Don't Miss

Business Council For Africa tasks investor on genuine deals in Nigeria

By on February 23, 2013

Mr Clive Carpenter, Vice Chairman of UK’s Business Council For Africa, on Friday in London urged investors to  engage in genuine deals, and shun corruption while doing business in Nigeria.

Carpenter who stated this at the 2nd NTA Business Investment Forum and Exhibition, said it was possible to do good business without bribery and corruption

in Nigeria. “It takes two to tango, but if you have integrity and stick to your values, you will succeed. I have managed a Bank in Nigeria for eight years, and I know it is possible,” Carpenter said.

The News Agency of Nigeria(NAN) reports that under the UK Bribery Act, investors who offered, and receive bribe at home and abroad are liable to a jail term of seven years to 10 years.

While noting the huge investment opportunities that abound in Nigeria, Carpenter stressed the need to diversify the country’s economy and move it away from being t dominated by Oil and Gas industry.

“There is a huge market for ICT, and electronic payment system in Nigeria. With a fast growing middle class, you should expect a consumer explosion,” Carpenter added.
He said that the nation’s GDP growth which currently stood at seven per cent could increase as the nation has the capacity to grow.

While commending efforts by the Nigerian government to attract more foreign direct investments,  Carpenter said, “Nigeria can now boast of political maturity in view of its steady democracy.”

In his speech, Dr Samuel Ortom, Minister for State, Trade and Investment,  said incentives like three to seven years Tax Holiday for Priority areas, and Free repatriation of profit in all currencies were measures put in place by government to attract investment.

Ortom who was represented by his Technical Assistant, Mr Stephen Omasen, also listed reforms in power, and telecommunications as key in the nation’s investment drive.
He, however, listed Agriculture, Mining, Infrastructure, Education and Health as sectors with huge economic potential.

Also speaking on the occasion, the acting Director-General, NTA, Mr Musa Mayaki, said the event was to attract investment and financing from British companies and others in Europe.
“NTA with its wide coverage is poised to promote genuine investors,” Mayaki said. NAN further reports that the Forum attracted investors across Europe, and Nigeria.