What Buhari told American investors

Ismaila Chafe

President Muhammadu Buhari says Nigeria remains the best destination for American investors to put their money.

He said aside from the population advantage in size and demography, various incentives and policies emplaced by the Nigerian Government make it a destination of choice for investment.

Malam Garba Shehu, the President’s media aide in a statement, said Buhari spoke at the U.S – Nigeria Business and Investment Forum, Business Roundtable organised by the American Corporate Council on Africa (CCA).

The forum was organised in conjunction with the Federal Ministry of Industry, Trade and Investment, on the sidelines of the US-Africa Leaders Summit, in Washington DC, USA.

President Buhari said: “It is, therefore, imperative that I reiterate at the outset, the comparative advantages that exist within 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.

”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.”

He said these conscious and practical efforts were the resolve by the Federal Government to improve the business environment through business incentives, regulatory reforms and visa-regime that are business-friendly.

Buhari informed his audience that in spite of the global challenges occasioned by COVID-19 and the war in Ukraine, the Nigerian economy had continued to record impressive growth in many sectors.