Oyebanji: The time is nigh for foreign businessmen to invest in Nigeria

Yinka Ojebode writes on Governor Biodun Oyebanji of Ekiti State’s call for foreign businessmen to invest in Nigeria given the favorable environment provided by the President Bola Tinubu-led government at the centre.

Governor Biodun Oyebanji of Ekiti State has called on foreign investors to take advantage of the ongoing economic reforms in Nigeria to invest in the country.

Speaking at a panel session in Dallas, Texas in the United States, during a panel session, one of the key events at the ongoing US-Africa Business Summit 2024 organized by the Corporate Council on Africa (CCA), Oyebanji stated: “This is the right moment for every investor to invest in Nigeria”.

To strengthen his position, the governor cited

the current reforms of President Bola Tinubu’s government and the synergy between the Federal Government and the State Governments.

Present at the session were heads of national and sub-national governments; investors; policymakers and development organizations from different parts of the world, including the Chairman of the Board of Directors of the Corporate Council on Africa, Mr. John Olajide.

Oyebanji in his presentation also cited some successful partnerships between the Ekiti State Government and some international investors including Cavista Holdings and Promasidor to advocate for more direct investment in the state, stressing that the right time to invest in the state is now.

According to him, “Now we have a reformist government that is visionary and we have 36 state governors (I am one of them) and these are people who have aligned themselves with the vision of President Tinubu’s government.

“And as I said, the economies of sub-national countries are so crucial to the Nigerian economy itself. So for any investor who wants a credible return on their investment, now is the time to invest in Nigeria because the market is readily available, the people are ready, we have a government that is reformist, transparent and people are trusted. .

“Nigerians believe in this government because we have a president who has done well and all the governors have also adhered to his vision. So now is the time to invest in Nigeria.”

Calling investors to Ekiti, the governor said the state government is strong on the regulatory framework designed to protect investors and investments in the state.

His words: “What we are doing is ensuring that we have a stable and predictable regulatory framework and that there must be trust, because I believe that trust is the key for any business to thrive. You need a leader who is visionary, reliable and transparent. We have all this in Ekiti State and that is why I am here today so that we can have more investors like Cavista who are relevant to what we are doing in the state.

“Thus, the sub-national countries are critical to the development of the Nigerian economy, but to attract credible investors, there must be a clear regulatory framework. The ease of doing business must be of the highest level, security must be guaranteed and the building blocks must be in place to allow companies to grow and prosper. Things also need to be done in a way that gives them the confidence to invest their capital.

“The Cavista story is one of our success stories and I am proud of it. Cavista Holdings came to Ekiti State as a company we were not aware of but they showed interest in one of our dying assets that has been there for many years and no one wants to touch it. Cavista came to consult with us, but thanks to the help of NIPC, they told us that we needed to set up an Investment Promotion Agency so that we have an IPA that protects investors from government bureaucracies.

“So they do things the private sector way and we also have a very strong regulatory system in place. We have a predictable policy because we realized that when you are looking for development, investors are looking for a return on their investments. So, all our business plans are driven by the Ekiti State Development and Investment Promotion Agency (EKDIPA) and the Director General has direct access to me so that if there are any issues, I can support the executive.

“So we started the facility at Ikogosi Warm Spring and Resort that we are so proud of, and they told us what is expected of us as a government and because of the recent reforms of the Federal Government, which has relinquished resources to subnational countries. capable of building critical infrastructure to support investments. Now the resort is a success story and that is why we have now migrated from tourism to agriculture.

“In Nigeria, there is a central government and there are 36 state governments with governors as heads of state; The Nigerian economy is the total economy of sub-national economies and therefore if the sub-national economies do well, the country as a whole will also do well. Realizing this, the federal government has set up structures to assist sub-national companies in business development and attracting private investors into their space.

“As a governor of a state you have responsibilities within the state, but there are some critical areas that are better left in the hands of private investors. So through the Nigerian Investment and Promotion Council (NIPC), the Federal Government is working with states and telling us what we need to do to make the state investment friendly because capitals (finance) will move to a place where they are welcome.

“So there is a healthy competition among the 36 states to bring highly responsible and credible private sector players to our states.”

-Oyebode is Media Advisor to the Governor of Ekiti State