Nigeria to review foreign direct investment strategy

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The Minister of Interior in Nigeria, General Abdulrahman Danbazzau (rtd), says he will soon set up a committee that will come up with solutions on how to fast track the nation’s investment inflows.

When established, the committee will review issues of delays associated with the issuance of visas to prospective investors into Nigeria.

At a meeting with key government officials in Abuja on Friday, General Danbazau expressed hopes that the initiative would lead to an upward increase in the nation’s foreign direct investment.

“Every investor needs a secured environment. We want to ensure that we even ease the process to encourage investors to come into Nigeria.

“Nigerians will benefit in terms of capacity building, employment and we will be able to expound our industries,” he told the gathering.

The meeting was convened by the Ministry of Interior, with special focus on how to remove barriers to doing business in Nigeria.

The Minister of Foreign Affairs, Geoffrey Onyeama, Minister of Trade and Investment, Okechukwu Enelema and the Comptroller General of the Nigeria Immigration Service, Muhammed Babandede, were in attendance.

Each of them promised to ensure that they speed up all processes that would help prospective investors come into Nigeria.

Earlier in May, Mr Enelamah, said one of the key priorities of the government was to promote the ease of doing business in Nigeria.

Mr Enelamah made the statement during a public hearing on two consolidated bills organised by the House of Representatives Committee on Commerce to ensure fairness in economic activities in Nigeria.

The Federal Competition and Consumer Protection Bill seeks to establish a commission to regulate competitive activities in every sector of the economy.

With the rate of dwindling oil prices globally, many believe that ease in doing business in Nigeria is the way to go.

They also hope that the initiative will translate into improving the socio-economic development of Nigeria.

 

Source: channeltv