• Thursday, March 28, 2024
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Emefiele, Udoma, Ahmed woo investors at IMF, World Bank meetings

CBN governor, Godwin Emefiele

Nigeria’s top economic managers attending the Spring meetings of the International Monetary Fund and World Bank in Washington at the weekend made frantic appeal to investors to commit their investments in the country still facing fragile growth.

Speaking at different fora, Governor of the Central Bank of Nigeria, Godwin Emefiele; Finance minister, Zainab Shamsuna Ahmed, and the minister for budget and National Planning, Udo Udoma said Nigeria is set for faster growth, after its general elections and is now ready for investments.

At a high level business meeting with the US business community held under the auspices of the Corporate Council for Africa (CCA), Udoma told investors that Nigeria is on the path of diversified inclusive growth; and that President Buhari in his second term is focused on consolidation and further expansion of the investor-friendly policies of the Economic Recovery and Growth Plan (ERGP).

CCA is at the forefront of strengthening and facilitating the commercial relationship between the United States and the African continent. The audience was made up of top America investors, some of them already doing business in Nigeria.

Udoma told them that the fundamentals of the Nigerian economy are strong, with main indices positive and growing. “Oil prices are stable and the convergence in the foreign exchange windows has helped in reducing inflation and rebuilding external buffers. “2017 was better than 2016, just as 2018 was better than 2017, and 2019 will be even better”, he assured investors.

While indicating that the economy is projected to grow by 3.01% in 2019 with a projected single digit inflation of 9.98%, the Minister said Nigeria is focused on diversification of the economy in partnership with the private sector; explaining that with the development of Special Economic Zones, the country intends to exploit the comparative advantages of the six geo-political zones and the 36 states by establishing six Industrial Parks and 109 Special Production and Processing Centres across all 109 senatorial zones.

He assured that the government will continue to invest in infrastructure, particularly in power, roads, ports and rail, in partnership with the private sector.

He said government is encouraging Public Private Partnerships and tax incentives are also being provided to encourage the private sector to participate in the provision of public facilities, for instance the Executive Order 007 on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.

He informed the businessmen that efforts to improve infrastructure will be complemented by reforms to make it easier to do business with the aim of achieving a ranking of less than 100 in the World Bank’s ease of doing business survey, adding that investments in Human capital, as well as Poverty Reduction initiatives, are being stepped up.

In her presentation at the event, the Finance Minister said Nigeria is driving reforms in several sectors which will potentially impact private investors positively.

“Nigeria’s Economic Recovery and Growth Plan targets investments in critical infrastructure & Human Capital Development, as well as enhance food security, foster industrialisation, create jobs & facilitate the ease of doing business” she said.

She said government has placed priority on agriculture & food security; mining & minerals to drive macroeconomic stability, economic diversification and restore growth.

Ahmed equally spoke on the country’s debt position, pointing out that although the country’s debt level has been on the rise, Nigeria does not have a debt problem, rather the challenge is in the area of revenue generation. “Our debts are at the level that are sustainable; what we are trying to do is to increase our revenues”, she pointed out.

She told the businessmen that the Nigerian government is prudent in both debt management and overall financial management. “Our borrowings have been used to fund critical infrastructure which will help to expand our capacity to grow and generate more resources for further the country.’

She emphasised that Nigeria’s debt levels are within approved fiscal limits, as government is committed to its fiscal sustainability programme.

“Government is however focused on increasing revenues which is why Nigeria had to put in place initiatives to grow revenues. Among them include include tax reforms and strategic policies aimed at increasing Customs revenues.”

According to her, investing in the citizens means social Inclusion, job creation; and youth empowerment.

She also said the FG is pursuing improved human capital development through qualitative & affordable healthcare; reformed education system.

“We are building a globally competitive economy by investing in transportation & other critical Infrastructure (roads, rail ports & ICT / broadband networks); energy & power sufficiency,” she said.

She also said Nigeria is also driving industrialization and focusing on SMEs just as it is Improving ease of doing business improving the business environment; & promoting digitaI-Ied growth.

She said Nigeria is actively seeking Investors to consolidate on the recent economic recovery plot a trajectory for diversified, sustainable & inclusive economic growth over the medium-term to Iong-term horizon.

At another event -an evening with the Central Bank Governor- hosted by the publishers of per second news, Emefiele said the authorities were happy that the fiscal and monetary policies were well applauded at the meetings for the the first time in recent years.

“I am happy today that people are applauding what we have done in Nigeria,” he said.

He told investors that Nigeria had regained confidence and stability, making it a very good and safe place to invest.

“A lot of work has been done and a lot of work still needs to be done and we are saying that Nigeria is ready and open to business.”

The Chief Executive Officer of CCA, Florie Liser, applauded Nigeria’s economic managers and commended steady growth since the country exited a difficult recession in the second quarter of 2017.

 

Onyinye Nwachukwu & Hope Ashike in Washington DC