President Muhammadu Buhari Friday in Washington DC asserted that Nigeria remains the best destination for American investors to put their money. According to the President, aside the population advantage in size and demography, various incentives and policies emplaced by the Nigerian Government make it a destination of choice for investment.
Speaking at the U.S – Nigeria Business and Investment Forum, Business Roundtable organized by the American Corporate Council on Africa (CCA) in conjunction with the Federal Ministry of Industry, Trade and Investment, on the sidelines of the US-Africa Leaders Summit, President Buhari said:
“It is therefore, imperative that I reiterate at the outset, the comparative advantages that exist within the Nigeria’s economy. 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, would be expected to connect 1.3 billion people across 55 countries and a consumer market that will be worth over $3 trillion by 2030, and a combined Gross Domestic Product (GDP) valued at US$3.4 trillion.”
He added that “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. Related to these conscious and practical efforts, is the resolve by our Administration to improve the business environment through business incentives, regulatory reforms and visa-regime that are business-friendly.
“The outcome of the massive efforts and investments by our administration in Infrastructure Development and Refurbishment, i.e. Road Construction and Rehabilitation, Investment Tax Credit Policy, led to the reconstruction of 21 selected Federal Roads, totaling 1,804.6 KM. With regards to railways, sea and air ports as well as energy, which are expected to facilitate movements of people, goods and services as well as sustain the stabilization of industries and their growth respectively.” President Buhari informed his audience that despite the global challenges occasioned by COVID-19 and the war in Ukraine, the Nigerian economy has continued to record impressive growth in many sec