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Buhari Urges American Investors to Invest in Nigeria

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President Muhammadu Buhari says Nigeria remains the best destination for American investors to put their money.

He said  aside the population advantage in size and demography, various incentives and policies emplaced by the Nigerian Government make it a destination of choice for investment.

Malam Garba Shehu, the President’s media aide in a statement, said Buhari spoke at the U.

S – Nigeria Business and Investment Forum, Business Roundtable organised by the American Corporate Council on Africa (CCA).

The forum was organised in conjunction with the Federal Ministry of Industry, Trade and Investment, on the sidelines of the US-Africa Leaders Summit, in Washington DC, USA.

President Buhari said: “It is therefore, imperative that I reiterate at the outset, the comparative advantages that exist within the Nigeria’s economy.

”First as the most populous country and largest economy in Africa, there is no doubt that Nigeria remains Africa’s largest single consumer market, projected to account for over 15% of overall growth in Africa’s spending, by 2025.

”Secondly, investors in the country would have access to new markets under the African Continental Free Trade Area, (AfCTA), which would be the world’s largest free trade area.

”It would be expected to connect 1.3 billion people across 55 countries and a consumer market that will be worth over 3 trillion dollars by 2030, and a combined Gross Domestic Product (GDP) valued at 3.4 trillion dollars.

“Since 2015, when my administration assumed office, fixing of the infrastructural gaps needed for business to thrive in Nigeria, namely; roads, railways, air and sea ports, energy and telecommunications, constituted greater priorities for Government.”

He said  these conscious and practical efforts is the resolve by the Federal Government to improve the business environment through business incentives, regulatory reforms and visa-regime that are business-friendly.

“The outcome of the massive efforts and investments by our administration in Infrastructure Development and Refurbishment, i.e. Road Construction and Rehabilitation, Investment Tax Credit Policy, led to the reconstruction of 21 selected Federal Roads, totaling 1,804.6 KM.

”With regards to railways, sea and air ports as well as energy, which are expected to facilitate movements of people, goods and services as well as sustain the stabilization of industries and their growth respectively,” he added.

Buhari informed his audience that in spite  the global challenges occasioned by COVID-19 and the war in Ukraine, the Nigerian economy had continued to record impressive growth in many sectors.

“On economy, Nigeria like other countries , including the developed economies, is facing economic challenges, occasioned by the disruptions as a result of the COVID – 19 pandemic the ongoing Ukraine war and the Climate Change, in which massive flooding is one the manifestations.

”Notwithstanding these global challenges, Nigeria had witnessed seven consecutive quarters of growth, after the negative growth rates recorded in the 2nd and 3rd Quarters of 2020.

”Nigeria’s GDP grew by 3.54% year-on-year in real terms in the 2nd Quarter of 2022, which represents a sustained positive economic performance, especially for the Non-Oil GDP which fell by 4.77% in Q2 2022 against Oil GDP that grew by -11.77%.

“Statistics continue to indicate that most sectors of our economy recorded positive growth despite these challenges, which reflect the effective implementation of the economic sustainability measures introduced by our Administration.

”For our economy to favourably meet up the global digitization, Nigeria embraced Communication and Digital Economy.”

According to him, already, the broadband coverage of the country stands at 44.32% and 77.52% while 4G coverage has also been achieved, with the establishment of 36,751 4G base stations nationwide.

The President apprised the gathering of the sustained efforts of his administration to reverse the pervasive state of insecurity he inherited especially in the Northeast.

He commended the government of the United States for the support it had rendered in this aspect.

“When our administration came to power in 2015, most of the North-East of Nigeria was under the control of Boko Haram Terrorist Group. Governance and Socio-Economic activities came to stand-still.

”This state of happening has today been reversed. Internally Displaced Persons (IDPs) are returning to their ancestral home-areas, rebuilt through efforts by the Borno State Government and some philanthropic individuals, to recommence their lives in relative peace.

”As a country and sub-region, we continue to make sustained investments and efforts to strengthen our national and sub-regional security.

“In such circumstances, Nigeria continues to treasure strong partnerships with friends and allies in our national, continental and global efforts for safety and survival.

”We thank the United States of America for her partnership and as an ally, which made it possible to acquire arms, weapons and other military hardware, which has assisted Nigeria in her efforts to contain the scourge of terrorism and maritime insecurity,” the president said.

