Checkout Magazine has learnt that the Federal Government is fine-tuning regulations that will enhance Nigeria’s status as a preferred destination for foreign investors.
Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, at a media parley yesterday in Lagos, said the government plans to further simplify the investment process and improve ease of doing business to make the country more attractive to foreign investors.
This comes as the government expects revenue-to-Gross Domestic Product (GDP), which stood at some nine per cent in 2023, to increase to 18 per cent next year.
The increase in government’s revenue capacity, Bagudu noted, underlined the gains of ongoing economic reforms, which have led to improvement in operational efficiency of government’s business.
Against the background of increased foreign investment inflows, Bagudu said additional security would provide more clarity for investors and reassure them that Nigeria is open for business.
According to him, as part of its commitment to long-term economic growth and development, the President Bola Tinubu’s administration remains focused on creating an environment conducive to attracting foreign capital.
He highlighted that it is crucial to provide greater certainty for foreign investors regarding key legislative provisions and to diversify the economy while supporting private sector growth.
He noted positive reviews on Nigeria’s macroeconomic outlook by an array of domestic and foreign economic and investment think-tanks, citing the latest report from Chatham House, which ranked Nigeria as the most competitive economy in Africa.
He outlined that with sustained growth in the economy, stability in foreign exchange (forex), improved security, declining inflation and increased productivity in the oil and gas sector, the tough decisions taken by the government has turned the economy in the right direction.
He said the expansionary 2025 budget was a deliberate strategy to consolidate the economic gains and spur further stability and growth.
“We are not where we ought to be but certainly we have turned in the right direction. The 2025 budget is a follow-up to that philosophy. It has elements that will further macroeconomic stability, security, drive infrastructure growth, restore innovation in the economy and invest in human capital. The budget is designed to accomplish these objectives,” Bagudu said.
