Buhari has assured potential investors that Nigeria would soon be one of the most attractive places to invest as his administration has embarked on significant economic reforms to realize that goal.
He gave this 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 the New York, on Wednesday, organized by the US Department of Commerce and Bloomberg Philanthropies.
He said that the Presidential Enabling Business Environment Council headed by Vice-President Yemi Osinbajo, will 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. Some fiscal incentives he noted, include, up to 5 years 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 5 per cent.
“We intend to make Nigeria one of the most attractive places to do business,” he declared, even as he noted that Nigeria remains the number one investment destination in Africa.
President Buhari added that his administration will continue to strengthen government institutions in order to address the concerns of investors and ease investments in the Nigerian economy.
“We are weaning ourselves from 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 with the private sector at the highest levels to listen to your concerns and to assure you of our commitment to creating enabling policies in which your businesses can survive and thrive,” President Buhari said.
He urged participants to
“take advantage of this Forum to establish and strengthen business relationships, share valuable experience and collaborate for mutual benefits.”
President Buhari, while stressing that enormous potential exists 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 tourist potential.
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.”