Industry and Commerce delegation from Germany has rated Nigeria as one of the promising markets for foreign investors.
Members of the delegation, led by Ulrich Konstantin Rieger, Head of Division, Internationalization Department Africa, Bavarian Ministry of Economic Affairs, alongside the German Ambassador to Nigeria, Bernhard Schlagheck paid a visit on Vice President Yemi Osinbajo today, Tuesday, at the Presidential Villa, Abuja.
The leader of the delegation and German Ambassador acknowledged that the economic policy initiatives of the Muhammadu Buhari administration have improved Nigeria’s rating as a more investor-friendly destination.
“After difficult years, Nigeria is facing an upward trend; the investment climate seems to be improving. For foreign companies, Nigeria is one of the most promising markets in Africa,” Rieger added.
this was even as Vice President Osinbajo stressed that the Buhari administration is continually working very hard to create an environment that makes it much easier for businesses to thrive in Nigeria and is looking at ways to solve infrastructure and economic issues.
“A few weeks ago, we completed the Focus Labs which was a way by which we thought we could crack some of the difficult problems concerning investors coming into Nigeria. There were a wide range of investors in power, oil and gas, various sectors. They had one issue or the other with their investments, and we had over a 6-week period, we worked through each of those problems with government agencies in attendance.
“It was a very innovative experience, because we had all government agencies in the same room with investors who had issues, and we ensured that the investors were able to get some results from the Focus Labs. We intend to take that approach in resolving many of the other issues that have been outlined. I think Minister of Industry mentioned that in relation to Nigerian Investment Promotion Council’s approach in solving some of these problems.
“I just want to say that Nigeria is set for business, and fortunately, you have NIPC – Yewande Sadiku will be talking to you in greater detail about some of the issues around investment and all that. A lot of the physical issues and concerns around interest rates, we are working on it now that inflation has declined steadily in the past 18 months, we are certainly going to have to look at how to substantially reduce interest rates to make it easier for businesses to take credit. We are in a very good place, especially with the physical situation improving very considerably, to make some important changes. We are hoping the Central Bank will be able to do so in a very short time. Nigeria is a place to look at for innovation and technology, we have so many young people there, and we think that might be an interesting opportunity as well.” [myad]