Buhari to French investors: Nigeria viable to attract, sustain direct investments

By Egena Sunday Ode

President Muhammadu Buhari Wednesday in Paris, France, said outlook on Nigerian economy remained bright, with sustained investments in infrastructure, particularly ICT, that favour global businesses and a friendly regulatory environment that supports Foreign Direct Investments (FDI).

This was disclosed in a statement by the Special Adviser to the President on Media and Publicity, Femi Adesina.

In a keynote remark at the Nigeria International Partnership Forum, with focus on “Beyond the Pandemic’’, President Buhari said the Nigerian economy was being re-engineered and re-positioned to be globally more competitive, favouring business and entrepreneurship to drive growth and development, according to the statement.

“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.

“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,’’ Buhari was quoted to have said.

The President, according to the statement, told a gathering of French and Nigerian businessmen that the government recognized the nation’s risk profile and decided to re-assess and update 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.

“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 programme, 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 a period of 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.

 President Buhari said opportunities in the mining sector had been expanded, with simplified licensing process, extensive investments in transportation of raw materials, equipment and other mining elements by road and by rail.