FG Launch Policy Framework To Attract Foreign Investors

The Presidential Enabling Business Environment Council, yesterday, officially launch the much-awaited regulatory policy framework designed to stimulate foreign direct investments and improve Nations business environment.

The event, titled the Regulators’ Forum, took place at the State House Conference Hall in Abuja.

In attendance were the Deputy Chief of Staff to the President, Senator Ibrahim Hadejia; Governor of the Central Bank of Nigeria, Olayemi Cardoso; permanent secretaries of ministries, departments, and agencies; and representatives of several chambers of commerce and captains of industry.

Addressing the audience, Hadejia, who represented President Bola Tinubu, assured investors of the Federal Government’s support, particularly in the area of ease of doing business.

He said, “PEBEC is a top priority for the President, in line with the eight-point Renewed Hope Agenda of his administration. The commission has implemented over 180 verifiable business reforms since its inception, thanks to the collaborative effort of all stakeholders.

“I would like to recognise the efforts made by the former PEBEC Director, Dr Jumoke Oduwole, who is now the Minister of Industry, Trade and Investment and continues to serve as Vice Chairman of PEBEC.

“Today’s foreign direct investment roundtable and the launch of the policy framework provide a collaborative platform for fostering discussions on a cohesive environment where regulatory actions align with national economic goals to make Nigeria a more attractive destination for business and investment.”

Meanwhile, the Director-General of the Presidential Enabling Business Environment Council (PEBEC), Princess Zahrah Mustapha Audu, emphasized the importance of a competitive and investment-friendly Nigeria.

Princess Audu highlighted that PEBEC was established to remove long-standing obstacles to doing business in Nigeria. Over the years, the Council has implemented over 200 bold reforms across various sectors, focusing on six strategic work streams to sustain progress.

“Today’s launch of the Regulatory Impact Analysis Framework is a major milestone in our regulatory reforms,” she stated. “This framework ensures that all new regulations undergo thorough assessments to evaluate their economic, social, and environmental impact, reducing unnecessary business hurdles while safeguarding public interests.”

She further emphasized that the government is working to enhance state-level business environments through the State Action Plans for Enabling Business Reforms Program, backed by $750 million in World Bank support. This funding incentivizes states to implement reforms that support SMEs, create jobs, and attract investments.

Princess Audu underscored that FDI is crucial for Nigeria’s economic diversification, job creation, and technological advancement.

“To attract and retain FDI, we must streamline our regulatory processes,” she said. “The Framework will foster a predictable, transparent, and business-friendly regulatory environment. By collaborating with local and international institutions, we can bridge infrastructure gaps, boost productivity, and lower the cost of doing business.”

She reaffirmed President Bola Ahmed Tinubu’s administration’s commitment to supporting both new and existing investors, ensuring that policies align with investor expectations.

Princess Audu concluded by reiterating the need for continued public-private dialogue to ensure effective implementation of reforms.

“We are committed to making Nigeria the preferred investment destination in Africa. Together, let’s create an environment where businesses thrive, investments flourish, and millions of Nigerians benefit from economic growth,” she said.

Also speaking, Governor Hyacinth Alia of Benue State emphasized the state’s agricultural potential, calling on investors to explore opportunities in livestock farming, soybean production, grains, and agro-processing. “Benue has fertile land, vast water resources, and a favorable climate, making it ideal for agribusiness investments,” he stated.

We are working tirelessly to improve life as such and to streamline our intellectual processes and provide incentives for new investors our administration has identified sectors that are ripe for investment.

These include agriculture, which we are very huge on, and with irrigated soil and a favourable climate, Benue State is an ideal location for a cultured investment. We are looking for partners to be based in crops such as soybeans, livestock farming, grains, and amongst many others processing and manufacturing.

Governor Peter Mbah of Enugu State outlined an ambitious sevenfold economic growth projection over the next six years, targeting a 27% compounded annual growth rate. He stressed that private sector investment is central to achieving this vision. “Investment is the lifeblood of our growth, and we are putting in place the right frameworks, policies, and ease-of-doing-business measures to support investors,” he said.

Mbah, acknowledge a compounded annual growth rate of 27 percent, but we recognized immediately that that growth would come from private sector, from investors like the people sitting in this room. So investment for us is like the lifeblood of our growth and then we have also set forth, basically as government, to be able to try to put frameworks, put policies, and also ensure that there is the ease of doing business in Enugu.