Nigeria increasingly attractive to international investors – Ribadu

President Bola Tinubu has stated that his administration’s commitment to creating an enabling business environment has resonated with the international investment community, thereby making the country increasingly attractive for both local and international investors.

He added that his administration has also expanded its focus on strengthening Nigeria’s position in global trade and investment.

Tinubu made this disclosure in Abuja on Wednesday while speaking during the 2024 Comptroller-General of Customs Conference themed, ‘Nigeria Customs Service: Engaging traditional and new partners with purpose.’

The President who was represented at the event by the National Security Adviser, Nuhu Ribadu, maintained that through strategic initiative the country is enhancing trade facilitation, modernising port infrastructure, and streamlining business processes to reduce barriers to trade.

“Our commitment to creating an enabling business environment has resonated with the international investment community. The confidence in our economy is reflected in the significant surge in foreign direct investments, which has exceeded $30bn in the past year. This achievement demonstrates that our policies are yielding positive results, making Nigeria increasingly attractive for both domestic and international investors,” Tinubu said.

He added that central to the success of these economic initiatives is the role of strategic institutions and their dedicated personnel.

He stressed that the vision of the government required agencies to be proactive in aligning their statutory responsibilities with the broader national economic objectives.

Tinubu stressed that agencies needed to demonstrate initiative in identifying opportunities within their mandates that would best serve and advance the country’s national aspirations.

He lauded NCS describing the service as one of the agencies that has risen to this expectation, demonstrating how government institutions can effectively contribute to our economic transformation agenda while fulfilling their core mandates.

Tinubu maintained that the alignment is demonstrated in the service’s comprehensive modernisation agenda.

According to him, in responding to the administration’s call for enhanced trade facilitation and economic growth, the NCS has introduced significant reforms including the Advanced Ruling system and the Authorised Economic Operator Program.

The president emphasised that these initiatives, which align with global best practices, show how agencies can innovatively implement solutions that advance national economic objectives while meeting international standards.

“Such reforms not only enhance trade facilitation but also create a more predictable business environment that supports our broader economic goals,” he said.

Tinubu highlighted that the service has shown remarkable progress in revenue generation, enhancing the government’s capacity to fund critical national development projects.

He reiterated that through strategic reforms, the service is strengthening Nigeria’s position as a trade-friendly nation, particularly in the areas of export promotion and port efficiency.

“This has contributed significantly to our improved global ranking in the ease of doing business. The service has also demonstrated that effective trade facilitation can coexist with strong regulatory compliance, as evidenced by its enhanced border security and anti-smuggling operations,” the president stated.

Tinubu said that these achievements affirm the administration’s belief that public institutions, when properly aligned with national objectives, can effectively drive transformative change.

“While these results are encouraging, they represent only the beginning of what we can achieve through focused institutional reforms and alignment with national objectives,” Tinubu added.

He explained that the theme reflects the administration’s broader vision of fostering strategic partnerships and collaborative approaches to governance and economic management.

“It acknowledges that in today’s interconnected global economy, sustainable progress requires us to strengthen existing partnerships while building new ones, always guided by clear purpose and shared objectives,” he explained.

He stated that his administration remains committed to supporting the NCS in its modernisation and reform initiatives adding that the administration will continue to provide the necessary policy backing and enablement required to strengthen the service’s capacity to deliver on its mandates.

This he said includes support for technological advancement, infrastructure development, and capacity building programs that align with global best practices.

Tinubu urged the gathering to build upon these foundations with clear cognizance of Nigeria’s regional and continental obligations.

He mentioned that the discussions should be particularly timely and strategic, considering Nigeria’s role in the African Continental Free Trade Area and its position as West Africa’s largest economy.

He charged the gathering to focus on innovative approaches that will strengthen existing partnerships and forge new ones to advance Nigeria’s national interests within this expanding trade landscape.

“Your deliberations should chart a path for enhancing our trade processes and compliance frameworks in ways that position Nigeria to maximize the opportunities presented by regional and continental integration while maintaining robust border security. The outcomes of this conference should provide a clear roadmap for achieving these objectives in line with our national economic aspirations,” he concluded.