President Muhammadu Buhari on Thursday welcomed the rise in foreign private
investments in the country.
The President made the government’s position known at a meeting with a Qatari
business delegation led by former Emir of Qatar, Sheikh Hamad Bin Khalifa
Al-Thani at the State House, Abuja.
President Buhari described Federal Government’s economic agenda as one
designed to move the country from over-reliance on crude oil and food
importation to increased domestic production.
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| President Muhammadu Buhari |
He added that the policy had in the past two years turned Nigeria into one
of the most attractive investment destinations in Africa.
He said “our administration’s main economic agenda is to move away from over-reliance
on crude oil and food importation.
“Nigeria is a blessed country. We have fertile land. We have young and
energetic population. And we have a very strong legal and regulatory system
that protects capital and investments, both local and foreign.
“As you are aware, Nigeria just exited its worst recession in more than two
decades. We have more than doubled our foreign reserves.”
The President noted that his administration was winning the war against
corruption, and developing the nation’s infrastructure, as well as enforcing
the rule of law.
He said: “as a result of this, we are seeing significant growth in the
non-oil sector which is creating thousands of jobs across the country.”
He cited the current strategic partnership between Moroccan and Nigerian
fertilizer companies as part of the success stories.
He said “`today, due to this alliance, Nigeria has over 13 functioning
fertilizer blending plants with another four in the pipeline. This is purely
driven by private sector.
“In 2017 alone, we saw significant commitments and agreements by major
global organisations in infrastructure projects such as the proposed nine
billion dollars Dangote Refinery and Petrochemical complex in Lagos.
“Also, there was the completed 600 million dollars Lafarge Plant in Calabar;
the proposed rail stock; the proposed 1.3 billion dollars public private
partnership with General Electric on Rail Track Development and the proposed
ENI/Agip rehabilitation of Port Harcourt Refinery.”
He noted that “these were clear indications that foreign private companies
were coming back to Nigeria and making massive investments within the nation’s
existing legal and regulatory framework.”
In his remarks, Sheikh Al-Thani said the global opinion on Nigeria as an
investment destination had been boosted by President Buhari’s strong standing
against corruption and adherence to the rule of law.
He expressed his delegation’s interest in investing in Nigeria’s oil,
railway, aviation and power sectors.
The former Prime Minister of Qatar, Sheikh Hamad Bin Jassin Bin Baber
Althani, was also part of the Qatari business delegation in the country.
