Future Investment Initiative Summit in Riyadh, Saudi Arabia, investing in humanity is investing in our collective survival. With this in mind, we have incorporated the Public-Private Partnership model into our economic recovery plan, to attract private sector participation in the financing and operations of critical economic and social infrastructure. This measure is already helping to mitigate COVID-19 triggered capital flight and decline in grant and development financing.
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“Also, at the just concluded COP26 in Glasgow, I stressed the link between modern infrastructure and the overall economic development of a nation. Hence, the massive infrastructure expansion program, we have been executing in various sectors since the beginning of this administration. 1.5 trillion Dollars is the cumulative amount estimated to be spent within ten years from 2015.
“So far, we have made significant investments in railways, seaports, roads, renewable energy, housing, and many others attractive to prospective investors. Institutions such as the Nigeria Sovereign Investment Authority and the recently created Infrastructure Corporation of Nigeria run as independent world-class institutions to support and facilitate investments in the country,’’ the President noted.
“To keep the progress in the digital economy, the fastest growing sector in Nigeria in both 2020 and 2021 on track, we recently approved the national policy on Fifth Generation (5G) network.
“Our ultimate goal is to leverage ICT platforms to spur further investments and create jobs while diversifying support to other emerging sectors. Already, several foreign investors are taking advantage of our recent ranking as the leading start-up ecosystem in Africa.
He informed the audience of the eNaira, the electronic version of the country’s national currency, which became operational recently, adding that “When fully operationalized, this innovation will increase participation in fin-tech within Nigeria, increase efficiency in the banking sector, and boost our capacity to combat the illicit flow of funds,’’ he said.
The President said the oil sector was also getting more attention to expand opportunities with the signing of the Petroleum Industry Act (PIA).
‘’In the oil and gas sector, I recently signed the Petroleum Industry Act (PIA). The legislation, which is expected to serve as a liberalizing force in the industry, introduced incentives such as tax holidays, zero-interest loans, and easy repatriation of profits.
“We plan to increase Liquefied Natural Gas exports and expand our domestic market. Partnerships in textile and leather processing, tourism, and health sectors are also areas we can explore,’’ he said.
The President noted that the agricultural sector, through Anchor Borrowers Programme, provided loans and technical support to smallholder farmers, leading to the expansion in the number of rice mills in Nigeria from ten in 2014 to forty today.
“The country has also increased the number of active fertilizer blending plants to more than forty-six, from fewer than five in 2014,’’ President Buhari said, “similarly, we have set aside several million hectares of available arable land for agriculture, and have embarked on the creation of Special Agriculture Processing Zones across the country.’’
President Buhari assured the investors of the country’s willingness to create a win-win at every point.
“I am proud to reiterate our resolve to reduce and ultimately eliminate obstacles to access and retention of Foreign Direct Investment (FDI). Our investment-friendly policies are backed by the rule of law, practical security policies, and a resilient population.
“Let me finally stress that Nigeria is open for partnership and cooperation. I invite the French business community to take advantage of the vast investment opportunities in Africa’s largest economy. As our development partners, rest assured that we will stand together with you throughout our partnership journey to guarantee our mutual interest,’’ he said.
Babagana Monguno, the president’s national security adviser, Babagana Kingibe, Nigeria’s Special Envoy on Chad and the Lake Chad Basin, Isa Ali Pantami, Minister of Communication and Digital Economy, Timipre Sylva, Minister of State for Petroleum, Lai Mohammed, Minister of Information, and Geoffrey Onyeama, Minister of Foreign Affairs, also gave an overview of the Nigerian economy’s key sectors.
