Nigeria: Foreign Investors Embracing Govt's Incentives, Says Lawmaker

16 December 2019

Abuja — The Chairman, House Committee on Foreign Affairs, Hon. Yusuf Buba Yaku, has said the federal government's current incentives to attract foreign investors into the industrial sector was already yielding positive results.

He said the emergence of Fabcom Structural Limited was a testimony about success in the ongoing efforts by the present administration towards an industrial revolution.

Speaking at the 2nd anniversary celebration of Fabcom products promotion and distribution, Yaku said the administration of President Muhammadu Buhari had strengthened institutions to accelerate industrial development as well as create an enabling environment for industries to operate.

The lawmaker further reiterated the commitment of the government to constantly improve the ease of doing business by making necessary policy adjustments to woo more foreign investors into the economy.

He, specifically commended the management of the company for carving a niche in the developments of the construction industry.

Yaku added: "Since inception five years ago, fabcom's dedicated management and staff has demonstrated commitment in transforming Nigeria's building and construction industry by introducing quality and affordable products in the Nigerian market.

"Prior to the establishment of Fabcom by its visionaries, construction materials are dominated by imports from China and countries in the world not considering the challenges of Nigeria's economy."

He said, Fabcom however, "took the most radical step by investing in the building and construction sector of Nigeria and at present embarking on rapid expansion of their production capacity.

"After several years of operations with the instinct for quality, affordability, fabcom products has become a leading brand in the Nigerian market space".

Nonetheless, Fabcom's Deputy Managing Director, Jackie Hui said the group had approved a new stone coated roofing production line which has an output of two million square meters per year in Lagos.

He added that a new environmental friendly building material-fiber had also been approved, adding that the production line with an output of five million square meters per year will be completed next year.

Hui also reiterated its commitments to work with Nigerian people to deepen friendship and strengthen cooperation.

See What Everyone is Watching

More From: This Day

Don't Miss

AllAfrica publishes around 600 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.