Nigeria, a country that has been making significant strides in healthcare and education, is now opening its doors to foreign investors from the United States. President Bola Ahmed Tinubu made this announcement during the US Nigeria Executive Business Roundtable held in New York.
President Tinubu emphasized that Nigeria possesses the capacity to produce a substantial pool of skilled workers, but it is in need of opportunities for localized development that caters to the needs of its people.
Highlighting the potential for high returns on investment, President Tinubu assured investors that Nigeria offers a favourable business climate. However, he acknowledged that inconsistent policies, double taxation, an unfavourable exchange rate environment, and corrupt subsidies have held the country back from reaching its full potential in the past.
In his words, “The lack of consistency in policy, double taxation, and an unfriendly exchange rate environment, coupled with a corrupt subsidy system, have tarnished Nigeria’s image. But, reversing the course of a nation requires bold initiatives.”
President Tinubu called for the removal of obstacles such as oil subsidies, smuggling, corruption, and multiple exchange rate windows, urging the nation to exhibit the courage and leadership required to propel Nigeria forward.
Additionally, he stressed the importance of implementing a robust mortgage system, as well as primary and secondary educational systems, to foster harmony within families and address identity-related issues currently affecting the country.
Dr. Doris Uzoka-Anite, the Minister of Trade and Investment, also addressed the US Nigeria Executive Business Roundtable. She highlighted Nigeria’s commitment to leveraging technology to optimize various sectors, including agro-businesses, solid minerals, and the oil and gas sector.
Dr. Anite expressed that Nigeria is ready to collaborate with investors in areas spanning the entire value chain, from extraction to processing, manufacturing, and market access.
Moreover, she revealed that Nigeria is actively creating a pipeline of investable assets and projects that can accommodate investors. To minimize risks for financiers, the country is establishing a consumer credit system that will rely on digital identity and will require substantial investment from the government.
Dr. Anite assured investors that Nigeria has created the right environment, infrastructure, and human resources to facilitate business operations. She affirmed, “Where there is a need, money flows, and that is what we will do. Nigeria is open for business, and we have taken the necessary steps to facilitate investment.”
The US Nigeria Executive Business Roundtable witnessed the presence of esteemed individuals, including members of the Nigerian Governors Forum, prominent economists, representatives from the Tony Elumelu Foundation, members of the American Business Council, the US Deputy Secretary of the Treasury, and the Flutterwave Fintech company.
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