On Thursday, President Muhammadu Buhari expressed satisfaction that Investments in enhancing security are paying off well. He praised the Nigerian military for making significant strides in the fight against insecurity and for generating momentum for minimizing obstacles.
The President promised that the Federal Government would do more to enhance security in his remarks at the Nigeria International Economic Partnership Forum, which was held in New York on the sidelines of the 77th UN General Assembly. The President acknowledged that the security sector is a crucial component of the flow of investment and the overall development of the economy and infrastructure.
He emphasized that “the advantages and drawbacks of investing in Nigeria much exceed the obstacles” and added, “We will continue to give all necessary support to our security outfits to ensure that they are able to face the challenge head-on.”
In addition, President 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 is on track to reclaim her proper position in the world economy.
He credited the implementation of reforms intended to entice international investment and persistent improvement in governance with the country’s success story.
He pointed out that the non-oil sector was primarily responsible for the first quarter of 2022’s GDP growth, supporting the government’s aim for diversifying its revenue sources.
While stating that the administration is using the Integrated National Financing Strategy to address this, the President admitted that more has to be done to enhance private capital flows into Nigeria through Foreign Direct Investment and financing for infrastructure.
Regarding growth fueled by industries other than oil, the President said:
“Despite security worries, inadequate irrigation, a lack of inputs, and problems with our aging infrastructure, the agriculture sector, which is our most significant one, has remained robust, with strong food demand supporting growth.
A greater family and corporate spending was mirrored in manufacturing growth as a result of the resumption of economic activity and the development of supply networks.
“Our service sector’s current development is encouraging. Globalization, competitiveness, increased foreign investment, and privatization will all help to spur growth and competition in the service industry and the economy as a whole.
“On the domestic front, the Federal Government is moving quickly to address revenue underperformance and enhance operations to increase the allure of investing in Nigeria.
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