Buhari disclosed this at the Nigeria International Economic Partnership Forum held on the margins of the 77th UN General Assembly in New York.
President Muhammadu Buhari has asked foreign investors not to mind the security situation in Nigeria, arguing that the advantages of investing in Nigeria “far outweigh the challenges.”
The president expressed delight that investments in improving security were yielding good dividends, while lauding the Nigerian military for making significant progress in the fight against insecurity.
Buhari disclosed this at the Nigeria International Economic Partnership Forum held on the margins of the 77th UN General Assembly in New York.
He promised that his administration would do more to improve security, recognising that the sector was another critical element in the flow of investment, and overall economic and infrastructural development.
“We will continue to give all necessary support to our security outfits to ensure that they are able to tackle the challenge headlong. The advantages and disadvantages of investing in Nigeria far outweigh the challenges,” he said.
Buhari also declared that in spite of the global crisis fuelled by the Ukraine-Russian war, the lingering COVID-19 pandemic and insurgency in some parts of the country, Nigeria was on course to taking her rightful place in the global economy.
According to a release by presidential spokesman, Femi Adesina, the president attributed the country's success story to the implementation of reforms aimed at attracting foreign investments and sustained improvement in governance.
The president noted that the quarterly GDP growth in Q1 2022 had been mostly driven by the non-oil sector, giving credence to the revenue source diversification agenda of government.
He, however, acknowledged that more still needed to be done to improve private capital flows into Nigeria through Foreign Direct Investment and financing for infrastructure, affirming that the administration was leveraging the Integrated National Financing Strategy to address this.
The President also mentioned other efforts by his administration to improve the nation’s economic and development outlook, such as Nigeria’s National Development Plan (2021 – 2025) and the Presidential Power Initiative.
On Nigeria’s National Development Plan, the President stated that it was formulated against the backdrop of several subsisting development challenges in the country and the need to tackle them within the framework of medium and long-term plans.
On the power sector, President Buhari noted that his administration recognised it as a major catalyst for Nigeria’s industrialization, adding that in July 2021, the 614-kilometre Ajaokuta-Kaduna-Kano gas pipeline project was launched to enhance energy security.
Buhari said, “Our administration also provided the sovereign guarantee for this vital infrastructure project. When completed, this project will drive industrialisation across the country.
”Furthermore, the first phase of the Presidential Power Initiative will provide over 40 million people with more reliable electricity supply, create 11,000 direct and indirect jobs for Nigerians.
”This will be from power system engineers to electricians and contractors, and this will in turn improve the standard of living while providing homes and businesses with constant, reliable, and affordable electricity supply.”