Nigeria: Kachikwu, Ekere, Wabote Seek More FDIs for Nigeria

26 October 2018

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu; the Chief Executive Officer, Homeland Integrated Offshore Services Limited, Dr. Louis Ekere; and the Executive Secretary, Nigerian Content Development and Monitoring Board, Mr Simbi Wabote, have urged investors to increase Foreign Direct Investments (FIDs) in Nigeria.

Speaking separately at the Nigerian Oil and Gas Core Strategic Investors' meeting, which held in the United States on Wednesday, the minister and others said more FDIs would complement the efforts of the current administration in the different sectors of the economy.

On his part, Kachikwu highlighted the achievements of the President Muhammadu Buhari-led administration in the oil and gas sector.

According to him, the reforms in the sector had created more space and potential for foreign investors in the sector.

In his speech, Ekere pointed out that no country could grow sustainably and provide employment without FIDs.

He urged foreign investors to invest in Nigeria, assuring that their investment would be safe and earn good returns.

Ekere said unlike the previous administration, Buhari's administration was instituting a "hospitable regulatory framework" for foreign direct investment by relaxing rules regarding market entry and foreign ownership. He added that the government was improving the standards of treatment accorded foreign firms and improving the functioning of markets.

"Without equivocation, with the policies being implemented in revamping the economy, especially the national action plan put together by the Presidential Enabling Environment Council, which was mandated to lead its reform projects and provide conducive atmosphere for transaction of businesses in the country, the Nigerian economy is on its way to utopian heights," he said.

In his remarks, Wabote said the President had been able to provide a safe and enabling environment for operators and investors and that foreign investors should feel safe to invest in the country.

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