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“Foreign direct investment (FDI) into the country’s ICT sector alone is put at over $70 billion according to a recent report by the Nigeria Communication Commission” – VP Osinbajo
By Oluwatobi Opusunju
The Vice President, Prof. Yemi Osinbajo has asserted that the goal of the Buhari led administration is to make the country a choice destination for global investors. Osinbajo said this while speaking over the weekend at the Christ The Redeemers Fellowship International (CRFI) UAE Dubai Professional Business Summit tagged “Exploring Investment Opportunities in Nigeria and the UAE.”
The Vice President who recently wrapped up a public-private sector collaborative investment road show to the Silicon Valley in San Francisco and Hollywood in Los Angeles, California USA to showcase growth of Nigeria’s tech and entertainment sectors, and open up investment opportunities here in Nigeria to global tech players, told participants at the summit that one of the administration’s main goals is to always improve the business environment in the country in incremental basis and make it more attractive to investors.
“Our overarching goal is to make Nigeria a global investment destination by continually implementing improvements and reforms in our business environment that will be visible, not merely numerical rankings but in the testimonials of business owners& entrepreneurs across Nigeria,”Osinbajo told the participants.
He stressed that reforms like ease of doing business, and economic diversification were part of the administration’s commitment to foster more foreign investments.
In the last couple of months according to Osinbajo, the country’s economy witnessed growth as well as increase in foreign investment. In fact, foreign direct investment (FDI) into the country’s ICT sector alone is put at over $70 billion according to a recent report by the Nigeria Communication Commission (NCC). But Nigeria is focused on targeting more investors into its IT sector and other sectors to underscore the administration’s economic diversification agenda and grow the economy.
Osinbajo further stated that the administration’s Economic Recovery and Growth Plan (ERGP) 2017-2020 was birthed to push and position the economy on the pathway to more sustainable, strengthened and robust growth.
“Our fundamentals are looking good and the ERGP is being implemented to keep the economy on the path of sustainable economic growth and global competitiveness,” he stated.
Osinbajo, however called on investors to take advantage of the investment opportunities available in Nigeria and see the country as an investment worthy destination. He reiterated to the participants that investment opportunities were available in the technology, creative industry, hospitality, aviation, agriculture and every other aspects of the economy deemed worthy of investment.
“I think it is worth repeating that the case for investing in Nigeria is a compelling one,” Osinbajo noted.
“The current wisdom is in letting the private sector invest wherever it can and in practically any sector of the economy,” he added.
