- BY DAYO ADESULU
President Muhammadu Buhari Thursday in Yokohama, Japan rallied the Asian nation to massively invest in Nigeria. He assured Japan that the Nigeria has enormous investment opportunities that guarantee the highest returns.
Buhari who spoke at the third plenary session of the second day of the seventh triennial Tokyo International Conference for African Development (TICAD7), said the conference is an investment opportunity time.
The president lauded the existing bond of economic and business relationships between Japan and Nigeria. He said that such relations were strategic for the country’s socio-economic development.
Buhari unveils Japan-Nigeria Business Facilitation Council
Buhari who advocated increased trade and investment in Nigeria, also unveiled a new initiative called Japan-Nigeria Business Facilitation Council.
He described the JNBFC as Japan’s fresh initiative to serve as the platform for trade operations between Nigeria and Japan.
Buhari vowed that the Council would be formally launched upon his return to Nigeria. “This fresh initiative would further foster increased trade between the two countries, he said.
Buhari also described the schedule of TICAD7 as strategic for Nigeria. He said the event was coming at the time Nigeria was confronted with economic challenges . He said Nigeria’s challenges have necessitated the diversification of its economy to agriculture and manufacturing.
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President Buhari said that the period of the conference was strategic because it’s happening when Nigeria’s energy and infrastructural are in crisis.
The conference, he noted was happening when the federal government is promoting private sector-driven economic initiatives.
Buhari pleased with JNBF discussions in Japan
Buhari’s words: “Nigeria appreciates the existing bonds of friendship and economic cooperation with Japan. A strategic partner for our socio-economic development. In this regard, it is our intention to further encourage relationships with key public and private sector stakeholders.
“I am also pleased with the discussions on the establishment of the Japan-Nigeria Business Facilitation Council. It’s an initiative of the Japanese government, which would be launched on our return to Nigeria. I look forward to positive reports of increased trade and investment between Nigeria and Japan from these initiatives.
“The TICAD Forum is important to Nigeria in many respects. First, it coincides with the period when the country is faced with a number of challenges that affect our economy. Our government has put in place measures seeking to diversify the economy by developing agriculture, emphasising on manufacturing and addressing the energy and infrastructure deficit. With these, we shall be placing Nigeria on the path of rapid growth and sustainable development.”
Buhari gives reason for JNBF agreement
“Secondly, the Forum is coming at a time when our government is implementing home-grown and private sector-driven economic measures that are predicated on good governance, infrastructure and human capital development as well as business climate reform.
“We therefore invite the private sector to come and invest in Nigeria.
Thirdly, the Forum is holding at an opportune moment, as it is a case of ‘investment meeting opportunities.’ Nigeria has very attractive investment opportunities with some of the highest returns on investment.
“In the light of the foregoing, Nigeria and indeed Africa, expect much from this Forum in terms of investment. As we considered the role of the foreign direct investment in all economies-developed and developing,” Buhari stated.
Buhari enumerates Nigeria’s viable sectors for business
Buhari proceeded to enumerate viable sectors for driving the Nigerian economic agenda. He further wooed Japan to take advantage of the activities of the Presidential Committee on Enabling Business Environment. Buhari pledged his commitment to eliminating known hindrances to private sector-driven investments in Nigeria.
President Buhari specifically listed areas of investment which he urged Japanese investors to explore.
The areas of business opportunities include: power, renewable energy, petrochemicals, automobile, gas, agribusiness, healthcare, among others.”
Key important sectors in Nigeria listed
He said: “Our administration has identified important sectors that are key drivers to the diversification of the economy. These include: power, transportation, infrastructure, maritime/shipping, agro-processing, mining, manufacturing, petro-chemicals and food processing and textiles. We consider these sectors as priority areas that will drive our economic agenda.
“I have established a Presidential Committee on Enabling Business Environment which is made up of key ministries and prominent businessmen.The aforementioned issues will promote the ease of doing business and make Nigeria more attractive and competitive for investment.
In this regard, we are committed to removing all impediments to private sector participation in these sectors. By creating policies that will ensure consistency, predictability and a level playing field for all.
“In view of the foregoing, reform programmes of our government, Japanese investors are invited to invest in the following priority sectors in Nigeria.
“These sectors are, power and renewable energy, petrochemicals and gas, maritime (shipping and ports), automobiles, mining. Others are, agribusiness, healthcare and pharmaceuticals, ICT and railway.”
