President Bola Tinubu on Wednesday told prospective investors that Nigeria has a unique mix of opportunities they would not find elsewhere.
He also urged them not to be dissuaded by the negative narratives propagated in some quarters.
“Nigeria is an opportunity that is impossible to replicate or find elsewhere in any part of the world,” Tinubu said at the Nigeria-U.S. Executive Business Roundtable just after he rang the closing bell at the NASDAQ Headquarters in New York City.
Special Adviser to the President on Media and Publicity, Ajuri Ngelale, confirmed this in a statement he signed on Thursday titled, ‘President Tinubu becomes first ever African leader to ring the closing bell at NASDAQ; woos large scale investment at the Nigeria-U.S. executive business roundtable.’
President Tinubu assured prospective investors that while he recognises the cowardly nature of investment capital, he intentionally brought successful Nigerian industrialists and public officials to share their experiences and operational plans, respectively.
He said this is in addition to all that he has done to boost the confidence of the global investment community in Nigeria’s presently reforming fiscal, monetary, regulatory and tax policy environment.
“We have brilliant young people who both innovate and consume at a large scale. Our entrepreneurial spirit is a major part of what makes our market totally unique, aside from demography.
“Nigerians build businesses and Nigerian businesses partner with other businesses to conduct larger business. There is enough value to spread around. Be careful of what you hear about Nigeria.
“You may be dissuaded from a major opportunity others will take up. We are here for you. We will give you all the support you need to succeed and succeed abundantly,” the President assured the roundtable as he pointed out cabinet officials.
Earlier, Tinubu became the first African leader to ring the closing bell at the world’s second-largest stock exchange, the National Association of Securities Dealers Automatic Quotation System.
The President, surrounded by Nigerian business leaders and officials of the Nigerian Stock Exchange, seized the opportunity presented by the moment to advance his foreign investment push as he stood live in front of financial markets at the famous stock exchange.
“It’s a great honour for me to be here. I am happy to bring Nigeria to your doorstep and honoured that we are here today with a bubbling Nigerian stock market that will evolve in the West African sub-region.
“The greatest economy in Africa is Nigeria; there is an immense opportunity in Nigeria where you can invest your money without fear,” the President said.
Tinubu noted that his government continues to address longstanding problems and impediments, such as his work to restore and unify the foreign exchange rate market to a stable and trustworthy level, allowing new investors to seamlessly bring their money into the country, free of worries about whether or not they can take their money out at any point in time.
“You’re free to take in your money and bring out your money. I count on you to invest in Nigeria,” the Nigerian leader exclaimed under the lights.
On behalf of the U.S. Government, U.S. Deputy Treasury Secretary Wally Adeyemo told U.S. business leaders that he was recently on an official visit to Lagos, Nigeria, where he saw some reforms implemented by the President when he governed the state.
Adeyemo said, “People have attested to the fact that the reforms you have put in place as President are quickly enhancing confidence.
“American business is paying attention to that and from what we have seen for ourselves, Nigeria is proving to be a new frontier for investment.
“We will encourage our companies from our end as those reforms continue to deepen.”
The American Business Council President, Mr. Sops Ideriah, said that the extensive turnout at the roundtable by American Business Chief Executives showed the rising response to the actions and words of President Bola Tinubu’s administration concerning ease of business, investment promotion, and his willingness to personally intervene where required to ease the historical concerns of American business people about doing business in Nigeria.
“We are very positive about the potential of Nigeria and we are just reinforcing to our colleagues the message about the economic opportunities that exist there,” Mr. Ideriah said.
Acting Chairman of the Federal Inland Revenue Service, Mr. Zacch Adedeji, assured the American Captains of Industry that under Tinubu’s leadership, the nation’s apex tax authority would be focusing its efforts not on taxing the seed but only on the proportionate taxation of the fruit of fully formed industry, through efficient policy synergy with Nigeria’s sub-national authorities.
