From Painting Nigeria As A Jungle Full Of Corruption, Buhari Finds Encouraging Words In New York

President Buhari addresses Heads of Government and CEOs at the US Africa Business Forum in New York. on September 21, 2016. President Buhari with US Secretary of Commerce Penny Sue Pritzer flanked by Minister of Industry, Trade & Investment Okechukwu Enelamah shortly before President Buhari addressed Heads of Government and CEOs at US Africa Business Forum in New York.

Gone are the days when President Muhammadu Buhari described Nigeria abroad as a country on the brink of collapse, totally destroyed by former President Goodluck Jonathan he defeated last year and gasping for breath.

These days in New York, President Buhari seems to have finally found healing words. On Wednesday, he said Nigeria would soon be one of the most attractive places to invest in the world.

He explained that his administration has embarked on significant economic reforms to realise that goal.

He was speaking to a large gathering of political and business leaders from the United States, Africa and other regions of the world at the Second United States-Africa Business Forum in the New York.

The gathering was organised by the United States Department of Commerce and Bloomberg Philanthropies.

The Nigerian leader said the Presidential Enabling Business Environment Council headed by Vice-President Yemi Osinbajo, will soon come out with  wide-ranging business environment reforms on ports, visa-on arrival, improving the speed and efficiency of land titling and business registration.

Some fiscal incentives he noted, include, up to 5 years tax holiday for activities classified as “pioneer;” tax-free operations; no restrictions on expatriate quotas in Free Trade Zones; and a low VAT regime of 5 per cent.

“We intend to make Nigeria one of the most attractive places to do business,” Mr. Buhari said, adding that Nigeria remains the number one investment destination in Africa.

President Buhari said his administration will continue to strengthen government institutions in order to address the concerns of investors and ease investments in the Nigerian economy.

“We are weaning ourselves from a historical dependence on crude oil, diversifying our economy, and putting it on the path of sustainable and inclusive growth. To this end, we have embarked on policies aimed at establishing an open, rules-based and market-oriented economy. We will continue to actively engage with the private sector at the highest levels to listen to your concerns and to assure you of our commitment to creating enabling policies in which your businesses can survive and thrive,” President Buhari said.

He urged participants to “take advantage of this Forum to establish and strengthen business relationships, share valuable experience and collaborate for mutual benefits.”

President Buhari, while stressing that enormous potential exists for foreign investment and for the local economy, listed sectors which have barely been exploited to include Nigeria’s 180-million population and abundance of labour; arable land; forest waters; oil and gas; solid minerals; livestock and huge tourist potential.

According to him, “These are no doubt challenging times for the Nigerian economy. But let me use this opportunity to boldly affirm our conviction that there is no crisis without an accompanying opportunity. In our case, we see Nigeria’s ongoing economic challenges – occasioned mainly by the fall in oil prices – as an opportunity to set the economy firmly on the path of true diversification, sustainable economic growth and shared prosperity.”

The President said the reform measures taken by his administration since inception in 2015 have started yielding good fruits especially in the areas of security, anti-corruption and revamping the economy.

He said the priority investment sectors for his administration now are improving infrastructure, industrial productivity, agriculture, mining and digital economy where “young Nigerians are increasingly demonstrating that they have the talent and the passion to leverage.”

At several other gatherings, President Buhari tried to portray Nigeria as a country ready for investments and peaceful enough for money and people to troop in.

Last year after he replaced Mr. Jonathan, Mr. Buhari was excoriated by the opposition People’s Democratic Party, PDP, for repeatedly portraying Nigeria abroad as a jungle.

PDP had lambasted Mr. Buhari for not understanding that a leader is first of all a salesman who should paint the best picture about his country.

Mr. Buhari seems to have learned lessons, although he has not acknowledged it.