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World Bank pledges support of $750m as Mbah, Alia woo investors
From Juliana Taiwo-Obalonye, Abuja
In an effort to draw foreign direct investment (FDI) to the nation, the federal government introduced the Regulatory Impact Analysis (RIA) Framework to create a more favourable and business-friendly environment. With $750 million in World Bank support, the State Action Plans for Enabling Business Reforms Programme will improve state-level business environments for the initiative, which was unveiled Wednesday at the State House Conference Centre during the Second Existing Foreign Direct Investors Roundtable and Regulators’ Forum and the launch of Nigeria’s regulatory impact analysis framework.
Director-General of the Presidential Enabling Business Environment Council (PEBEC), Zahrah Audu, stressed the significance of a Nigeria that is both competitive and investment-friendly. She also assured that the government was striving to finance incentives that will carry out reforms to help SMEs, generate employment, and draw in investments.
Audu noted that PEBEC was founded in order to remove long-standing barriers to doing business in Nigeria. She added that the Council had carried out more than 200 daring changes in a variety of industries over the years, concentrating on six strategic work streams to maintain 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.”
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 RIA 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 Tinubu’s administration’s commitment to supporting both new and existing investors, ensuring that policies align with investor expectations.
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.
“With the RIA Framework in place, Nigeria moves closer to its goal of attracting sustainable foreign investment and fostering long-term economic development.”
Also speaking, Governor Hyacinth Alia of Benue State identified the state as a premier destination for investment. He underscored the state’s strategic location, abundant natural resources, and commitment to fostering a business-friendly environment.
“Benue is strategically located in the heart of Nigeria, making it an ideal hub for businesses looking to expand their reach across the nation,” Alia stated. He highlighted the state’s rich agricultural potential, noting its fertile soil and favourable climate as key assets for investors in the agricultural sector. “We are particularly focused on crops such as soybeans, grains, and livestock farming,” he added, inviting partnerships that could leverage these advantages.
In addition to agriculture, Alia emphasised opportunities in manufacturing and tourism. “We are seeking investors to establish processing and manufacturing plants in Benue State,” he said.
“Our abundant natural resources and strategic location provide a solid foundation for industrial growth.” The governor also pointed out Benue’s untapped solid minerals and tourist attractions, such as the Benue National Park and the Katina Allah River, urging investors to help develop the state’s tourism infrastructure.
To further entice investors, Alia announced that his administration is committed to providing personalised support throughout the investment process. “We will offer necessary assistance and facilitation to ensure a seamless and successful investment experience,” he assured attendees.
He also mentioned the possibility of waivers and incentives to help investors overcome challenges.
In a nod to transparency and accountability, Alia stated, “Our administration is dedicated to ensuring that your investments are safe and secure.” He expressed confidence in Benue’s potential to become a major economic hub in Nigeria. “I invite you to join us on this journey. Together, we can unlock the vast potential of our state and drive economic growth for our people,” he said.
Governor of Enugu State, Peter Mbah, 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, outlining his administration’s ambitious vision to transform the state’s economy. Mbah expressed his excitement about the potential investments in attendance, stating, “The amount of money in this room is palpable, and I hope to take some of it back to Enugu.”
Mbah announced a bold target to grow Enugu’s gross domestic product (GDP) from $4.4 billion to $30 billion within eight years, representing a seven-fold increase. “Our vision is to create a thriving economic environment that attracts private sector investment, which we view as the lifeblood of our growth,” he emphasized. The governor highlighted the importance of forums like this in facilitating discussions that could lead to actionable investments.
He praised the collaborative efforts of the Enugu State Investment Development Authority and federal regulatory agencies, stating, “We are committed to creating an enabling environment that de-risks investment flows.” Mbah assured investors that his government has curated numerous bankable projects across various sectors, significantly reducing the time and resources needed for feasibility studies.
Reflecting on Enugu’s historical significance as an economic hub, Mbah remarked, “We are on a journey to restore Enugu’s status as a premier destination for business and tourism.” He pointed out that strategic investments in infrastructure and regulatory frameworks are essential for achieving this vision.
Mbah also addressed the need for transparency in government dealings with investors. “You can take our commitment to transparency for granted; it’s in our DNA,” he stated. He outlined plans for a one-stop shop through the Enugu State Investment Development Authority, which will streamline business registration and licensing processes.
In addition to economic growth, Mbah stressed the importance of education and human capital development. “We are investing heavily in education because nothing transforms lives like quality education,” he said. The governor announced plans to equip 40,000 youths annually with digital skills and practical training, aiming to align educational outcomes with industry needs.
Mbah concluded by inviting investors to explore opportunities in Enugu. “We will work with you every step of the way,” he assured attendees. His administration’s commitment to fostering a conducive business climate positions Enugu as an attractive destination for foreign direct investment, promising significant returns for those willing to invest in the state’s future.
Minister of Industry, Trade, and Investment, Jumoke Oduwole, in closing, highlighted that over 70% of American businesses view the government’s recent reforms positively, indicating growing investor confidence.
Oduwole emphasised the importance of trade facilitation and collaboration with various chambers of commerce to optimise the African Continental Free Trade Area (AfCFTA) agreement. She acknowledged the challenges posed by inflation and infrastructure deficits but expressed optimism about Nigeria’s economic trajectory, citing a trade surplus of $8 billion in 2024.