30 November 2017

Nigeria: Buhari Charges Investors On Local Content

President Muhammadu Buhari has task local and international investors to embrace the local content policy in order to promote made-in-Nigeria goods, stem capital flight and conserve foreign exchange.

The President gave the charge in Abuja at the opening ceremony of Novare Gateway mall (Shoprite) on Thursday.

He expressed hope that that the complex located along airport road would boost tourism, create jobs and provide refreshing shopping space for residents and visitors alike.

According to President Buhari who was represented by FCT Minister Mallam Muhammad Bello, "The opening of this world class facility on the prime location of the Abuja International Airport Expressway is a showpiece of the role of the private sector in the development of all great cities.

"Among the qualities that make a great city are its landscape, cultural life, tourism potentials and shopping precincts. The completion and opening of the Novare Gateway Mall is indeed a welcome addition into the Abuja landscape and an added beauty to its skyline. We hope it would boost tourism, create jobs and provide refreshing shopping space for residents and visitors alike.

"Permit me to reiterate my call on the management, last year, to embrace the local content policy of the present administration designed to promote made-in-Nigeria goods, stem capital flight and conserve the most needed foreign exchange.

"Nigeria cannot afford to continue be used as a dumping ground for foreign goods especially if such products is here. Nigeria's vegetables and fruits are rated among the best in the world. You would be demonstrating a very great act of patriotism to promote the cultivation of such crops at home as you would wish to shelf on your shops."

Speaking earlier, Chairman of the Novare Gateway Mall, Abuja Prof Fabian Ajogwu recalled that the Minister laid the foundation block for the edifice and expressed joy that the mall was completed 16 months after.

He said, "The Novare Gateway Mall developed by Gray-Bar Alliance Limited, (an affiliate of Novare Real Estate Africa, is driven by foreign direct investment and adopts a hybrid financing (a mixture of Debt and Equity financing). The Mall which is valued at over USD68, 000,000 sits on 15,000 square metres of space occupied by 60 stores."

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