Buhari urges American investors to invest in Nigeria
President Muhammadu Buhari says Nigeria remains the best destination for American investors to put their money.
He said aside the population advantage in size and demography, various incentives and policies emplaced by the Nigerian Government make it a destination of choice for investment.
Malam Garba Shehu, the President’s media aide in a statement, said Buhari spoke at the U.S – Nigeria Business and Investment Forum, Business Roundtable organised by the American Corporate Council on Africa (CCA).
The forum was organised in conjunction with the Federal Ministry of Industry, Trade and Investment, on the sidelines of the US-Africa Leaders Summit, in Washington DC, USA.
President Buhari said: “It is therefore, imperative that I reiterate at the outset, the comparative advantages that exist within the 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% 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.
”It would be expected to connect 1.3 billion people across 55 countries and a consumer market that will be worth over 3 trillion dollars by 2030, and a combined Gross Domestic Product (GDP) valued at 3.4 trillion dollars.
“Since 2015, when my administration assumed office, fixing of the infrastructural gaps needed for business to thrive in Nigeria, namely; roads, railways, air and sea ports, energy and telecommunications, constituted greater priorities for Government.”
He said these conscious and practical efforts is the resolve by the Federal Government to improve the business environment through business incentives, regulatory reforms and visa-regime that 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,” he added.
Buhari informed his audience that in spite the global challenges occasioned by COVID-19 and the war in Ukraine, the Nigerian economy had continued to record impressive growth in many sectors.
“On economy, Nigeria like other countries , including the developed economies, is facing economic challenges, occasioned by the disruptions as a result of the COVID – 19 pandemic the ongoing Ukraine war and the Climate Change, in which massive flooding is one the manifestations.
”Notwithstanding these global challenges, Nigeria had witnessed seven consecutive quarters of growth, after the negative growth rates recorded in the 2nd and 3rd Quarters of 2020.
”Nigeria’s GDP grew by 3.54% year-on-year in real terms in the 2nd Quarter of 2022, which represents a sustained positive economic performance, especially for the Non-Oil GDP which fell by 4.77% in Q2 2022 against Oil GDP that grew by -11.77%.
“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.”
According to him, already, the broadband coverage of the country stands at 44.32% and 77.52% while 4G coverage has also been achieved, with the establishment of 36,751 4G base stations nationwide.