President Muhammadu Buhari has called on international investors to take advantage of the diversification of the economy currently taking place in Nigeria and invest in the country. The President made the call when he addressed the US/Africa business forum on the side-lines of the on-going UN General Assembly in New York.
The forum was organized by the United States Department of Commerce and the Bloomberg Philanthropies and was aimed at providing the opportunity for African leaders to meet and parley with potential investors.
President Buhari noted that the US has been one of Nigeria’s top trading partners; for decades as the biggest importer of its crude oil, adding that many American companies, like Exxon-Mobil, Chevron, Microsoft, Procter and Gamble, Coca-Cola, Pepsi Company, etc, are thriving in Nigeria’s business space.
He acknowledged that the country is going through challenging times economically, but added that his administration sees the challenges “as an opportunity to set the economy firmly on the path of true diversification, sustainable economic growth, and shared prosperity.”
He told participants at the forum that successes are being made on the three major policies of his leadership namely: security, fight against corruption and economic diversification, stressing that investment opportunities abound in various sectors of the economy, including Infrastructure, Industry, Agriculture, Mining and the Digital Economy.
He said: “We are working hard to bridge an electricity deficit of several thousands of megawatts, which will require substantial private sector investment, especially in Transmission. Our railway system is being opened up after decades of a government monopoly that has hindered the needed private sector investment.”
On Industry, Buhari said “investments and partnerships are being directed to leather and leather products; sugar; palm oil processing; food processing, specifically tomato and fruit processing.” Automobile assembly and manufacturing are important to the diversification of the Nigerian economy. Industrial zones and parks are being established. This is work in progress.”