The Nigerian leader informed the gathering of the plans of his administration to ensure that the problem of energy supply is addressed in the immediate future.

He said: ”In the pursuit of our energy development, Nigeria remains mindful of her commitment to carbon neutrality by 2060.

”In this regard, our administration launched an Energy Transition Plan (ETP) in September, 2022 aimed at meeting the national energy needs, in line with Nigeria’s net zero target.

”The Energy Transition Plan is a home-grown, data-backed, multipronged strategy developed for the achievement of net-zero emissions’ reduction across five (5) key sectors; Power, Cooking, Oil and Gas, Transport and Industry. The Energy Transition Plan (ETP) is therefore, a huge investment opportunity in the gas sector.”

Earlier in his remarks, the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo told the audience that Nigeria is politically stable and ready for more investments

He expressed confidence that the trend would continue ”because President Buhari has put in place electoral reforms that are enduring, giving room for free, fair and transparent elections.”

Also speaking, Ms. Florie Liser, President of CCA said the the organisation had been around since 1993 promoting US and African business and investment relationships.

She said: ”Gathered here are CCA members, partners and investors doing great works in Nigeria who have a strong interest in sealing their operations there.”

She added that the organisation had been privileged to also host past presidents, governors, ministers and numerous private sector leaders to cement trade ties and facilitate investments between the US and Nigeria for the benefit of the people of Nigeria and American people.

She described Nigeria as a priority country for the CCA. (NAN)

Foreign News

President Yoon Banned from Leaving South Korea

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The South Korean Government ordered an overseas travel ban on President Yoon Suk Yeol.The South Korean news agency Yonhap reported on Monday that the travel ban is due to the ongoing investigation into Yoon, which involves suspicion of high treason.Yoon unexpectedly imposed martial law on his country last Tuesday night, but hours later, after massive political resistance, he repealed the order.

On Saturday evening, a motion by the opposition to impeach the president in parliament failed.
However, public pressure against the 63-year-old continues. (dpa/NAN)

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Israel Threatens to Expand War if Hezbollah Truce Collapses

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Israel threatened on Tuesday to return to war in Lebanon if its truce with Hezbollah collapses and said this time its attacks would go deeper and target the Lebanese state itself, after the deadliest day since the ceasefire was agreed last week.

In its strongest threat since the truce was agreed to end 14 months of war with Hezbollah, Israel said it would hold Lebanon responsible for failing to disarm militants who violated the truce.

“If we return to war we will act strongly, we will go deeper, and the most important thing they need to know: that there will be no longer be an exemption for the state of Lebanon,” Defence Minister Israel Katz said.

“If until now we separated the state of Lebanon from Hezbollah… it will no longer be (like this),” he said during a visit to the northern border area.

Despite last week’s truce, Israeli forces have continued strikes in southern Lebanon against what they say are Hezbollah fighters ignoring the agreement to halt attacks and withdraw beyond the Litani River, about 30 km (18 miles) from the frontier.

On Monday, Hezbollah shelled an Israeli military post, while Lebanese authorities said at least 12 people were killed in Israeli airstrikes on Lebanon.

Katz called the Hezbollah attack “the first test” and described Israel’s strikes as a strong response.

The Beirut government must “authorise the Lebanese army to enforce their part, to keep Hezbollah away beyond the Litani, and to dismantle all the infrastructure,” Katz said.

“If they don’t do it and this whole agreement collapses then the reality will be very clear.”

Top Lebanese officials urged Washington and Paris to press Israel to uphold the ceasefire, after dozens of military operations on Lebanese soil that Beirut has deemed violations, two senior Lebanese political sources told Reuters on Tuesday.

The sources said caretaker Prime Minister Najib Mikati and Speaker of Parliament Nabih Berri, a close Hezbollah ally who negotiated the deal on behalf of Lebanon, spoke to officials at the White House and French presidency late on Monday.

Mikati, quoted by the Lebanese news agency, said that diplomatic communications had intensified since Monday to stop Israeli violations of the ceasefire.

He also said a recruitment drive was under way by the Lebanese army to strengthen its presence in the south.

U.S. State Department spokesperson Matt Miller told reporters on Monday that the ceasefire “is holding” and that the U.S. had “anticipated that there might be violations”.

Neither the French presidency nor the foreign ministry were immediately available to comment.

