President Muhammadu Buhari on Wednesday in New York, has assured potential investors that Nigeria would soon be one of the most attractive places to invest as his administration has embarked on significant economic reforms.
The President gave this assurance to a large gathering of political and business leaders from the U.S., Africa and other regions of the world at the Second U.S.-Africa Business Forum in New York.
News Agency of Nigeria (NAN) reports that the forum was organised by the U.S. Department of Commerce and Bloomberg Philanthropies.
The Nigerian leader said that the Presidential Enabling Business Environment Council headed by Vice-President Yemi Osinbajo, will soon come out with wide-ranging business environment reforms on ports, visa-on arrival, improving the speed and efficiency of land titling,business registration among others.
Other fiscal incentives he noted, include, up to five 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 five per cent.
“We intend to make Nigeria one of the most attractive places to do business,” he declared, even as he noted that Nigeria remains the number one investment destination in Africa.
Buhari added 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,” Buhari said.
He urged participants to “take advantage of this Forum to establish and strengthen business relationships, share valuable experience and collaborate for mutual benefits.”
Buhari, while stressing that enormous potential exists for foreign investment and for the local economy, he listed sectors which have barely been exploited to include Nigeria’s 1’70-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,” he noted.
The President said that the reform measures taken by his administration since inception in 2015, have started yielding 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 U.S.-Nigeria business relations, he announced the commencement of the U.S.-Nigeria Commercial and Investment Dialogue with a focus on 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.
The President said that with this Business Forum, he looked forward to increased trade and investment flows between Nigeria and the U.S.