- Buhari lists sectors with huge investment opportunities in the country.
- Says Japan-Nigeria Business Facilitation will be launched on his return to Nigeria.
President Muhammadu Buhari has said that “Nigeria has very attractive investment opportunities with some of the highest Returns-on-Investment.
The Presiden made the declaration in Yokohama, Japan on Thursday when presenting the country’s Statement at Plenary Session Three on “Public-Private Business Dialogue” at the Seventh Tokyo International Conference on African Development (TICAD7).
President Buhari also said he looked forward to prospective investors making inroads “in the following priority sectors in Nigeria, namely, power and renewable energy, petrochemical and gas, maritime (shipping and ports), automobiles, mining, agribusiness, healthcare and pharmaceuticals, ICT and railway.”
While assuring potential investors of good returns as a result of ongoing reform measures taken by his administration, Buhari pointed that with the Ease of Doing Business, there is avenue for competitive investment.
“I have also established a Presidential Committee on Enabling Business Environment, which is made up of key Ministries and prominent businessmen to promote the Ease of Doing Business and make Nigeria more attractive and competitive for investment.”
He also stated that his administration was “committed to removing all impediments to private sector participation in these sectors by creating policies that will ensure consistency, predictability and a level playing field for all.”
Having identified power, transportation, infrastructure, maritime/shipping, agro-processing, mining, manufacturing, petro-chemicals, food processing and textiles among others, as “key drivers to the diversification” of the Nigerian economy as well as “priority areas that will drive our Economic Agenda,” the President said he looked forward to “welcoming prospective investors to Nigeria.”
On Nigeria-Japan relations, President Buhari commended existing bonds of friendship and economic cooperation between both countries, describing the Asian country as “a strategic partner for our socio-economic development.” He disclosed Nigeria’s intention to “further encourage relationships with key public and private sector stakeholders” in both nations.
While expressing delight with the level of discussions on the establishment of the Japan-Nigeria Business Facilitation Council, an initiative of the Japanese government, which would be launched on our return to Nigeria Buhari added he look forward to positive reports of increased trade and investment between both countries.
The president who described the TICAD Forum as important to Nigeria in many respects said it “coincides with the period when the country is faced with a number of challenges that affect our economy.”
While noting that his administration is committed to diversifying the economy through the development of agriculture, Buhari emphasised on manufacturing and addressing the energy and infrastructure deficit.
He also expressed confidence that “With these, we shall be placing Nigeria on the path of rapid growth and sustainable development.”
He also pointed that TICAD is also coming at a time his administration is implementing home-grown and private sector-driven economic measures that are predicated on good governance, infrastructure and human capital development as well as, business climate reform.
The above domestic measures, he explained, informed his invitation to “the private sector to come and invest in Nigeria.”
“Nigeria and indeed Africa, expect much from this Forum in terms of investment, considering the role of Foreign Direct Investment in all economies – developed and developing.”
Appreciating the Japanese Prime Minister, Shinzo Abe, “for his unwavering commitment to strengthening trade and investment between Japan and Africa through various initiatives, partnership and support of the Japanese Government”, President Buahri wished TICAD7 “fruitful deliberations and hope that the conclusions reached will enhance access by African countries to international capital investment as well as boost Japan-Africa exchanges by developing new and strategic public and private sector alliances.”