President Bola Ahmed Tinubu yesterday said all barriers to investment would be dismantled by his administration to rekindle confidence in Nigeria’s economy.
He emphasised that the country will soon become destination of choice for investors because of measures being put in place to protect domestic and foreign investment.
President Tinubu gave the assurance in New Delhi, India, during his meeting with the Chairman and Chief Executive Officer (CEO) of Hinduja Group of Companies, Mr. Prakash Hinduja.
The meeting held minutes after the President’s arrival in India for the G-20 Summit.
He assured investors that all bottlenecks impeding investments will be removed under his watch, adding that a conducive environment would be guaranteed in Nigeria.
The Hinduja Group of Companies is a conglomerate with a total asset portfolio exceeding $100 billion.
Following the meeting, billionaire Indian businessman proposed an automobile manufacturing deal with Nigeria
According to a statement by his Special Adviser on Media and Publicity, Ajuri Ngelale, the President received the Indian industrialist within 90 minutes of his arrival in India for a meeting, which began around 8:00pm local time.
He was accompanied to the meeting by Ministers of Finance, Wale Edun; Trade and Industry Dr. Doris Uzoka-Anite and Foreign Affairs Ambassador Yusuf Tuggar.
The President told the businessman that his mission in India was to attract investments to Nigeria with lucrative opportunities.
He said the move would create employment opportunities and shore up Nigeria’s revenue base at federal and sub-national levels.
President Tinubu said: “We are here for business. I am here to personally assure our friends and investors that there is no bottleneck that I will not break. Nigeria will become one of the most conducive places on earth to make good profits and create lasting jobs.
“With my support, there is nothing standing in your way of enjoying the unrivaled opportunities presented by our massive market and the ingenious and hardworking nature of the Nigerian people. We are open for business.”
The Hinduja Group boss attested to the landmark legacies of Tinubu in Lagos State, stressing that he turned a coastal erosion and water encroachment crisis into a massive free trade zone where industry now thrives.
He said the feat was partially responsible for his excitement to partner with Tinubu to create a win-win prosperity for Nigeria’s talented population.
Hinduja said: “We believe in you as a leader who has done this before. You know what the challenges are. You know how to fix them.
“We are going to make investments into the billions of dollars under your leadership, because we see you are already addressing the systemic problems. I am ready now to sign a Memorandum of Understanding (MoU) and to begin execution.
“You tell me who to liaise with and we will get to work immediately, particularly with respect to bus and automobile manufacturing in Nigeria, among other areas.”
The President interjected by mandating two ministers to follow up on the talks, saying: “Ministers of Trade and Finance, the two of you will follow this up immediately and you will draw up the terms to the satisfaction of both parties. If there are any issues at all which require my intervention, they must be brought to my attention immediately.”
Recounting his past experience, Hinduja said: “I have had paperwork stalled in Nigerian bureaucracy for over one year, especially in FCT, but I knew that you would be purpose driven in this endeavour and God will help you to turn Nigeria’s rich promise into rich reality for all of its citizens.”