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Buhari Woos Foreign Investors With eNaira, Others

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By Adedapo Adesanya

President Muhammadu Buhari on Tuesday, October 26 in Riyadh, Saudi Arabia, said initiatives to drive the digital economy and fight corruption in the country should give investors a lot of comforts.

Among the initiatives mentioned by the President are e-Naira, Treasury Single Account (TSA), Bank Verification Number (BVN), and National Identification Number (NIN).

Speaking at the fifth edition of the Future Investment Initiative Summit in Riyadh, Mr Buhari said his regime will keep encouraging public and private initiatives that increase investments in health, education, capacity building, youth empowerment, gender equality, poverty eradication, climate change, and food security.

A statement from the presidency quoted the Nigerian leader as asking for more interest in infrastructure such as healthcare and education, which present enormous opportunities for foreign investors.

“Digital Economy in Nigeria has many potentials for investment as it has remained the fastest growing sector in both 2020 and 2021. Nigeria has many opportunities for investment in broadband, ICT hardware, emerging technology and software engineering.

“We have recently approved the national policy on Fifth Generation (5G) network. Our aim is to attract investors in healthcare, smart cities, smart agriculture among others. The benefit of real-time communication will support all other sectors of the economy,” he noted.

To further improve and reposition the economy to attract investors, the President said, “e-Naira, the electronic version of our national currency, which puts us on track to become the first African country to introduce a Central Bank Digital Currency” was launched on October 25, 2021.

“We believe this and many other reforms, will help us increase the number of people participating in the banking sector, make for a more efficient financial sector and help us tackle the illicit flow of funds.

“To further strengthen our anti-corruption drive, increase accountability and transparency, we have centralized government funds through a Treasury Single Account and ensuring that all Nigerians with a bank account use a unique Bank Verification Number (BVN).

“These initiatives, coupled with our nationwide National Identification Number (NIN) exercise, reinforce our efforts to tackle corruption and fraud. We believe that this should give investors a lot of comforts.”

Mr Buhari attributed growing social unrest to inequalities and unfair policies that exclude the majority from opportunities for participation, admonishing world leaders and global investors to prioritise inclusive and humane policies.

He said, “By so doing, it will go a long way in reenergizing the global economy in a post-COVID-19 era.

“Nigeria is Africa’s largest economy and most populous nation. Our economic reforms which focus on “humane” investments are ideal for investors looking to have profitable returns while positively impacting the citizenry.”

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