Nigeria is currently making good savings for health care, education and the country is ready to offer a great deal of opportunities to investors in the U.S.
Nigeria’s President, Bola Ahmed Tinubu said this during a US Nigeria Executive Business Roundtable held in New York.
President Tinubu also said that Nigeria has the capability to produce sufficient human capacity but it seeks opportunities for homegrown development which he said is Germaine
He said; “We can produce sufficient human capacity we have them but without the opportunity to have a homegrown development that is germane to our people.”
The President said that Nigeria remained a country where investors would have the highest return on their investment.
President Tinubu identified lack of consistency in policy, double taxation, an unfriendly exchange rate environment, and corrupt subsidies as major impediments hindering the country from maximizing its full potential in the past.
“What is wrong with the country in the past is lack of consistency in policy, double taxation, unfriendly exchange rate environment, a corrupt subsidy that is why we were labelled perhaps one of the most corrupt in Africa.
“Those two items can make you sad but it takes a bold endeavor to reverse the course of a nation heading for disaster.
“Remove the impediments what is oil subsidy, Smugglers, corruption, manipulation etc I don’t want to be part of it, get rid of it. What is the multiple exchange rate window, multiple steps let it be gone.
“What are we lacking the courage and the leadership in the right direction, we are not lacking in capacity. we can produce sufficient human capacity, we have them but without the opportunity to have a homegrown development that is germane to our people,”President Tinubu explained.
He said; “If there is a good opportunity for a good mortgage system, primary and secondary system, there will be harmony in the family and all sorts of labelling and identity problems affecting the country will be solved.
“Nigeria is ready to work with you, we are making good savings for health care , education, we are making good plans.”
Also speaking at the US Nigeria Executive Business Roundtable, the Minister of Trade and Investment, Dr. Doris Uzoka-Anite told the business community in U.S that Nigeria would leverage technology in optimising its entire value chain which cuts across multiple sectors of agro-businesses to solid minerals and the oil and Gas sector.
Dr Anite noted that there are huge opportunities for investment in the oil sectors.
She stressed that “Nigeria is ready to work with investors in core businesses such as the value chains of extraction to processing and manufacturing down to market access.
“If you are looking at investing in core businesses in any of the value chains from core businesses, from extraction to processing to manufacturing to market access we have all of them ready.”
The Minister of Trade and Investment further emphasized that Nigeria is currently creating a pipeline of Investible assets and projects that would accommodate investors.
She further disclosed that the most populous nation in Africa is building a credit system that will ride on digital identity and would require huge investment from the government.
Dr Uzoka Anite said that these are being done to minimize risk for financiers.
She said; “We are building consumer credit system that will ride on digital identity and will require a huge investment on the part of His Excellency and the govt to ensure that your risk are minimised because if you can identify those that are asking for credits and we can lend to SMEs and to individuals to consume then we have the incentive to produce.”
Dr Uzoka Anite further promised that Nigeria is open for business and created the right environment, infrastructure and the right human resources.
“Money flows to where there is need and that is what we will do. His excellency has assured us that Nigeria is open for business and has created the right environment, the right infrastructure and the right people to make that happen,” she added.
Present at the meeting were members of the Nigerian Governors Forum , Nigerian economist and the Founder of Tony Elumelu Foundation, members of the American Business Council, U.S. Deputy Secretary of the Treasury, Flutterwave Fintech company among many others.