Buhari Promises Improved Transparent Privatisation Process

President Muhammadu Buhari on 21st July 15 guaranteed global investors that his administration would not relent on the privatization plans started by previous governments but will this time with defined strategy and transparency.”

Also, he promised to ensure that the process of procuring the country’s visa is simplified.

The president gave the assurances at a business forum organised by the United States Chamber of Commerce and The Corporate Council on Africa in continuation of his on-going four-day official visit to the US.

He urged US investors to take advantage of the nation’s liberal trade and investment climate to invest in the various profitable businesses available in Nigeria.

The President said his government’s intention was to continue to create enabling environment for future investments to thrive in the country.

He said, “It is my intention to create the necessary environment for future investment in Nigeria.

“We are the most populous nation with largest market in Africa with vast human and natural resources and blessed with abandoned young skilled workforce.

“We are therefore a proud candidate to become the destination of choice for United States investments in Africa. I. work assiduously to welcome new investors to our country.

“I will like to remind  you all that we are continuing in major privatisation programme with sectors ranging from telecommunication, energy, gas, solid minerals, aviation, health and infrastructural development, but with improved moral architecture. We will also simplify visa procedures based on principle of reciprocity.

“May I, therefore, seize this opportunity to formally invite the American business community to take advantage of our liberal trade and investment climate to do profitable business in Nigeria.”

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The President also enjoined the business communities in the US to take advantage of the excellent political relationship between the two nations to expand trade and investment activities, including joint venture projects in priority sectors of the Nigerian economy.

He said the private sector must assume increasing role as part of engine of growth.

Specifically, Buhari said his government would welcome genuine investors who were willing to embark on solid mineral exploration in Nigeria.

He pledged that his administration would fulfil its key campaign promises which included creation of employment opportunities for millions of Nigerian youths.

He added, “Employment generation was one of my key campaign promises. I will do my best to keep this promise.

“There is no other way to expand economic opportunities and create employment opportunities for millions of our youths than boosting domestic manufacturing, undertaking infrastructural development and industrialisation.

“Let me repeat, Nigeria will partner with genuine investors who are willing to join us to achieve our economic objective and at the same time realise handsome returns to recoup their investments.

“There is more to Nigeria than oil. This is why I will continue to stress the need for increased United States investments in our non-oil sector.

“In this respect, the present administration will be attentive to the needs of the business community and pursue policies that will strengthen the sectors that drive the growth.’’

Buhari added that he would focus on  prudence, accountability, good governance, respect for the rule of law, strict compliance with, and observant of contractual agreements.

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He noted that Nigeria had enormous economic potentials that required heavy funding, which could not be sourced locally in Nigeria alone.

In his remarks, the Chairman of the Corporate Council on Africa, Mr. Paul Hinks, expressed the readiness of American investors to do business with the new government in Nigeria.

He, therefore, invited Buhari to chair the Council’s summit slated for Ethiopia in November.


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