Home » Tinubu Woos Foreign Investors, Promises Swift Fund Repatriation

Tinubu Woos Foreign Investors, Promises Swift Fund Repatriation

he Nigerian leader says he is working on the issues of double taxation and trapped funds to favour business growth.

by Motoni Olodun

President Bola Tinubu has assured foreign investors of ease in the repatriation of funds as the Federal Government ramps up efforts to attract more businesses to the country.

The Nigerian leader told the Rwandan High Commissioner that issues around trapped funds are being tackled, promising that funds will be processed expeditiously for release.

“We are one family on the continent. We will continue to promote democracy and good governance. I will maintain an open-door policy, and the Minister of Foreign Affairs and the Chief of Staff are also available,” he said according to a statement from his spokesman Ajuri Ngelale.

“For the avoidance of doubt, we are already working on the issues of double taxation, and it will be properly streamlined to favor business growth. Nigeria is home and a haven for investors.”

Tinubu spoke on Friday when he received Letters of Credence from the Ambassador of Hungary, Lorand Endreffy; the High Commissioner of Rwanda, Christophe Bazivamo, and the Ambassador of Ukraine, Ivan Kholostenko, at the State House in Abuja.

The President’s remarks came amid a renewed push by his administration to diversify the economy and reduce dependence on oil revenues, which have been hit hard by the global energy transition and the volatility of the international market.

Nigeria, Africa’s largest economy and most populous nation has been struggling with low growth, high inflation, rising unemployment, and dwindling foreign exchange reserves in recent years.

The government has launched several initiatives to boost the non-oil sector, such as the Economic Recovery and Growth Plan, the National Development Plan, the African Continental Free Trade Area Agreement, and the Petroleum Industry Act.

The government has also embarked on a series of reforms to improve the business environment, such as the ease of doing business projects, the Companies and Allied Matters Act, the Finance Act, and the Data Protection Act.

These efforts have yielded some positive results, as Nigeria moved up 15 places to rank 131 out of 190 countries in the World Bank’s 2020 Doing Business report. The country also attracted $2.6 billion in foreign direct investment in 2021, up from $2.3 billion in 2020, according to the United Nations Conference on Trade and Development.

However, challenges remain, such as insecurity, infrastructure deficits, policy uncertainty, and regulatory bottlenecks, which have hampered the full potential of the private sector and discouraged some investors.

Tinubu said he was aware of these challenges and was determined to address them in collaboration with relevant stakeholders.

He also expressed his interest in strengthening bilateral relations with the countries of the envoys, especially in the areas of trade, investment, education, agriculture, and security.

He said Nigeria was open for business believed in partnership, and would work with all those interested in the progress of the country.

The envoys, in their separate remarks, congratulated Tinubu on his election and commended his leadership and vision for Nigeria and Africa.

They also pledged their commitment to enhancing cooperation and friendship with Nigeria and expressed their admiration for the country’s rich culture, diversity, and resilience.

Source: Channels Television


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