Nigeria

Nigeria remains best investment haven

Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, said a lot of opportunities abound in Nigeria for prospective investors.

The federal government said at the weekend that Nigeria remains the best place to invest in Africa.

Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, said a lot of opportunities abound in Nigeria for prospective investors.

He spoke in Lagos at the weekend during the Junior Chamber International (JCI) Africa and Middle East Senate Association (AMESA) conference tagged, “Eko 2021.”

The minister, who spoke on ‘Opportunities and Potentials of Trade and Investment in Nigeria’, said the federal government had created an enabling environment for businesses to thrive.

According to him, the policy thrust of the government to attract foreign direct investment was premised on three thematic areas of domestication of key commodities through the backward integration programme (BIP), driving the growth of MSMEs and cultivating investments through improving the Ease of Doing Business.

“Through our BIP, we have intensified efforts to increase local production, increase job opportunities and provide foreign exchange through the domestication of identified priority products namely automobiles, palm oil, dairy, sugar, cassava starch and cotton, textiles and garments,” he said.

The minister said to drive the growth of the manufacturing sector, the ministry is fast-tracking the establishment of six world-class special economic zones by increasing the concentration of high-quality infrastructure and providing fiscal incentives for local producers.

Lagos State Governor Babajide Sanwo-Olu said investment in youth and their leadership potentials is key, adding that emphasis must be laid on entrepreneurship and innovative solutions in the areas of fintech, edu-tech, e-health, among others.

Represented by the Commissioner for Agriculture, Abisola Olusanya, the governor said with a 200 million population, Nigeria has one of the strongest and largest human capitals in Africa, making opportunities for investment to abound.

“As Africa’s fastest-growing commercial hub as well, Lagos has become a confluence for culture and commerce and a hot investment bed for both local and foreign investors,” he added.

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