The Organised Private Sector of Nigeria (OPS) has urged President Bola Ahmed Tinubu to capitalize on the G-20 Summit in India by promoting foreign investment opportunities in Nigeria. As global leaders gather to address pressing challenges, the OPS believes that the president should showcase Nigeria’s investment potential.
Segun Ajayi-Kadir, the Director-General of the Manufacturers Association of Nigeria, highlighted the need for a conducive business environment in Nigeria before wooing investors. He emphasized the investment potential within Nigeria’s manufacturing sector, which recently faced dwindling investments. Ajayi-Kadir suggests President Tinubu emphasize Nigeria’s vibrant young population and large market as attractions for potential investors.
Gabriel Idahosa, Deputy-President of the Lagos Chamber of Commerce and Industry, highlighted the importance of showcasing Nigeria’s efforts in easing past investment bottlenecks. Recognizing the political nature of the G-20 Summit, he believes that significant investment discussions would likely occur informally, spearheaded by the business delegation accompanying the president.
India’s existing investments in Nigeria were acknowledged, with the Nigeria-India business summit on the sidelines expected to enhance bilateral relations.
Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, expressed the need for President Tinubu to outline his economic reforms, especially focusing on how they will bolster foreign investment. He stressed that assuring investors about the vast opportunities within Nigeria’s economy, with its 200+ million population, is essential.
Lastly, Segun Kuti-George from the Nigerian Association of Small Scale Industrialists advised the president to convey Nigeria’s political stability and recent economic reforms as further investment incentives. He believes emphasizing the forex exchange harmonisation will instill confidence in potential investors.