-Yemi Osinbajo has revealed how federal government policies help foreign investments in Nigeria
- The vice president said the foreign companies are hitting their maximum capacity following these FG's policies
- According to Osinabjo, biggest commitment for the federal government has been the creation of an enabling business environment
The vice president, Yemi Osinbajo, has commended various polices rolled out by the federal government.
Osinbajo said these polices have contributed to helping foreign investor companies reach the maximum capacity across the country.
Speaking on Tuesday, May 22, at the Direct Investors’ Summit 2018 organised by the Nigerian Investment Promotion Council (NIPC), the vice president said central to any conversation about investment in Nigeria is the nature of the country's business environment.
He said the biggest commitment for the federal government has been the creation of an enabling business environment - one in which property rights and the rule of law are respected - and in which markets take the lead, while government efficiently fulfills its role as a protector and enabler.
Citing the achievements of a foreign cereal factory in Lagos, Osinbajo said there are many successful partnerships between the public and private sectors.
Osinbajo said:"Last December, a cereal factory opened in Lagos to manufacture Kellogg’s cornflakes; the result of a partnership between an American company and Tolaram, a Singaporean conglomerate. Although the Kellogg Company is over a hundred years old, that factory was its first investment in Nigeria.
"Barely half a year later, they are already talking about expansion plans, as the new factory has already hit maximum capacity.
"There are also many successful partnerships between the public and private sectors, perhaps the best example is the Nigeria LNG, a Nigerian run company that liquifies Nigeria’s natural gas for export all over the world and helped Nigeria earn her place as the 4th largest LNG exporter in the world.
"The Company is majority private-sector owned by three multinational oil companies, while Nigerian National Petroleum Corporation (NNPC) holds a minority stake.
"In e-commerce, financial services, retail, manufacturing, the stories of success also abound. MTN is one of the better-known of the private sector examples; the story of its investment in Nigeria is frequently cited in investment circles.
"Today the company operates in more than 20 countries, but earns more than half its revenues from Nigeria. It is now planning to list on The Nigerian Stock Exchange, where it will create billions of naira in new value for many Nigerians and investors from anywhere else in the world."
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Meanwhile, NAIJ.com previously reported that an Asian company, Lee Group, indicated its interest to partner with the Bauchi government.
The company said after a successful discussion involving a joint team of both state officials and the investing team, it intends to build a rice and wheat factory in the state.
Also, the investing team was impressed with the quality of the terrain including the physical and chemical qualities of the over 60,000 hectares of land.
How workaholic Governor Ganduje is transforming Kano state on NAIJ.com TV