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At the Nigeria International Economic Partnership Forum, which was held in New York in conjunction with the 77th UN General Assembly, Buhari made this announcement.


The Nigerian president, Muhammadu Buhari, has urged international investors not to worry about the country's security situation, claiming that the benefits of doing so "far outweigh the problems."

The president praised the Nigerian military for making major strides in the fight against insecurity and expressed his happiness that efforts in enhancing security were paying off well.

At the Nigeria International Economic Partnership Forum, which was held in New York in conjunction with the 77th UN General Assembly, Buhari made this announcement.

Recognizing that the security sector was another crucial component in the flow of investment and overall economic and infrastructure growth, he pledged that his administration will do more to enhance security.

"We will continue to provide our security units with the necessary support to enable them to meet the issue head-on. The benefits and drawbacks of investing in Nigeria exceed the difficulties, he claimed.

In addition, Buhari stated that despite the ongoing COVID-19 pandemic, the insurgency in some regions of the nation, and the global crisis brought on by the conflict between the Ukraine and Russia, Nigeria was on track to reclaim her proper position in the world economy.

The president credited the country's success story to the implementation of reforms intended to attract foreign investment and continued progress in governance, according to a statement by the president's spokesperson, Femi Adesina.

The president pointed out that the non-oil sector had mostly been responsible for the first quarter of 2022's GDP growth, supporting the government's objective for diversifying its revenue sources.

While stating that the administration was using the Integrated National Financing Strategy to address this, he noted that more needed to be done to enhance private capital flows into Nigeria through Foreign Direct Investment and financing for infrastructure.

The President also cited additional initiatives by his government to enhance the country's prospects for economic and development, including the Presidential Power Initiative and Nigeria's National Development Plan (2021–2025).

Regarding Nigeria's National Development Plan, the President explained that it was created in response to the nation's ongoing development difficulties and the requirement to address them within the context of medium- and long-term plans.

According to President Buhari, his administration recognizes the electricity industry as a key driver of Nigeria's industrialization. He also mentioned that the 614-kilometer Ajaokuta-Kaduna-Kano gas pipeline project was started in July 2021 to improve energy security.

In addition, our administration gave the sovereign guarantee for this crucial infrastructure project, according to Buhari. This project will accelerate industrialization when it is finished.

"In addition, the first stage of the Presidential Power Initiative will increase the reliability of the electricity supply for nearly 40 million people and generate 11,000 direct and indirect jobs for Nigerians.

The level of living will be raised while ensuring a consistent, dependable, and inexpensive supply of energy for homes and businesses thanks to the work of power system engineers, electricians, and contractors.



source: saharareporters

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