Adenyi Adebayo
HighlightTop StoryTrending Story

FG to provide incentives for investors willing to invest in insecurity prone areas — Minister

426

 

By Ajuma Edwina Ameh

The Federal Government has expressed readiness to provide incentives for investors willing to invest in parts of the country bedeviled by security challenges. Making the disclosure while briefing State House correspondents at the weekly Ministerial briefing organized by the Presidential Communications Team, on Thursday, the Minister of Industry, Trade and Investment, Chief Adeniyi Adebayo, said the federal government would spare no effort to return Nigeria to its rightful position.

He said: “One of the things that we keep harping on is the fact that we have the largest individual population in Africa, we are the largest markets in Africa; out of the 1.3 billion African market, over 200 million is Nigeria.

Read Also: Aftermath of Abuja Disco management sack: UBA takes over majority stake in the company

“So, anybody that wants to do business in Africa, we always say you should take advantage of that market. There’s no better place to start than Nigeria, because you have ready market in Nigeria, and Nigeria is a hub.

“And another thing that we’re doing; maybe I should mention this as well, we are looking at when people want to invest, everybody wants to invest in a safe area. So, to make it attractive for you to invest in a place that is not so safe, we will be giving various incentives.

“For instance, we invite you and we say come and invest in the northwest, and you say there’s a security problem there. We say, there is no problem.

“However, if you invest a certain amount of money, these are the incentives that we will give you to enable you go and invest and this is beginning to reap benefit because people are beginning to show interest in that kind of thing.”

Speaking on the African Continental Free Trade Area (AfCFTA), Chief Adeniyi Adebayo revealed that schedules for commitment in trade and services between Nigeria and ECOWAS are being compiled for submission to the AfCFTA secretariat.

He pointed out that although trading under the AfCFTA was flagged off on January 1, 2021, trading can only commence once the AfCFTA services are codified by the Customs and other relevant regulators.

“The essence of the agreement is to create a single market and promote easy movement of goods and services within the 55 member states of the Africa Union.

“The Federal Government is well prepared for AfCFTA and a number of measures have been implemented through the Ministry of Industry, Trade and Investment,” Chief Adeniyi Adebayo, a former Ekiti Governor, said.

Persecondnews recalls that the current insecurity challenges are the main reasons Nigeria fell off the list of top 10 preferred investment destinations in Africa.

Leave a comment

Related Articles

N1.3trn fraud: EFCC arrests, grills ex-Delta Gov. Okowa

A former Delta State Governor, Ifeanyi Okowa, has been apprehended by the...

Breaking: Pres. Tinubu orders release of #EndBadGovernance underage protesters

President Bola Tinubu has ordered the immediate release of all minors arrested...

Equatorial Guinea government official embroiled in sextape scandal

Mr. Baltasar Engonga, Director General of the National Financial Investigation Agency (ANIF)...

Just in: Seven new ministers take oaths of office

President Bola Tinubu has sworn in seven newly appointed ministers, directing them...

CAF ruling against Libya: Nigerian govt. promises to protect its citizens in Libya

Nigeria’s Ministry of Foreign Affairs has reaffirmed the federal government’s commitment to...

Polaris Bank wins “Best Mobile App” award at Digital Jurist Awards 2024

For its commitment to digital innovation and excellence, Polaris Bank has again...

Updated: After six years of injustice, Nigeria’s ex-Chief Justice, Onnoghen, finally gets justice

The Court of Appeal, Abuja Division, on Monday, overturned the conviction of...

Flood sacks 4 Anambra council areas as Soludo activates 27 IDP camps

By Emmanuel Ndukuba, Awka Floods have devastated four local government areas in...

Just in: Appeal Court acquits ex-CJN, Onnoghen, orders FG to unfreeze his account

The Court of Appeal sitting in Abuja on Monday discharged and acquitted...

Four-month salary: NASU, SSANU secure irrevocable commitment from FG, suspend strike

After a six-day strike, the Joint Action Committee (JAC) of non-teaching staff...

Three radio stations in Abia destroyed by mysterious fire

A mysterious fire has hit three radio stations in Abia in Abia...

Seven new ministers for inauguration on Monday, Nov. 4

President Bola Tinubu will preside over the oath-taking of seven new ministers...

Youth shot dead for playing football near VIP’s house

A 70-year-old man, Mr. Stephen Irobunda, has escaped a mob action in...

Renowned Nigerian filmmaker, director Dimeji Ajibola is dead

Dimeji Ajibola, the acclaimed Nigerian filmmaker behind the popular series Shanty Town,...

Just in: UK Conservative Party elects former Business Secretary Kemi Badenoch as new leader

Former British Business Secretary Kemi Badenoch has emerged as the new leader...

Demolition of Abuja N200bln properties: Restrain Wike, Estate Developers Beg Pres. Tinubu

President Bola Tinubu has been urged to intervene in the alleged demolition...

ECOWAS, Nigeria, Morocco, Mauritania Commit to $26bln African Atlantic Gas Pipeline Project

“The project, conceived in 2016 during King Mohammed VI of Morocco’s visit...

FirstBank’s retired CEO, Adeduntan, gets presidential commendation

Impressed with his exemplary career trajectory and transformative leadership, President Bola Tinubu...

#EndBadGovernance protests: AGF to Police: Transfer casefiles of 72 defendants to my office

The Attorney General of the Federation (AGF) and Minister of Justice, Prince...

NAGAFF Taps NPA MD, Dr. Abubakar Dantsoho, as Keynote Speaker for Silver Jubilee Anniversary

The National Association of Government Approved Freight Forwarders (NAGAFF) has announced Dr....