President Muhammadu Buhari has assured potential investors that Nigeria will soon be one of the most attractive places to invest as his government has embarked on significant economic reforms to realise that goal.
The President gave this assurance at the Second United States-Africa Business Forum in New York, on Wednesday, organised by the United States Department of Commerce and Bloomberg Philanthropies.
The Nigerian leader said 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.
According to the president, Some fiscal incentives include up to five 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 five per cent.
“We intend to make Nigeria one of the most attractive places to do business. Nigeria remains the number one investment destination in Africa,” President Buhari said.
President Buhari said his government would continue to strengthen institutions in order to address the concerns of investors and ease investments in the 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,” President Buhari said.
He urged participants to “take advantage of the forum to establish and strengthen business relationships, share valuable experience and collaborate for mutual benefits.”
President Buhari, while stressing that enormous potential exists for foreign investment and for the local economy, listed sectors which have barely been exploited to include 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 government since inception in 2015 have started yielding good fruits especially in the areas of security, anti-corruption and revamping the economy.
He said that the priority investment sectors for his government now are 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.
President Buhari said after the business forum, he looked forward to increased trade and investment flows between Nigeria and the United States.