Like all leaders in developing countries do, President Muhammadu Buhari, told some prospective Chinese investors that if and when they decide to invest in Nigeria, their investments would be safeguarded.
In addition, the President said their investments would in Nigeria would yield significant profits far better than any other country.
The President, who spoke in separate meetings with the prospective investors, said Nigeria is endowed with abundant human and material resources as well as a young population that is very energetic, innovative and ready to work.
He encouraged Chinese companies and entrepreneurs to take advantage of the improved business environment in Nigeria to invest in key sectors of the economy.
China, known for its role in the development of Africa, the President did not hesitate to highlight that fact when he acknowledged the contributions of Chinese companies in developing the country’s infrastructure.
The Ruyi Group, a leading Chinese company, had met with the President with a plan to invest $200m for an industrial park in Kano State, cotton farms in Funtua, Katsina state and textile and garment manufacturing establishments in Aba, Abia and Lagos states.
While the proposed investments are intended to cover the entire cotton value chain, farming, ginning, spinning, weaving and power generation to support the processes, the President could not have sold his country to investors in any way better than he did.
Nigeria, of course, for those who know, is arguably the best place for investors to invest for many reasons, chief among which is high population growth which, in turn, guarantees investors market.
The country is also abundantly blessed with natural resources which are scattered in parts of the country.
Many of the country’s resources cannot be found and cheaply exploited like in Nigeria.
Of course, Nigeria has a great economic potential due to its large number of people, many of who are agrarians and unemployed.
Other than the fact that Nigeria has the largest consumer market in Africa, a situation of joy for investors, the country, especially under the Buhari-led administration, has tried in many ways possible to provide investment incentives in exportoriented businesses, with a view to boosting the economy and reduce pressure on foreign currency.
However, there are some problems that could militate against investment in the country such as poor infrastructure, lack of investors and regulatory agencies adherence to acceptable global standards, weak manufacturing base, high cost of doing business, poor power supply, weak industrial base and corruption.
In fact corruption, more than the other factors, had before now, scared many investors from coming, rendered the economy uncoordinated, backward and deprived citizens their means of livelihoods.
Thus, it is heartwarming how the Buhari-led administration decided to confront the cankerworm of corruption by making the anticorruption crusade a cardinal thrust of the government.
No doubt, if this monster can be tamed, at least, if not killed, and with improved security, Nigeria, like the President said, can be the haven of investors.
No wonder, Ruyi Group Chairman, Mr. YafuQui, told President Buhari that they settled for Nigeria because of the country’s population, abundant human and material resources and a strong leadership.
On rail linking ports…
In what can be described as a giant step to industrialise, President Muhammadu Buhari has directed that train services must be extended to the nation’s ports.
This development, no doubt, as the President observes, will boost socioeconomic activities across the country.
The President spoke when he attended the International Association of Ports and Harbour’s Africa Regional Conference in Abuja.
He said: “We understand that this inter-connectivity will improve the country’s economic competitiveness as targeted under the Economic Recovery and Growth Plan.
So, for starters, I have directed that every port must have the complement of rail infrastructure.
Our projection is that by the end of year 2021, we will have standard gauge railway across the main North-South trading route.’’ This development, it can be said, could not have come at a better time than now when, basically, infrastructural development was neglected by previous administrations in the country and because of the importance of railway to a country’s development cannot be underestimated.
Railway plays significant role in development and overall growth of any economy.
In fact, it is often referred to as the wheels of economic activity because of the crucial role it plays in providing the bulwark upon which production and distribution stand.
It is, therefore, heartwarming to note that the federal government is committed to building railway and infrastructure that support the means of transportation from the ports to the hinterland.
No doubt, when completed in 2021, the rail lines from the nation’s ports to cities would facilitate movement of good, reduce traffic on our roads, increase the life span of roads and connect our country in a better and formidable way.
It will also, above all, like the President said, stimulate activities on inland waterways that could lead to maritime development and security.
