Adenyi Adebayo
HighlightTop StoryTrending Story

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

150

 

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

Pres. Tinubu to Qatari investors: Report any Nigerian official demanding bribe

President Bola Tinubu has asked Qatari captains of industry to report any...

Food, other items looted in NEMA warehouse, Abuja

Scores of inhabitants of the Federal Capital Territory (FCT) have looted a...

Poor power supply: FG summons Abuja, Ibadan distribution companies

The Minister of Power, Dr. Adebayo Adelabu, has summoned the chief executives...

NLC, TUC to Pres.Tinubu: We are no politicians, but unionists

The nation’s organized labour under the aegis of the Nigeria Labour Congress...

Blackout in California as the biggest snowstorm of the season hits the city 

A blackout in California occurred after a powerful snowstorm raged overnight into...

CBN revokes licences of 4,173 BDC operators

The Central Bank of Nigeria (CB) has taken decisive action by revoking...

Food security: 1.3m Nigerians to benefit from Ukraine’s grain donation, says WFP

About 1.3 million Nigerians impacted by the rising cost of food in...

Forex crisis: FG slams $10bln fine on Binance

The Federal Government has fined a crypto trading platform, Binance, $10 billion...

CBN to sell N1.64trn Treasury bills in Q2 2024

The Central Bank of Nigeria (CBN) has said it will sell Treasury...

African Games 2023: Sports Minister to Team Nigeria: Shatter the Records

With less than eight days to the African Games 2023, Nigeria’s Minister...

Developing law enforcement standards, policing in Nigeria on course, says Police I-G Egbetokun

The Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, has said the mission...

Prof. Soyinka, at Punch’s 50th anniversary, canvasses Nigeria’s decentralisation

Prof. Wole Soyinka, the Nobel laureate, said on Thursday that the decentralization...

We committed $600m to health in Nigeria in 2023, says U.S. Govt.

The United States Government has disclosed that it has committed $20 billion...

Nigeria lacks sufficient reserves to tackle FX demands, backlog in the market, says expert

An economist, Mr. Esili Eigbe, has said Nigeria lacked sufficient reserves to...

NNPCL advocates “War Room” to tackle challenges faced by independent producers

The Nigerian National Petroleum Company Limited (NNPCL) has called for a stronger...

NLC protests: Tinubu spanks labour, urges a breather for his 9-month-old govt

The organized labour under the aegis of the Nigeria Labour Congress (NLC)...

Corruption will go away from Nigeria, says Pres. Tinubu as he inaugurates Lagos rail project

President Bola Tinubu inaugurated the Red Line rail project of the Lagos...

Pogba handed four-year ban for doping

Juventus’ star midfielder, Paul Pogba, has been handed a hefty four-year ban...

Cristiano Ronaldo suspended over alleged offensive gesture in Saudi League game

Saudi Arabia’s football governing body has suspended Cristiano Ronaldo for one game...

Alleged N178bln debt: Reps dismiss petition against NPA, laud Bello-Koko, NPA 

A petition alleging that Mr. Bello Koko, the Managing Director of the...