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FG Urges Multinationals To Sustain Investments In Nigeria

The Vice President, Prof. Yemi Osinbajo, today challenged multinationals and other potential investors globally to see Nigeria as an investment haven in view of the opportunities the country offers in terms of returns on and security of  investments.

The Vice President gave the charged in his address delivered during the commissioning of the new Nestle Milo Ready-To-Drink Factory in Agbara, Ogun State.

Specifically, he assured that in furtherance of the Federal Government’s efforts to improve the environment for private sector participation in the economic reconstruction agenda, adequate attention was being given to infrastructure development as a key component of the Economic Recovery and Growth Plan (ERGP).

The Vice President said: “Our government is also a “ready-to-serve” government, ensuring that we implement the Economic Recovery and Growth Plan (ERGP) to keep the economy on the path of sustainable economic growth and global competitiveness.”

“One important component of the Plan is the provision of critical infrastructure, such as roads, rail and power, which this administration is fully committed to. We’re fully committed to supporting companies such as Nestle as we spur growth and create jobs within the economy.

“Another is the creation of an enabling business environment, and making Nigeria a progressively easier place to do business.

“To actualize this goal, in July 2016, Mr. President inaugurated the Presidential Enabling Business Environment Council (PEBEC), which he asked me to Chair, and he gave us the task of implementing this mandate”, Prof. Osinbajo added.

He confirmed that the business climate reforms undertaken under PEBEC were already bearing some fruit and reflects that Nigeria is committed to creating an enabling environment to facilitate private sector-led growth and development.

According to him, with the latest World Bank flagship “Doing Business” report released in October 2017 for the 2018 fiscal year, there is no gainsaying the fact that Nigeria’s economy is gaining improved performance traction, moved up by an unprecedented 24 places while also first time the country was also recognized as one of the top 10 most improved economies in the world.

Citing various reform initiatives by the government in recent times to support his position on the determination of the present administration to make Nigeria more investment-friendly by all assessment parameters, the Vice President explained that the Executive was collaborating with the National Assembly and supporting the passage of their priority business climate reform bills, while partnering to deliver an Omnibus Bill, which will address various irritants within extant laws that need to be amended for the purpose of achieving a better environment for doing business in Nigeria

He commended the  management and staff of Nestle Nigeria on the inauguration of the new Ready-to-Drink factory and the sustained efforts of the company to invest in the nation’s economy.

Osinabjo urged other multinationals to take a cue from Nestle, and bet on Nigeria’s future and domicile their manufacturing bases in Nigeria, in view of the fact that the country remained the best investment destination in Africa.

 

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