President Bola Tinubu assured a gathering of international investors from G20 nations that Nigeria stands as a secure and promising investment destination during a panel discussion titled “Fostering Local Value Chains and Investments in Africa” at the G20 Compact with Africa Economic Conference in Berlin, hosted by German Chancellor Olaf Scholz. Tinubu, emphasizing Nigeria’s vast market potential, pledged to leverage the nation’s strengths for mutual success.
Simultaneously, back in Nigeria, the Federation Account Allocation Committee (FAAC) is gearing up to tackle the issue of multiple taxation. The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, revealed at the FAAC’s retreat in Delta that the government is committed to avoiding overburdening taxpayers with new levies. Instead, they plan to broaden the tax base, simplifying and streamlining tax administration.
In Berlin, Tinubu stated confidently, “Your money is safe… We are eager and ready to partner with you.” He highlighted Nigeria’s youthful, vibrant population and a well-educated workforce, presenting a massive market and the political will for success under his leadership. Tinubu further emphasized his administration’s commitment to transformative changes, removing obstacles hindering businesses since he assumed office in May 2023.
Tinubu underlined the importance of promoting the rule of law for attracting foreign investments, with Nigeria’s energetic youth and educated populace serving as significant incentives for investors. He reassured potential investors that Nigeria has moved beyond restrictive policies, allowing capital to move freely in and out of the country.
Addressing concerns about the sanctity of contracts, Tinubu stressed that Africa recognizes the critical relationship between investor inflow and contractual commitments. He assured investors of Nigeria’s socio-political stability, citing consecutive peaceful handovers of power and a conducive atmosphere for business operations.
On economic prospects, Tinubu highlighted Nigeria’s leadership in the energy sector, particularly in natural gas development. He unveiled plans for fiscal responsibility and tax reforms to expedite foreign investments. “We are creating fiscal responsibility and tax reforms as we reform our financial institutions to accommodate foreign investments expeditiously,” he affirmed.
Meanwhile, in Delta, Finance Minister Wale Edun, represented by the Permanent Secretary Okokon Udo, disclosed the government’s aim to achieve a tax-to-GDP ratio of 18% by 2026. He emphasized the importance of broadening the tax base, simplifying tax administration, and prudent fiscal management.
President Tinubu’s assurance to international investors, coupled with ongoing reforms in tax policies and fiscal responsibility, projects Nigeria as an attractive destination for global investments.
- Tags: G20, Investment, Tinubu
