Business
Nigeria, Hub For Investment In Africa – NIPC
The Nigerian Investment Promotion Commission (NIPC) says Nigeria remains the hub for investment in Africa in spite of the country’s infrastructural challenge.
This was contained in the commission’s news letter, a copy of which was made available to newsmen in Abuja on Tuesday.
The report quoted the Director, One Stop Investment Centre (OSIC), Mr Amos Sakaba, as saying that Nigeria offers one of the best returns on investment in the world.
According to him, the Federal Government is carrying out various reforms to improve the investment climate in the country in line with the transformation agenda of President Goodluck Jonathan.
“The Federal Government has restored confidence and best practice in the financial sector, entrenchment of democratic governance, the removal of bureaucratic bottlenecks, especially at the ports.
“The government has also provided a boisterous market, five year tax holiday which is one of the lowest value added tax as well as demonstrable political will on the part of the present administration to make a difference by giving Nigeria a new lease of economic life.”
Sakaba said that the Nigerian economy was opened to investors, adding that most economies of the world were saturated.
Commenting on the challenges facing the power sector, the director assured investors that the Federal Government was making efforts to ensure a stable and steady power supply in the country.
He said that government was fine tuning its transmission capacity, stressing that all players in the manufacturing sector like Nestle, Nigerian Bottling Company, Procter and Gamble and Dangote were expanding their operations.
The director noted that these companies were also declaring huge profits despite the daunting challenges of power.
Sakaba said that the present administration would leave no stone unturned to ensure the rapid development of the country, adding that all major government policies like Vision 20: 2020 were designed to stimulate Foreign Direct Investments (FDIs).
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.