FG Lure Local, Foreign Investors To Invest In The Country’s Ample Investment Opportunities

Investment refers to an increase in capital assets, and typically includes investment by business, investment in property (‘dwellings’) and investment by governments in ‘social’ capital. Business investment comprises between 65% and 85% of total investment in the majority of G7 countries.

In the long term, investment is important for improving productivity and increasing the competitiveness of the economy. Without investment, an economy could enjoy high levels of consumption, but this creates an imbalanced economy.

It is on this evolution that the Nigerian Global Business Forum in association with the Nigerian British Business Forum organised a zoom meeting with the theme, “Invest Nigeria (Opportunities, Guidelines, Incentive).

While speaking on the opportunities abound in the country, Arch. Olamilekan Adegbite, the honourable minister of mines and steel, said that the federal government had in several ways lured the UK and other foreign investors with mineral potentials and incentives to invest in Nigeria.

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“Investors in the United Kingdom (UK) and other advanced countries should consider investing in Nigeria’s mineral and mining sector, as it feature attractive incentives and potentials.

The Minister, made it known that before President Muhammadu Buhari’s administration, there were lots of challenges and neglect in the mining sector.

However, since the commencement of the present administration, efforts have been made to revive the sector so that it could contribute as much as 5.6% to the national GDP.

Adegbite said the present administration recognises mining as a strategic income stream in the face of dwindling oil revenue.

He said he looked forward to increasing its contribution to the national GDP by 3%.

“President Muhammadu Buhari’s Administration met serious challenges in the mining sector occasioned by long neglect. It is apparent that we must re-enact the ‘Nigeria before oil’ policies when the sector contributed as much as 5.6% in 1980 to the national GDP.

He noted that the sector is an investment opportunity in Nigeria that creates jobs and increase government revenue earnings.

“Nigeria is endowed with 44 minerals resources, as; industry minerals, energy etc.

“Coal, iron oil, gold, bitumen, limestone among several others will bring rapid development into the country, If well utilised, ” he said.

Speaking on the occasion, Mr Olusegun Awolowo, the CEO, Nigeria Export Promotion Council (NEPC), said that the council was established by law in 1976, as Federal Government of Nigeria’s apex institution for promoting the development and diversification of exports.

Awolowo said that NEPC has devised the Nigeria Diaspora Export programme (NDEX) to use Nigeria’s large diaspora to effectively increase non-oil exports.

According to him, NDEX has three components, such as; Nigeria heritage city, Nigeria cuisine beyond border and Diaspora export of non-oil products.

He stressed further that several Nigeria professional services are patterned after the U.K.

“This means that there are similarities for the two countries to engage in mutual recognition agreement for certain professional service.

“If we can improve access to visas for those who are qualified. We can strengthen our trade in services.

Also speaking, Mrs. Yewande Sadiku, CEO/Executive Secretary, Nigerian Investment Promotion Commission (NIPC), said that the commission was established by the NIO. Act in 1995.

The sole aim of its establishment was to encourage, promote and coordinate investment in Nigeria.

Also, to promote Nigeria as an extra five investment destination and to promote information in investment opportunities and capital source.

She harped on the investment opportunity profiling across Nigeria, standardised template and data base of investment opportunities.

Sadiku enjoined all Nigerians to stay at home and save lives.

Earlier, Otunba Abimbola Ogunbanjo, President, Nigeria Stock Exchange, spoke on the enormous investment opportunities abound in the sector, the incentives and guidelines to access the impetus.