President Muhammadu Buhari has assured investors of massive
investment opportunities in Nigeria.
Buhari spoke at a dialogue session with some US investors,
Nigerian officials, diplomats and as well as experts from the private sector in
Washington DC, United States of America, on Friday.
The session, titled ‘The Presidential Dialogue: Nigeria
Business and Investment Forum’, was held on the sidelines of the 2022 US Africa
Leaders Summit.
Buhari said apart from the population advantage and
demographics, various incentives and policies implemented by the Nigerian
government have made the country a preferred choice for investment.
“It is therefore
imperative that I reiterate at the outset, the comparative advantages that
exist within Nigeria’s economy,” he said.
“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 the federal government is determined to improve the
business environment through incentives, regulatory reform, and a
business-friendly visa system.
The president said Nigeria, like other countries, is facing
economic challenges caused by the COVID-19 pandemic and the war in Ukraine as
well as climate change.
He said in spite of the challenges, Nigeria witnessed seven
consecutive quarters of growth, after the negative growth rates recorded in the
second and third quarters of 2020.
“Nigeria’s GDP grew by 3.54 per cent 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 per
cent in Q2 2022 against Oil GDP that grew by -11.77%,” he said.
“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 percent and 77.52 percent. 4G coverage has also been achieved, with the
establishment of 36,751 4G base stations nationwide.’’
Buhari said his government has made the energy sector a key
priority, considering the need for adequate and sustainable electricity supply
as a prerequisite for socio-economic and industrial development.
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