“It is therefore, imperative that I reiterate at the outset, the comparative advantages that exist within Nigeria’s economy,” President Buhari says.
President Muhammadu Buhari Friday in Washington DC asserted that Nigeria stays the most productive vacation spot for American buyers to place their cash.
According to the President, apart the inhabitants merit in dimension and demography, more than a few incentives and insurance policies emplaced by way of the Nigerian govt make it a vacation spot of selection for funding.
Speaking at the United States – Nigeria Business and Investment Forum, Business Roundtable organised by way of the American Corporate Council on Africa (CCA) in conjunction with the Federal Ministry of Industry, Trade and Investment, at the sidelines of the US-Africa Leaders Summit, President Buhari stated:
“It is therefore, imperative that I reiterate at the outset, the comparative advantages that exist within 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 per cent 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 management assumed place of work, solving of the infrastructural gaps wanted for enterprise to thrive in Nigeria, specifically; roads, railways, air and sea ports, power and telecommunications, constituted better priorities for presidency. Related to those mindful and sensible efforts, is the get to the bottom of by way of our management to fortify the enterprise setting thru enterprise incentives, regulatory reforms and visa-regime which 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.”
President Buhari knowledgeable his target market that in spite of the worldwide demanding situations occasioned by way of COVID-19 and the battle in Ukraine, the Nigerian economic system has persisted to document spectacular enlargement in many sectors:
“On economic system, Nigeria like different nations , together with the evolved economies, is going through financial demanding situations, occasioned by way of the disruptions because of the COVID – 19 pandemic the continuing Ukraine battle and the Climate Change, in which large flooding is one the manifestations. Notwithstanding those international demanding situations, Nigeria had witnessed seven (7) consecutive quarters of enlargement, after the unfavourable enlargement charges recorded in the 2d and third Quarters of 2020. Nigeria’s GDP grew by way of 3.54 according to cent year-on-year in actual phrases in the 2d Quarter of 2022, which represents a sustained sure financial efficiency, particularly for the Non-Oil GDP which fell by way of 4.77 according to cent in Q2 2022 towards Oil GDP that grew by way of -11.77 according to cent.
“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 per cent and 77.52 per cent. 4G coverage has also been achieved, with the establishment of 36,751 4G base stations nationwide.”
The President apprised the collection of the sustained efforts of his management to opposite the pervasive state of lack of confidence he inherited particularly in the Northeast, commending the federal government of the United States for the fortify it has rendered in this side.
“When our management got here to energy in 2015, many of the North-East of Nigeria was once underneath the keep watch over of Boko Haram Terrorist Group. Governance and Socio-Economic actions got here to stand-still. This state of taking place has these days been reversed. Internally Displaced Persons (IDPs) are returning to their ancestral home-areas, rebuilt thru efforts by way of the Borno State Government and a few philanthropic people, to recommence their lives in relative peace. As a rustic and sub-region, we proceed to make sustained investments and efforts to fortify our nationwide and sub-regional safety.
“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 stated.
The Nigerian chief knowledgeable the collection of the plans of his management to be sure that the issue of power provide is addressed in the speedy long run.
“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.”
The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, in his remarks, informed the target market that Nigeria is politically solid and able for extra investments and the rage will proceed as a result of President Buhari has put in position electoral reforms which are enduring, giving room at no cost, truthful and clear elections.
In her remarks, Florie Liser, President of CCA stated the the organisation has been round since 1993 selling US and African enterprise and funding relationships.
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.”
She added that the organisation were privileged to additionally host previous presidents, governors, ministers and a lot of personal sector leaders to cement industry ties and facilitate investments between the United States and Nigeria for the advantage of the folks of Nigeria and American other people. She described Nigeria as a concern nation for the CCA.
Senior Special Assistant to the President
(Media & Publicity)
December 16, 2022
Author: Premium Times