Despite the fact that Nigeria was not named among the top 10 best countries to invest in Africa, President Muhammadu Buhari has said the country remains the most viable and attractive investment destination in Africa.
According to the latest Rand Merchant Bank report titled ‘Where to Invest in Africa 2021’, Egypt came out on top with Morocco and South Africa the second and third most robust markets for investment.
Notably, smaller nations like Rwanda and Botswana moved up the rankings from position five and thirteen in 2020 to position four and five respectively in the latest index.
Ghana, Mauritius and Cote d’Ivoire came 6th, 7th and 8th respectively, while Kenya and Tanzania were ranked 9th and 10th of best African countries to invest in.
But President Buhari while addressing a trade and investment forum at Expo 2020 Dubai, Nigeria is on the path of becoming the continent’s leading industrial and trading nation, adding that his administration has made efforts to improve the investment environment.
The event was organised by the Nigerian Arabian Gulf Chamber of Commerce, Nigeria’s ministry of industry, trade and investment and the Nigerian Investment Promotion Commission (NIPC).
According to a statement by Special Adviser to the President on Media and Publicity, Buhari said “Nigeria’s pavilion at the Expo 2020 clearly shows why we remain the most viable and attractive investment destination in Africa.”
He added: “Our location, our natural resources, our population, and our regulations are there for all to see. Nigeria is on its way to becoming a leading industrial and trading nation in Africa.
“To achieve this, our government focused on policies, projects and programs that support private sector investors.
“We introduced numerous fiscal incentives and infrastructure projects aimed at enhancing the viability of investments.
“Despite the adverse global economic environment of recent years, Nigeria’s investment environment has greatly improved both at the national and sub-national levels.”
Buhari said his administration will continue to improve the business climate especially as the African Continental Free Trade Area (AfCFTA) comes into full effect.
“Just last month at the Intra Africa Trade fair in Durban, I reminded business leaders that most of Africa’s challenges, whether security, economic or corruption, can be traced to our inability to domesticate the production of our most basic requirements and provide jobs to our teeming and dynamic youth population,” he said.
“I am pleased that this forum focuses on ‘Unveiling Trade and Investment Opportunities in Nigeria,’ and will encourage you all to keep an open mind and look beyond the challenges.
“In this room, we have governors, ministers and heads of government agencies that can address all your questions and concerns.
“We are here to support you and I hope you will all take this opportunity to move your investment decisions forward.”
