Nigeria assures investors of favourable fiscal policies

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Nigeria’s President Muhammadu Buhari has assured investors that the country’s fiscal policies will be more favourable, predictable and measurably tilted towards creating a harmonious business environment.

Buhari who spoke on Wednesday in Paris, France, urged investors to further explore vast opportunities of human and natural resources in Nigeria.

His call came as he held meetings with some of the biggest investment players, among them the Chairman/CEO of Total, Patrick Pouyanne, Executive Vice President, AirBus, Silvere Delaunay, Chairman of the Board of a software company, Daussault Systems, Florence Verzelen, Chairman/CEO of General Engineering and Marketing of Telecommunications Operator, Francois-Regis Teze and Chairman/CEO, Donaflex Automotive, Dr Donatus Nwokoye, in Paris.

Scaling up operating standards

While meeting with the delegation from Total, President Buhari said the outlook and potentials for growth in the country have remained steadily positive, affirming the government’s commitment to scale up operating standards and policies that encourage mutual benefits.

Evolving technology trends

The Nigerian President lauded the evolving trends in technology, which is currently driving development across the world and Nigeria.

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Nigeria is more a gas country than a crude oil producing country. He noted that the country in the 80’s  generated more from gas, than crude oil.

“In the 80’s, we were earning more from gas for some years, and had put in place structures. We intend to further explore the gas sector. I am pleased with your consistency in staying in Nigeria,’’ he said.

Natural and human resources

The West African country’s head of state went ahead to say that investors should take advantage of the natural and human resources.

He pointed out that the demographics favour development, with more young people who are eager to be gainfully engaged and trained.

“We need to educate the youth and encourage more skills in technology. Technology has been most impactful in all sectors, including the oil and gas, which has witnessed rapid transformation in exploration, processing and distribution,” he added.

The President thanked the Chief Executive Officer of Total for the company’s consistency and expansion in Nigeria since 1956, assuring that the government will enhance fiscal stability that will favour investors.

Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, said Total had confirmed long term investments in Nigeria, and had consistently exceeded targets in gas production.

He said the NNPC had already designed solutions to some of the challenges in the oil and gas sector, particularly on tax.

In his remarks, Pouyanne told the President of the readiness of the company to stay in Nigeria, and further expand interest in oil, gas, solar and other commodities that will directly impact the lives of citizens.

The Chief Executive of Total said investors had been eagerly waiting for the passing of the Petroleum Industry Bill (PIB) as it will send a strong signal of more predictability.

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“Total is very committed to Nigeria. We have no intention of leaving Nigeria,’’ he said.

President Buhari also received in audience the President of Ethiopia, Sahle-Work Zewde who came to brief him on the regional security and political situation in the Horn of Africa.

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