From Juliana Taiwo-Obalonye, Abuja
President Muhammadu Buhari has assured potential investors that his administration would soon embark on significant economic reforms in order to make Nigeria one of the most attractive places to invest in the world,
He announced that his administration’s Presidential Enabling Business Environment Council headed by the vice president, Prof. Yemi Osinbajo will soon come out with wide-ranging business environment reforms on ports, visa-on arrival, improved speed and efficiency of land titling and business registration, in order to aidease of doing business in Nigeria.
The president gave this assurance at a meeting with political and business leaders from the United States, Africa and other regions at the Second United States-Africa Business Forum in New York, yesterday.
“We intend to make Nigeria one of the most attractive places to do business,” he declared adding, “Nigeria remains the number one investment destination in Africa.”
Buhari stressed that some fiscal incentives which include, up to 5 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 5 per cent.
“We intend to make Nigeria one of the most attractive places to do business,” declaring that Nigeria remains the number one investment destination in Africa.
President Buhari further assured that his administration will continue to strengthen government institutions in order to address the concerns of investors and ease investments in the Nigerian 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,” he said.
Buhari urged the participants to “take advantage of this Forum to establish and strengthen business relationships, share valuable experience and collaborate for mutual benefits.”
The President, 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 administration since inception in 2015 have started yielding good fruits especially in the areas of security, anti-corruption and revamping the economy.
He said the priority investment sectors for his administration 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, Buhari 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 this Business Forum, he looked forward to increased trade and investment flows between Nigeria and the United States.