Reforms Position Nigeria as Africa’s Premier Investment Destination – Envoy

Nigeria’s Ambassador to the United Kingdom, Sarafa Isola, has declared that the country’s ongoing economic reforms are successfully transforming it into a continental investment powerhouse. This assessment comes as recent policy changes begin yielding measurable results in foreign direct investment (FDI) inflows.

Transformative Reforms Driving Change:
1. Foreign Exchange Management
– Unified exchange rate system
– Increased forex market liquidity
– Special windows for investors

2. Tax Regime Improvements
– Revised fiscal incentives for pioneer industries
– Streamlined tax compliance processes
– Double taxation agreements with key partners

3. Sector-Specific Breakthroughs
– Petroleum Industry Act implementation
– Electricity Act 2023 decentralization
– Digital economy policy framework

Tangible Results Emerging:
– Q2 2024 FDI growth of 38% year-on-year
– Manufacturing sector expansion at 5-year high
– Nigeria rising 15 spots in World Bank Ease of Doing Business rankings

Global investors are taking notice,” Ambassador Isola stated during the UK-Nigeria Trade and Investment Forum in London. “Our reforms have addressed longstanding concerns about currency convertibility, profit repatriation, and regulatory predictability.

Priority Investment Sectors Showing Momentum:
– Renewable Energy: $3.8 billion commitments in solar/hydro projects
– Agro-Processing: 42 new factories established in 2023
– Tech Ecosystem: Africa’s leading destination for startup funding

The envoy highlighted Nigeria’s demographic advantage – 70% under-30 population – as creating unparalleled consumer market potential. He cited the success of the Nigerian Investment Promotion Commission’s (NIPC) “Invest Nigeria” portal which has processed over $6 billion in investment intentions since 2023.

While acknowledging remaining challenges like infrastructure gaps, Ambassador Isola emphasized the government’s $2.3 billion infrastructure fund and public-private partnership initiatives. “We’re not just reforming policies – we’re rebuilding the entire investment ecosystem,” he told global business leaders.

The World Bank recently upgraded Nigeria’s economic outlook, projecting 3.8% GDP growth for 2025, with analysts attributing this to the reform momentum. As Nigeria prepares to host the Africa Investment Forum in November, these transformations are positioning the country as the continent’s most compelling investment story.