Awolowo, experts advocate ways to resuscitate Nigeria’s economy through incentives, opportunities

Experts from the private and public sector have identified incentives and investment opportunities as strategic ways to resuscitate the Nigeria economy.

This was disclosed during a zoom meeting recently with themed “Invest Nigeria (Opportunities, Guidelines, Incentive) organised by Nigerian Global Business Forum in association with the Nigerian British Business Forum to organise.

The experts explained that the COVID-19 epidemic is a global challenge which has crippled economic activities around the world, hence, lead to a global depression.

Speaking on the opportunities that abound the country, Arch Olamilekan Adegbite, the honourable minister of mines and steel, said that the Federal Government had in several ways lures the UK and other foreign investors with mineral potentials and incentives to invest in Nigeria.

“Investors in the United Kingdom (UK) and other advanced countries to consider investing in Nigeria’s mineral and mining sector, as it features attractive incentives and potentials.

The Minister made it known that before President Muhammadu Buhari’s administration, there were lots of challenges and neglect in the mining sector.

However, since the commencement of the present administration, efforts have been made to revive the sector so that it could contribute as much as 5.6 per cent to the national GDP.

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Adegbite said the present administration recognises mining as a strategic income stream in the face of dwindling oil revenue.

He said he looked forward to increasing its contribution to the national GDP by three per cent.

“President Muhammadu Buhari’s administration met serious challenges in the mining sector occasioned by long neglect. It was apparent that we must re-enact the ‘Nigeria before oil’ policies when the sector contributed as much as 5.6 per cent in 1980 to the national GDP.

He noted that the sector is an investment opportunity in Nigeria that creates jobs and increase government revenues earnings.

“Nigeria is endowed with 44 minerals resources, as; industrial minerals, energy etc.

“Coal, iron oil, gold, limestone among several others will bring rapid development into the country, If well utilised,” he said.

The moderator, Mrs Yinka Fayomi, commended the government on the guidelines, opportunities and incentive made available for investors to enjoy a peaceful atmosphere in the country.

Also, Mr Olusegun Awolowo, the CEO, Nigeria Export Promotion Council (NEPC), said that its council was established by law in 1976, as Federal Government of Nigeria apex institution for promoting the development and diversification of exports.

Awolowo said that NEPC has devised the Nigeria Diaspora export programme (NDEX) to use Nigeria large diaspora to more effectively increased non-oil exports.

According to him, NDEX has three-component, such as; Nigeria heritage city, Nigeria cuisine beyond the border and Diaspora export of non-oil products.

He stressed further that several Nigeria processional services are patterned after the U.K.

“This means that there are similarities for the two countries to engage in mutual recognition agreement for certain professional service.

“If we can improve access to visas for those who are qualified. We can strengthen our trade-in services.

Also speaking, Ms Yewande Sadiku, CEO/Executive Secretary, Nigerian Investment Promotion Commission (NIPC), said that the commission was established by NIO. Act in 1995.

The sole aim of its establishment was to encourage, promote and coordinate investment in Nigeria.

Also, to promote Nigeria as an extra five investment destination and to promote information in investment opportunities and capital source.

She harps on the investment opportunity profiling across Nigeria, standardised template and database of investment opportunities.

Sadiku enjoined all Nigerians to stay at home and save lives.

Earlier, Otunba Abimbola Ogunbanjo, President, Nigeria Stock Exchange, speaks on the enormous investment opportunities abound in the sector, the incentives and guidelines to access the impetus.

The Moderator, Mrs Yinka Fayomi, the Publisher of FIN Magazine applauded all the speakers for there insight and judgment on how to revive Nigeria economy through incentive, opportunities and guidelines to fulfil.


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