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Buhari promises improved privatisation process, visa issuance

By on July 23, 2015

President Muhammadu Buhari on Tuesday assured international investors that his administration would continue the major privatisation programme started by previous governments but with “improved moral architecture.”

He also promised to ensure that the process of procuring Nigerian visa by investors was simplified.

Buhari gave the assurances at a business forum organised by the United States Chamber of Commerce and The Corporate Council on Africa in continuation of his four-day official visit to the US.

He urged the US investors to take advantage of the nation’s liberal trade and investment climate to invest in various profitable ventures available in Nigeria.

The President said his government’s intention was to continue to create the enabling environment for future investments to thrive in the country.

He said, “It is my intention to create the necessary environment for future investments in Nigeria. We are the most populous nation with the largest market in Africa with vast human and natural resources and blessed with abundant young skilled workforce.

“We are, therefore, a proud candidate to become the destination of choice for the United States investments in Africa. I will work assiduously to welcome new investors to our country.”

Buhari also said, “I will like to remind you all that we are continuing with the major privatisation programme with sectors ranging from telecommunications to energy, gas, solid minerals, aviation, health and infrastructural development, but with improved moral architecture.

“We will also simplify visa procedures based on the principle of reciprocity.

“May I, therefore, seize this opportunity to formally invite the American business community to take advantage of our liberal trade and investment climate to do profitable business in Nigeria.’’

The President also enjoined the US business community to take advantage of the excellent political relations between the two nations to expand trade and investment activities, including joint venture projects in priority sectors of the Nigerian economy.

He said the private sector must assume increasing role as part of the engine of growth.

Specifically, Buhari said his government would welcome genuine investors who were willing to engage in solid minerals exploration in Nigeria.

He pledged that his administration would fulfil its key campaign promises, including the creation of employment opportunities for millions of Nigerian youths.

The President added, “Employment generation was one of my key campaign promises. I will do my best to keep this promise. There is no other way to expand economic opportunities and create employment opportunities for millions of our youths than boosting domestic manufacturing, undertaking infrastructural development and industrialisation.

“Let me repeat, Nigeria will partner with genuine investors who are willing to join us to achieve our economic objectives and at the same time realise handsome returns to recoup their investments. There is more to Nigeria than oil. This is why I will continue to stress the need for increased United States investments in our non-oil sector.

“In this respect, the present administration will be attentive to the needs of the business community and pursue policies that will strengthen the sectors that drive the growth.”

Buhari added that he would focus on prudence, accountability, good governance, respect for the rule of law, strict compliance with and observant of contractual agreements.

He noted that Nigeria had enormous economic potential that required heavy funding, which could not be sourced locally in the country.

In his remarks, the Chairman, Corporate Council on Africa, Mr. Paul Hinks, expressed the readiness of American investors to do business with the new government in Nigeria.

He, therefore, invited Buhari to chair the council’s summit slated for Ethiopia in November.

 

[Punch]