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President Muhammadu Buhari on Thursday in Yokohama, Japan, said Nigeria’s investment opportunities will continue to offer some of the highest returns globally, as a result the country’s strategic initiatives.
The President disclosed this while presenting the country’s Statement at Plenary Session Three on “Public-Private Business Dialogue” at the Seventh Tokyo International Conference on African Development (TICAD7).
The President 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.”
Buhari assured participants at the event, comprising major global business moguls, of good returns as a result of ongoing reforms initiated by his administration,
He listed the initiatives to include the “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”.
He disclosed 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”.
The President 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”.
He said he looked forward personally to “welcoming prospective investors to Nigeria”.
Buhari commended existing bonds of friendship and economic cooperation between Nigeria and Japan, describing the Asian country as “a strategic partner for our socio-economic development,” adding that Nigeria’s intention was to “further encourage relationships with key public and private sector stakeholders” in both nations.
The Nigerian leader expressed particular 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.”
“I look forward to positive reports of increased trade and investment between Nigeria and Japan from these initiatives,” he said.
Buhari described the TICAD Forum as important to Nigeria in many respects, as it “coincides with the period when the country is faced with a number of challenges that affect our economy”.
“TICAD is coming at a time when our government 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”.
According to him, “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”.
President Buhari also expressed Nigeria’s gratitude to the Japanese Prime Minister, Shinzo Abe, “for his unwavering commitment to strengthen trade and investment between Japan and Africa through various initiatives, partnership and support of the Japanese Government”.
He also 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”.
