President Muhammadu Buhari has told potential foreign investors that the current economic challenge the country is facing has opened a vista of investment opportunities even as he boasted that Nigeria remains the number one investment destination in Africa.
Buhari also promised some fiscal incentives such as five-year tax holiday for activities classified as ‘pioneer’, tax-free operations; no restrictions on expatriate quotas in Free Trade Zones; and a low VAT regime of five per cent.
The President gave the assurance to a large gathering of political and business leaders from the United States, Africa and other regions of the world at the Second United States-Africa Business Forum in New York, on Wednesday, organised by the US Department of Commerce and Bloomberg Philanthropies.
Buhari said Nigeria would soon be one of the most attractive places to invest as his administration has embarked on significant economic reforms to realise that goal.
According to him, “These are no doubt challenging times for the Nigerian economy. But let me use this opportunity to boldly affirm our conviction that there is no crisis without an accompanying opportunity. In our case, we see Nigeria’s ongoing economic challenges – occasioned mainly by the fall in oil prices – as an opportunity to set the economy firmly on the path of true diversification, sustainable economic growth and shared prosperity.”
He said the Presidential Enabling Business Environment Council headed by Vice-President Yemi Osinbajo, would soon come out with wide-ranging business environment reforms on ports, visa-on arrival, improving the speed and efficiency of land titling and business registration.
Buhari added, “We are weaning ourselves of a historical dependence on crude oil, diversifying our economy, and putting it on the path of sustainable and inclusive growth. To this end, we have embarked on policies aimed at establishing an open, rules-based and market-oriented economy.
“We will continue to actively engage the private sector at the highest level to listen to your concerns and to assure you of our commitment to creating enabling policies in which your businesses can survive and thrive.”
Buhari, while stressing that enormous potential exist for foreign investment and for the local economy, listed sectors which have barely been exploited to include Nigeria’s 180-million population and abundance of labour; arable land; forest waters; oil and gas; solid minerals; livestock and huge tourism.
The President said the reform measures taken by his administration from 2015 had started yielding positive results especially in the areas of security, anti-corruption and revamping the economy.
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