UN General Assembly: Nigeria’s economy ripe for increased investment – Bukhari

President Muhammadu Buhari stated that the Nigerian economy is ready for increased investment, hinting that private capital inflows into Nigeria, which mainly consist of foreign direct investment, have slowed, hampering financing of infrastructure projects and access to much-needed natural resources.

Buhari revealed this at the Nigeria Forum on International Economic Partnership held on the sidelines of the 77th session of the United Nations General Assembly in New York.

The summit was held to discuss the possibility of attracting more investors to Nigeria.

What does the president say?

Buhari expressed his happiness that investments in improving security are yielding good dividends, praising the Nigerian Army for making significant progress in combating insecurity and building momentum in minimizing challenges.

He also pledged that the federal government would do more to improve security, recognizing that the sector is another critical component of investment flow, overall economic development and infrastructure.

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“We will continue to provide all necessary support to our security services to ensure that they are able to meet the challenge quickly,” He said emphasizing that “The advantages and disadvantages of investing in Nigeria far outweigh the challenges.”

He added that despite the pandemic and the Russian invasion of Ukraine, Nigeria is on its way to occupying its rightful place in the global economy, and attributed the success story to implementing reforms aimed at attracting foreign investment and continuous improvement in governance.

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He stated that quarterly GDP growth in the first quarter of 2022 was mostly driven by the non-oil sector, giving credence to the government’s revenue diversification agenda and acknowledging that there is still more to be done to improve private capital flows into Nigeria through externalities. Direct investment and infrastructure financing.

The agricultural sector, most important to us, has remained resilient despite security concerns, reduced irrigation, limited inputs, and aging infrastructure challenges, with strong food demand supporting growth. The growth in manufacturing reflected the increase in domestic and commercial consumption due to the reopening of economic activities and the improvement of supply chains.

The current growth in our services sector is promising. Increased privatization, foreign investment, globalization and competition will stimulate growth and competition in the service sector and the economy as a whole.

Domestically, the Federal Government is taking some bold, decisive and urgent actions to address the poor revenue performance, and improve our operations to make investing in Nigeria very attractive.

In general, the Nigerian economy is ready for increased investment. On the contrary, private capital flows into Nigeria, consisting mainly of foreign direct investment, have slowed down, impeding the financing of infrastructure projects and access to much-needed natural resources. Our management is already working on innovative ways to restore these flows.” Bukhari said.

In case you miss it yourself

  • Nairametrics previously reported that President Muhammadu Buhari told attendees of the climate change session at the United Nations General Assembly (UNGA), that Nigeria is committed to a rapid transition to renewable energy.
  • He said the data-backed energy transformation plan highlights the use of renewable energy technologies to transform Nigeria into a clean energy-led economy.
  • Nigeria’s energy transformation plan is expected to create 340,000 jobs by 2030 and up to 840,000 by 2060, driven by the transportation, clean cooking and energy sectors.
  • According to him, emerging technologies such as hydrogen and bioenergy will create pathways for low carbon development in the country.

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