President Bola Tinubu’s policies have opened up Nigeria’s economy and attracted foreign investors, director general of BAT’S 4/4 Initiative, Engr. Dan Ohiomoba, said yesterday.
Ohiomoba said one of such investments is the resolution of PanVarti International and Ecobiologix to establish a regional office in Abuja as well as the formation of a Nigeria/Latin America Chamber of Commerce based in Panama to further bilateral business opportunities between the two regions.
He said BAT’s 4/4 Initiative had facilitated a visit of investors from PanVarti International and Ecobiologix to Nigeria.
Other members of the delegation are the Mr. Victor Ntofon, country rep. Ecobiologix; Mr.Robert Furness, MD Ecobiologix; Mr. Tom Byrne, MD. Panvarti International; Olusegun Aikulola, country rep. for Panvarti International.
Among other visits, the team was received by the House leader of the 10th National Assembly, the leader of the 10th National Assembly, Rt. Hon. Prof. Julius Ihonvbere.
Ohiomoba, in a statement, said President Tinubu’s recent policy overhaul had sparked a deluge of activities, enquiries from blue-chip international investors that includes a Consortium of Latin American Business leaders.
He said the Latin American business leaders discussed with officials of the Nigerian government, entrepreneurs and industry experts to explore potential investment opportunities in key industries such as energy, agriculture, manufacturing and technology.
He added the visit also explored both the fledgling and the burgeoning opportunities created by the commitment of the government to offer lower corporation taxes, enhance security measures and foster a more welcoming environment for foreign investments.
“The visit ended with a deep sense of optimism and commitment as the consortium praised President Tinubu’s forward-thinking policies and pledged to express their commitment to strengthening economic ties by the opening of a regional office for PanVarti International and Ecobiologix in Abuja as well as the formation of a Nigeria Latin America Chamber of Commerce based in Panama to further bilateral business opportunities between the two regions,” he said.
Ohiomoba added that the visit marked a significant turning point in the ongoing efforts to strengthen economic ties between Nigeria and some Latin American countries.
He said, “It is a confirmation of the truth we can all attest to, that President Ahmed Bola Tinubu’s avowed promise on his day of inauguration to ‘hit the ground running’ which he has followed through, is already yielding the desired dividends.
“This innovative hands-on approach to economic reforms has attracted international attention, particularly from Latin American nations seeking new avenues for growth and investment.”
He said one of the central pillars of President Tinubu’s initiative is the reduction of corporate taxes, making Nigeria a more attractive destination for foreign businesses.
“This strategic Tax initiative provides the desired sterling opportunity to effortlessly harvest and savour the proverbial low hanging fruits; move designed to encourage immediate investment, stimulate economic growth, and create job opportunities for the nation’s vibrant youthful population.”
On security, he said a general overhaul of the security architecture and measures to rein in terrorists, who scared investors and made the environment unattractive for wealth creation, is another key component of the president’s agenda.
“The delegation of Latin American business leaders applauded the government’s commitment to improving the security situation, recognising that a stable environment is crucial for sustained economic development. By addressing security concerns head-on, Nigeria aims at instilling confidence in potential investors.”
He said the president’s intervention has opened Nigeria to foreign Investment, adding that the delegation’s visit also underscores Nigeria’s proactive approach to opening up its economy to foreign investment.
“President Tinubu’s administration has been very active in removing barriers and streamlining processes to make it easier for international businesses to establish a presence in the country. This initiative aligns with Nigeria’s broader goal of diversifying its economy and reducing dependency on oil revenue as the country’s main source of foreign exchange earnings.”
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