Minister of the Federal Capital Territory (FCT), Nyesom Wike has invited investors in various sectors, including real estate, agro-economy, tourism, mining and others to move to Abuja, but insisted that investors of any category must follow the laws.
The Minister, who spoke today, October 16, at the maiden edition of the Abuja Business and Investment Summit organized by the Abuja Investment Company Limited (AICL), stressed the importance of the investors exploring the myriad of possibilities in these sectors.
He said that the FCT’s strategic location and growing population have created fertile ground for investments across its various business and investment sectors, adding that the Administration has also undertaken significant measures to create an enabling environment for local and foreign investors to thrive.
According to Wike, there are plans to commence nine major infrastructure projects in the FCT, and that the provision of road infrastructure and transportation networks have also been prioritized to ensure seamless connectivity within the territory.
He said that the Administration has made considerable strides in enhancing security in collaboration with security agencies to ensure a secure environment for businesses to flourish.
He said that processes have been streamlined to make it easier for investors to set up their operations.
“I invite you to explore the various investment opportunities in the FCT. Whether you are interested in real estate development, technology incubation, or agrobusiness, there is a place for you here.”
On request that businesses in the informal sector should be allowed unhindered activities, the minister insisted that development and business activities in the FCT must follow the rules and regulations provided by the law.
“No city can grow without planning. The mere fact that you migrate from the rural area into the city or where you want to have something to do does not mean that we will jettison the rules and regulations.
“So, when you see bulldozers coming, it’s to comply with the rules and regulations. Some of these settlements you are talking about are the shanties. You can’t build houses without development plans. Nobody does that.
“Sometimes, criminals will take advantage and take over this. For our survival, nobody can survive without obeying the law.”
In his keynote address, the executive Governor of Anambra State, Professor Chukwuma Soludo, commended the FCT Administration for organizing the investment initiative.
He said that the summit was in line with the president’s Renewed Hope Agenda and indicated the direction in which the country is headed.
Professor Soludo, however, regretted that the country is “punching below its weight” in attracting foreign direct investments and called for improvement in business facilitation strategies to encourage sustainable investments.
Professor Soludo observed that the flow of investment funds and portfolios is shifting to emerging markets, saying that Nigeria must reposition itself to attract these investment flows.
He added that Nigeria needs to intentionally nurture domestic capital and promote national champions who will drive sustainable economic investments, even as he called for the patronage of locally produced goods.
Professor Soludo emphasized the need for investment in quality education, particularly technical and vocational training, to unleash young people’s potential. He called for strategic interventions to create job opportunities for the teeming populace and derisk investments in the country.
“If we don’t give our youth the tools to participate in tomorrow’s economy, they will become a liability. The rich will not sleep peacefully if the poor are restless.”
Earlier, the GMD, AICL, Ambassador Maureen Tamuno, said that the Abuja Business and Investment Summit aimed to promote investments in the FCT and provide a platform for networking among local and international investors.
She expressed confidence that discussions during the summit will inspire participants to think bigger and push the boundaries of what is possible in business and investment.