French Foreign Minister Jean-Noel Barrot spoke to his Israeli counterpart Gideon Saar on Monday, saying both sides should adhere to the ceasefire.

The truce came into effect on Nov. 27 and prohibits Israel from conducting offensive military operations in Lebanon, while requiring Lebanon to prevent armed groups including Hezbollah from launching attacks on Israel.

It gives Israeli troops 60 days to withdraw from south Lebanon.

A mission chaired by the United States is tasked with monitoring, verifying, and helping enforce the truce, but it has yet to begin work.

Berri on Monday called on the mission to “urgently” ensure Israel halts its breaches, saying Beirut had logged at least 54 Israeli violations of the ceasefire so far.

Israel has said its continued activity in Lebanon is aimed at enforcing the ceasefire.

Lebanon’s Mikati met in Beirut on Monday with U.S. General Jasper Jeffers, who will chair the monitoring committee.

Two sources familiar with the matter told Reuters that France’s representative to the committee, General Guillaume Ponchin, would arrive in Beirut on Wednesday and that the committee would hold its first meeting on Thursday.

“There is an urgency to finalise the mechanism, otherwise it will be too late,” the source said, referring to Israel’s gradual intensification of strikes even with the truce in place. (Reuters/NAN)

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Starmer Rules out Re-running UK Election as Petition Gets Signatures

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 British Prime Minister Keir Starmer has ruled out calling another general election, but said he is “not surprised” some people who did not support his party, Labour, might want a second poll.

A petition on Parliament’s website calling for another election has now been signed by more than two million people.

“I would like there to be another general election,” it reads.

“I believe the current Labour Government have gone back on the promises they laid out in the lead-up to the last election.

Asked about the petition on ITV’s “This Morning” programme on Monday, Starmer said: “Look, I remind myself that very many people didn’t vote Labour at the last election.

“I’m not surprised that many of them want a re-run. That isn’t how our system works.

“There will be plenty of people who didn’t want us in the first place.

“So, what my focus is on is the decisions that I have to make every day.”

He characterized decisions taken so far by his government as “tough but fair.”

Starmer and his ministers have faced a particularly strong backlash for limiting winter fuel payments to only the poorest pensioners.

Farmers have also protested over changes to inheritance tax which they claim could affect the future of their businesses.

As he marks five months as prime minister, Starmer acknowledged the job has been difficult, but added: “I wouldn’t swap a single day in opposition for a day in power.

“It’s much better to be in power to do things, rather than the frustration, as I found it, in opposition for all of those long years where we were just able to say what we would do.”

The petition calling for another general election is open for signatures until May 2025.

While the vast majority of those signing it are from the UK, it has also gained support from other countries.

More than 1,200 people from the U.S. have added their names to it, with similar a number from France doing the same.

American signatories may have been made aware of the petition by Elon Musk, the businessman and ally of President-elect Donald Trump.

He shared the petition on X, the social media site he owns formerly known as Twitter, claiming “the people of Britain have had enough of a tyrannical police state”.

Starmer’s office sought to avoid being drawn into a war of words with Mr Musk.

The prime minister’s official spokesman added Starmer was “focused on the issues that matter most to the British people.”

Although it has garnered media attention and millions of signatures, it is far from the largest petition received through the Parliament website, or the one which has seen the most rapid take-up.

In 2019, some 6.1 million people signed a petition calling for the revocation of Article 50 and for the United Kingdom to remain in the European Union, four million of whom did so in 48 hours.

The second most-signed petition gained 4.1 million signatures.

The 2016 petition called for a second referendum on the UK’s membership of the European Union following the Brexit vote.

Because the election petition has received 10,000 signatures, ministers will issue a response to it.

MPs may consider it further in a Westminster Hall debate because it has been signed by more than 100,000 people, although this is not guaranteed.

A petition which has successfully made it to debate is one calling for social media companies to ban under 16-year-olds from their platforms after it received more than 110,00 signatures.

Another calling for the law around school term-time holidays to be relaxed, which received 250,000 signatures, was due for debate on Monday afternoon.

Michael Westwood, the man who started the petition, has confirmed he voted Conservative at the summer election.

But he told Talk TV he did not know if this would be the case again, adding: “One thing’s for certain, I wouldn’t be voting Labour.”

Among those sharing the petition online was retired actor Sir Michael Caine, who has been critical of Labour governments in the past. (PA Media/dpa/NAN)

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