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Nigeria a Safe Haven for Investment, Says Danbatta

Published

6 years ago

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investment
  • Nigeria a Safe Haven for Investment, Says Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta has assured potential investors in Nigeria of safety and protection of their investments.

Danbatta gave the assurance during the Nigeria Investment Forum at the ongoing ITU Telecom World in Busan, South Korea. He urged the investors to come to Nigeria and invest in an environment, which he described as “a potential platform for business growth and success.”

Danbatta said that the NCC in collaboration with the Central Bank of Nigeria (CBN), intervened in the crisis between Etisalat (now 9mobile) and a consortium of banks over the telecom firm’s failure to refund the money it borrowed from the banks in order to prevent the banks from taking over the management of the telecoms company. He said that the intervention became necessary because banks are not capable of successfully running a telecoms company that is fraught with high level of technicalities.

Danbatta who stated that investments in the telecoms sector had grown from a mere $50 million in 2001 to about $70 billion, reassured foreign investors of safety in their investments, since most of the investments were Foreign Direct Investments (FDIs), that needed full protection.

Danbatta said: “The NCC is assuring the investors that our doors are open and that we will do whatever we can within the regulatory mandate assigned to us to ensure that their investment is safe and secure.

“NCC will continue to build a reputation of a firm, which provides incentives to operators and potential investors in order to ensure the gains recorded over the past couple of years are sustained.”

“Banks are not competent to run telecom companies, they should concentrate their efforts in making the financial sector more robust, which I believe they are doing, and I have no doubt about it,” Danbatta said.

He explained that Nigeria attended this year’s ITU Telecom Conference to tell the Information and Communications Technology (ICT) community that with a population of about 170 million, it is a preferred investment destination in Africa.

“With over 150 million active subscribers, in the voice segment, over 102 per cent teledensity and a little over 92 million internet connections, Nigeria is indeed a place to invest”, he added.

Chairman, Alliance for Affordable Internet (A4AI) and former Minister of Communications Technology, Dr. Omobola Johnson, said Nigeria has a huge population with over 90 per cent internet penetration, which she said, would continue to attract foreign investment. She said investments in the area of broadband infrastructure, remained critical for Nigeria.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Investment

Baker Hughes Set to Boost Nigerian Energy Landscape with Refinery Investments and Oil Field Bid Participation

Published

2 days ago

on

December 4, 2023

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Global oil and gas giant Baker Hughes has expressed its commitment to invest in Nigerian refineries and actively participate in the upcoming bid round for marginal oil fields, according to an announcement by the Federal Government on Sunday.

The announcement followed a meeting between Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and Baker Hughes Chairman/President Lorenzo Simonelli at the 28th United Nations Climate Change Conference in the United Arab Emirates.

During the meeting, Baker Hughes expressed its eagerness to sustain and enhance its investments in Nigeria’s oil and gas industry, particularly showcasing interest in contributing to the country’s refinery sector.

Simonelli emphasized the company’s commitment to supporting Nigeria’s energy transformation agenda.

“Nigeria is a blessed nation with vast potentials and great opportunities in diverse sectors. As a partner with the Federal Government over the years, we are inspired to direct investment in the refinery domain of oil and gas,” said Simonelli.

In response, Minister Lokpobiri welcomed Baker Hughes’ move, highlighting the pivotal role Nigeria plays in the global energy landscape.

He expressed optimism about deepening collaboration and assured the company of the Federal Government’s commitment to creating an enabling environment for investments in the refinery sector.

“I am very happy that you have joined other companies in identifying the great opportunities and government’s favourable policies in our oil and gas sector,” Lokpobiri stated.

Additionally, the Minister’s media aide confirmed Baker Hughes’ interest in participating in Nigeria’s forthcoming marginal oil fields bid round, signaling a broader engagement in the nation’s energy sector.

This move aligns with Nigeria’s efforts to revitalize its oil and gas industry, with ongoing rehabilitation works at the country’s three refineries and the anticipation of increased investments under the new Petroleum Industry Act (PIA).

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Investment

Nigeria Export-Import Bank Highlights Lucrative Investment Environment with Mexico

Published

1 week ago

on

November 27, 2023

By

NEXIM

In a meeting with the Mexican Ambassador to Nigeria, Alfredo Miranda, the Nigeria Export-Import Bank (NEXIM) revealed that investors in Nigeria are enjoying robust returns on their investments, even up to 30 percent.

Stella Okotete, the Executive Director of Business Development at NEXIM, highlighted the immense potential for collaboration between Nigeria and Mexico, emphasizing the benefits of expanding access to Nigerian goods in the Mexican market.

Okotete urged for a strategic partnership between the two nations, emphasizing that collaboration could enhance Nigeria’s foreign exchange earnings, attract investment opportunities, and foster prosperity for citizens in both countries.

She showcased Nigerian-made export goods financed by NEXIM, while underscoring other investment opportunities available in Nigeria.

She stated, “In terms of return on investments, this is the best place you can invest,” indicating the favorable investment climate in Nigeria, especially in the non-oil export sector.

Okotete also highlighted the untapped potential in Nigeria’s mining sector, expressing readiness to collaborate with Mexico to develop this sector for export.

The visit by the Mexican delegation is seen as a significant step toward strengthening economic ties between the two nations, exploring mutual benefits, fostering economic growth, and identifying investment opportunities.

Ambassador Miranda acknowledged Nigeria’s potential and initiatives by NEXIM to promote non-oil exports.

He stressed the need to identify business opportunities that could enhance trade, attract investment, and facilitate the development of both countries through their trade policies.

The meeting reflects a positive stride towards enhancing economic cooperation and fostering a strong economic partnership between Nigeria and Mexico.

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Investment

Mexican Investors Explore Solid Minerals Opportunities in Nigeria

Published

1 week ago

on

November 27, 2023

By

mining sector

The Minister of Solid Minerals Development, Dele Alake, welcomed a delegation of investors from the Republic of Mexico who are exploring investment opportunities in Nigeria’s solid minerals sector.

Minister Alake commended this initiative and underscored the commitment of President Bola Tinubu’s administration to facilitating a conducive business environment for investors in the industry.

The minister highlighted several incentives aimed at attracting investments, including zero-duty on equipment for solid minerals extraction, seamless repatriation of profits to the investors’ home countries, and tax holidays.

To ensure responsible and sustainable practices, Alake emphasized the importance of investors signing Community Development Agreements with local communities in mining areas to promote socio-economic development.

The ongoing efforts to sanitize the mining industry were also discussed, citing recent actions such as the revocation of titles failing to comply with annual service fee regulations.

Nigeria’s outgoing Ambassador to Mexico, Adejare Bello, vouched for the credibility of the visiting investors, affirming that their genuine and serious interest in business aligns with Nigeria’s economic objectives.

President of Seccion Internacional Para Africa, Dr. Heriberto Cortes, speaking on behalf of the investors, expressed gratitude for the constructive discussions with Minister Alake.

Cortes emphasized Nigeria as their African home and conveyed confidence in the safety and profitability of their investments in the country.

The visit signifies a positive stride towards strengthening economic ties between Nigeria and Mexico.

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