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Nigeria remains best destination for investment-Buhari

President Muhammadu Buhari joins other African leaders for the US-Africa Summit in Washington DC

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

The President said aside the population advantage in size and demography, various incentives and policies emplaced by the Nigerian Government had made her a destination of choice for investment.

He stated this in Washington at the US-Nigeria Business and Investment Forum, organised 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.

“The outcome of the massive efforts and investments by our administration in Infrastructure development and refurbishment, such as road construction and rehabilitation, investment tax credit policy, led to the reconstruction of 21 selected federal roads, totaling 1,804.6 KM.

President Buhari informed his audience that despite the global challenges occasioned by Covid-19 and the war in Ukraine, the Nigerian economy had continued to record impressive growth in many sectors:

“On economy, Nigeria like other countries , including the developed economies, is facing economic challenges, occasioned by the disruptions as a result of the COVID – 19 pandemic the ongoing Ukraine war and the Climate Change, in which massive flooding is one the manifestations”.

The president further said that “Statistics continue to indicate that most sectors of the economy recorded positive growth despite these challenges, which reflect the effective implementation of the economic sustainability measures introduced by our Administration.

“For our economy to favourably meet up the global digitization, Nigeria embraced Communication and Digital Economy. Already, the broadband coverage of the country stands at 44.32% and 77.52%. 4G coverage has also been achieved, with the establishment of 36,751 4G base stations nationwide.”

The Minister of Industry, Trade and Investment, Mr. Adeniyi Adebayo, told the audience that Nigeria was politically stable and ready for more investments, stressing that the trend will continue because President Buhari has put in place electoral reforms that are enduring, giving room for free, fair and transparent elections.

In her remarks, President of America Corporate Council for Aftica, Ms. Florie Liser, explained that the organisation had been around since 1993 promoting US and African business and investment relationships.

Writing by Abdullah Bello; Editing by Oluwaseyi Ajibade,Julian Osamoto