Investors have been promised a wealth of investment prospects in Nigeria by President Buhari`. On Friday in Washington, DC, United States of America, Buhari participated in a dialogue with select US investors, Nigerian officials, diplomats, and business experts.
The Presidential Dialogue: Nigeria Business and Investment Forum session took place concurrently with the 2022 US-Africa Leaders Summit.
Apart from the population advantage and demographics, the Nigerian President Buhari` claimed that the Nigerian government’s numerous incentives and policies had turned the nation into a popular destination for foreign 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.”
According to him, the federal government is committed to enhancing the business climate through regulatory reform, incentives, and a business-friendly immigration system.
The COVID-19 pandemic, the war in Ukraine, and climate change, according to the president, are all having an adverse effect on Nigeria’s economy.
Despite these difficulties, he claimed, Nigeria saw seven straight quarters of growth following the second and third quarters of 2020’s negative growth rates.
“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.’’
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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. A
