The Chairman of Nigerian Exchange Group (NGX), Dr. Umaru Kwairanga, has advised foreign investors to explore the opportunities of good returns in Nigeria in view of the current reforms by the Federal Government to create more conducive environment for businesses to thrive in the country.
The investment expert made the appeal to the foreign investors in his address delivered on Thursday at the Nigeria Infrastructure Investment Forum at Standard Bank International headquarters in London.
Kwairanga told the audience that the Nigerian team was at the forum to sell the advantages and promise of investing in Africa and more specifically, Nigeria, based on two pillars right now.
He said, firstly that Nigeria is blessed with abundant natural resources- vast, verdant, fertile land for agriculture; abundant mineral resources including rare earth minerals; a climate that is friendly and welcoming all year round.
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Secondly, that Nigeria has the human resources as more than half of its population is under thirty and a large proportion of that population is highly educated and hardworking.
The NGX Group Chairman maintained that these two pillars strongly positioned Nigeria and Africa to be the growth engine of the twenty first century but we need a third pillar to make the tripod complete.
He listed the third pillar as world class infrastructure, noting that Nigeria needs to overhaul its roads, ports, electricity networks, rail lines and so much more to compete globally and achieve its potentials and for that, it requires huge infrastructure investment.
Kwairanga further clarified: “We are not asking for freebies. An investment in Africa and more specifically, Nigeria now is akin to an investment in China in the 1980s. It will be repaid many folds when the right mix of abundant natural resources, ample human resources and excellent infrastructure ignites and our economy starts growing in double digits.
“Putting all these together requires the right leadership and a regulatory system that is structured to optimise performance and we are lucky to have finally found that in the current administration of President Bola Ahmed Tinubu.
“Mr. President and his team have spent the last three years working on fundamental and structural issues that have long held back Nigeria’s potential and I am happy to see that those reforms, painful though they have been, are beginning to have positive results for Nigerians and investors in Nigeria. There is purpose, there is clarity, and there is direction”, he assured.
Kwairanga concluded his remarks by inviting the foreign investors “ to be part of the turnaround story of Nigeria, Africa and the world’s next economic powerhouse.”
Photo Caption
L-R: Nigeria’s Minister for industry, Trade and Investment, Dr. Jumoke Oduwole; Chairman of Nigerian Exchange Group (NGX), (Dr.) Umaru Kwairanga; and Minister of State for Finance, Mr. Taiwo Oyedele; during the Nigeria Infrastructure Investment Forum held Thursday at Standard Bank International headquarters in London
