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Business Council For Africa tasks investors on genuine deals in Nigeria

Vice Chairman of UK’s Business Council For Africa Mr Clive Carpenter weekend in London urged investors to engage in genuine deals, and shun corruption while doing business in Nigeria. Carpenter, who stated this at the 2nd NTA Business Investment Forum and Exhibition, said it was possible to do good business without bribery and corruption in Nigeria.

“It takes two to tango, but if you have integrity and stick to your values, you will succeed. I have managed a Bank in Nigeria for eight years, and I know it is possible,” Carpenter said. Under the UK Bribery Act, investors who offered, and receive bribe at home and abroad are liable to a jail term of seven years to 10 years.

While noting the huge investment opportunities that abound in Nigeria, Carpenter stressed the need to diversify the country’s economy and move it away from being t dominated by Oil and Gas industry. “There is a huge market for ICT, and electronic payment system in Nigeria. With a fast growing middle class, you should expect a consumer explosion,” Carpenter added.

He said that the nation’s GDP growth which currently stood at seven per cent could increase as the nation has the capacity to grow. While commending efforts by the Nigerian government to attract more foreign direct investments, Carpenter said, “Nigeria can now boast of political maturity in view of its steady democracy.”

In his speech, Dr Samuel Ortom, Minister for State, Trade and Investment,  said incentives like three to seven years Tax Holiday for Priority areas, and Free repatriation of profit in all currencies were measures put in place by government to attract investment. Ortom who was represented by his Technical Assistant, Mr Stephen Omasen, also

listed reforms in power, and telecommunications as key in the nation’s investment drive. He, however, listed Agriculture, Mining, Infrastructure, Education and Health as sectors with huge economic potential.

Also speaking on the occasion, the acting Director-General, NTA, Mr Musa Mayaki, said the event was to attract investment and financing from British companies and others in Europe. “NTA with its wide coverage is poised to promote genuine investors,” Mayaki said. The Forum attracted investors across Europe, and Nigeria.


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