Buhari Woos More Investors To Nigeria

Posted by Rotimi Fadeyi Latest Headlines, News Across Nigeria Thursday, September 22nd, 2022

……Says Investment In Security Yielding Dividends

(AFRICAN EXAMINER) – President Muhammadu Buhari on Thursday expressed delight that investments in improving security are yielding good dividends, lauding the

Nigeria military for making significant progress in the fight against insecurity and building the momentum in reducing challenges to its barest minimum.

Speaking at the Nigeria International Economic Partnership Forum held on the margins of the 77th UN General Assembly in New York, the President pledged that the Federal Government would do more to improve security, recognising that the sector is another critical element in the flow of investment, and overall economic and infrastructural development.

Buhari also declared that in spite of the global crisis fuelled by the Ukraine-Russian war, the lingering COVID-19 pandemic and insurgency in some parts of the country, Nigeria is on course to taking her rightful place in the global economy.

He attributed the country’s success story to the implementation of reforms aimed at attracting foreign investments and sustained improvement in governance.

According to him, the quarterly GDP growth in Q1 2022 has been mostly driven by the non-oil sector, giving credence to the revenue source diversification agenda of government.

The President, however, acknowledged that more still needs to be done to improve private capital flows into Nigeria through Foreign Direct Investment and financing for infrastructure, affirming that the administration is leveraging the Integrated National Financing Strategy to address this.

Buhari, who was represented at the opening session by the Chief of Staff, Prof. Ibrahim Gambari, told the international economic forum attended by Akinwumi Adesina, President of African Development Bank, and Florie Liser of the Corporate Council on Africa, among others that a key strategy being adopted to improve infrastructure financing is the Integrated National Financing Strategy.

He explained that the strategy seeks to identify ways to expand the financing envelope of the Sustainable Development Goals in Nigeria, enhance the sustainable development impact of financing by seeking to integrate and align public and private financial policies, regulatory frameworks, instruments, and business processes with sustainable development.

He added that the private sector would play a significant role in the strategy.

The President also said other efforts by his administration to improve the nation’s economic and development outlook, such as Nigeria’s National Development Plan (2021 – 2025) and the Presidential Power Initiative.

On Nigeria’s National Development Plan, the President stated that it was formulated against the backdrop of several subsisting development challenges in the country and the need to tackle them within the framework of medium and long-term plans.

Regarding the power sector, Buhari noted that his administration has recognized it as a major catalyst for Nigeria’s industrialization, adding that in July, 2021, the 614-kilometre Ajaokuta-Kaduna-Kano gas pipeline project was launched to enhance energy security.

The President recalled that at the commencement of his administration, N200 billion was paid for stranded power to service existing liabilities:

Wishing the forum very successful deliberations, Buhari assured them that the Federal Government of Nigeria is very keen to consider the outcome of the deliberations and recommendations to elevate the Nigeria project to its rightful place of magnitude.