Nigeria continues to be the finest place for American investors to place their money, according to President Muhammadu Buhari, who made this claim on Friday in Washington, DC.
The President asserts that aside from its population’s size and demographic advantages, Nigeria is a desirable location for investment because of the numerous incentives and policies implemented by its government.
On the fringes of the US-Africa Leaders Summit, President Buhari addressed the U.S.-Nigeria Business and Investment Forum, Business Roundtable, which was hosted by the American Corporate Council on Africa (CCA) and the Federal Ministry of Industry, Trade, and Investment.
Reasons Nigeria May Not Exit Recession In First Quarter Of 2021
“It is therefore, imperative that I reiterate at the outset, the comparative advantages that exist within the Nigeria’s economy. First as the most populous country and largest economy in Africa, there is no doubt that Nigeria remains Africa’s largest single consumer market, projected to account for over 15% of overall growth in Africa’s spending, by 2025. Secondly, investors in the country would have access to new markets under the African Continental Free Trade Area, (AfCTA), which would be the world’s largest free trade area, would be expected to connect 1.3 billion people across 55 countries and a consumer market that will be worth over $3 trillion by 2030, and a combined Gross Domestic Product (GDP) valued at US$3.4 trillion.”
He added that “since 2015, when my administration assumed office, fixing of the infrastructural gaps needed for business to thrive in Nigeria, namely; roads, railways, air and sea ports, energy and telecommunications, constituted greater priorities for Government. Related to these conscious and practical efforts, is the resolve by our Administration to improve the business environment through business incentives, regulatory reforms and visa-regime that are business-friendly.
“The outcome of the massive efforts and investments by our administration in Infrastructure Development and Refurbishment, i.e. Road Construction and Rehabilitation, Investment Tax Credit Policy, led to the reconstruction of 21 selected Federal Roads, totaling 1,804.6 KM. With regards to railways, sea and air ports as well as energy, which are expected to facilitate movements of people, goods and services as well as sustain the stabilization of industries and their growth respectively.”
Apple Now Higher Than GDP Of 48 African Countries, Including Nigeria, S’Africa
President Buhari told his audience that the Nigerian economy has continued to show excellent growth in several sectors despite the global issues brought on by COVID-19 and the conflict in Ukraine:
“On economy, Nigeria like other countries , including the developed economies, is facing economic challenges, occasioned by the disruptions as a result of the COVID – 19 pandemic the ongoing Ukraine war and the Climate Change, in which massive flooding is one the manifestations. Notwithstanding these global challenges, Nigeria had witnessed seven (7) consecutive quarters of growth, after the negative growth rates recorded in the 2nd and 3rd Quarters of 2020. Nigeria’s GDP grew by 3.54% year-on-year in real terms in the 2nd Quarter of 2022, which represents a sustained positive economic performance, especially for the Non-Oil GDP which fell by 4.77% in Q2 2022 against Oil GDP that grew by -11.77%.
“Statistics continue to indicate that most sectors of our economy recorded positive growth despite these challenges, which reflect the effective implementation of the economic sustainability measures introduced by our Administration. For our economy to favourably meet up the global digitization, Nigeria embraced Communication and Digital Economy. Already, the broadband coverage of the country stands at 44.32% and 77.52%. 4G coverage has also been achieved, with the establishment of 36,751 4G base stations nationwide.”
The President thanked the American government for its assistance in this area and informed the audience of his administration’s ongoing efforts to reverse the prevalent level of insecurity it inherited, particularly in the Northeast.
IMF: Economic Outlook For 2021 Not Good
“When our administration came to power in 2015, most of the North-East of Nigeria was under the control of Boko Haram Terrorist Group. Governance and Socio-Economic activities came to stand-still. This state of happening has today been reversed. Internally Displaced Persons (IDPs) are returning to their ancestral home-areas, rebuilt through efforts by the Borno State Government and some philanthropic individuals, to recommence their lives in relative peace. As a country and sub-region, we continue to make sustained investments and efforts to strengthen our national and sub-regional security.
“In such circumstances, Nigeria continues to treasure strong partnerships with friends and allies in our national, continental and global efforts for safety and survival. We thank the United States of America for her partnership and as an ally, which made it possible to acquire arms, weapons and other military hardware, which has assisted Nigeria in her efforts to contain the scourge of terrorism and maritime insecurity,” the President said.
The Nigerian president briefed the crowd on his administration’s measures to guarantee that the issue of electricity supply is resolved as soon as possible.
“In the pursuit of our energy development, Nigeria remains mindful of her commitment to carbon neutrality by 2060. In this regard, our administration launched an Energy Transition Plan (ETP) in September, 2022 aimed at meeting the national energy needs, in line with Nigeria’s net zero target. The Energy Transition Plan is a home-grown, data-backed, multipronged strategy developed for the achievement of net-zero emissions’ reduction across five (5) key sectors; Power, Cooking, Oil and Gas, Transport and Industry. The Energy Transition Plan (ETP) is therefore, a huge investment opportunity in the gas sector.”
ON PETER OBI’s APPEAL TO DATA: BETWEEN FACTS AND FICTION
In his remarks, Otunba Adeniyi Adebayo, the minister of industry, trade, and investment, informed the audience that Nigeria is politically stable and prepared for increased investment, and that this trend will continue because President Buhari has implemented electoral reforms that are long-lasting, allowing for free, fair, and transparent elections.
In her remarks, Ms. Florie Liser, President of CCA, stated that the organization has been fostering economic and investment ties between the US and Africa since 1993.
According to her, “gathered here are CCA members, partners and investors doing great works in Nigeria who have a strong interest in sealing their operations there.”
Follow us on Facebook
Post Disclaimer
The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.