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Buhari Woos Investors In US, Says Nigeria Is Africa’s Largest Consumer Market

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President Muhammadu Buhari has assured investors of massive investment opportunities in Nigeria.

Buhari spoke at a dialogue session with some US investors, Nigerian officials, diplomats and as well as experts from the private sector in Washington DC, United States of America, on Friday.

The session, titled ‘The Presidential Dialogue: Nigeria Business and Investment Forum’, was held on the sidelines of the 2022 US Africa Leaders Summit.

Buhari said apart from the population advantage and demographics, various incentives and policies implemented by the Nigerian government have made the country a preferred choice for investment.

“It is therefore imperative that I reiterate at the outset, the comparative advantages that exist within Nigeria’s economy,” he said.

“First as the most populous country and largest economy in Africa, there is no doubt that Nigeria remains Africa’s largest single consumer market, projected to account for over 15% of overall growth in Africa’s spending, by 2025.

“Secondly, investors in the country would have access to new markets under the African Continental Free Trade Area, (AfCTA), which would be the world’s largest free trade area.

“It would be expected to connect 1.3 billion people across 55 countries and a consumer market that will be worth over 3 trillion dollars by 2030, and a combined Gross Domestic Product (GDP) valued at 3.4 trillion dollars.

“Since 2015, when my administration assumed office, fixing of the infrastructural gaps needed for business to thrive in Nigeria, namely; roads, railways, air and sea ports, energy and telecommunications, constituted greater priorities for government.”

He said the federal government is determined to improve the business environment through incentives, regulatory reform, and a business-friendly visa system.

The president said Nigeria, like other countries, is facing economic challenges caused by the COVID-19 pandemic and the war in Ukraine as well as climate change.

He said in spite of the challenges, Nigeria witnessed seven consecutive quarters of growth, after the negative growth rates recorded in the second and third quarters of 2020.

“Nigeria’s GDP grew by 3.54 per cent year-on-year in real terms in the 2nd Quarter of 2022, which represents a sustained positive economic performance, especially for the Non-Oil GDP which fell by 4.77 per cent in Q2 2022 against Oil GDP that grew by -11.77%,” he said.

“For our economy to favourably meet up the global digitization, Nigeria embraced communication and digital economy.

“Already, the broadband coverage of the country stands at 44.32 percent and 77.52 percent. 4G coverage has also been achieved, with the establishment of 36,751 4G base stations nationwide.’’

Buhari said his government has made the energy sector a key priority, considering the need for adequate and sustainable electricity supply as a prerequisite for socio-economic and industrial development.

BIG STORY

Lagos Ministry Demolishes Illegal Gatehouse After Attack On Workers [PHOTOS]

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The Lagos Ministry of Environment and Water Resources has commenced the demolition of an illegal gatehouse erected by the management of an estate on January 3, 2025.

The action follows repeated warnings from the ministry, which had earlier alerted the estate about the unlawful construction.

Sources revealed that the estate proceeded to build a soakaway system on the road immediately outside the entrance gate, despite several official warnings from the ministry.

This prompted the ministry’s task force to intervene on January 2, 2025, to dismantle the septic tank that was being constructed.

However, during the operation, workers from the ministry were reportedly attacked and locked up by the estate’s management.

In response to the harassment of its workers, the Lagos Ministry of Environment and Water Resources escalated its actions, directing the demolition of the illegal gatehouse on January 3, 2025.

The demolition is part of the ministry’s broader efforts to ensure that constructions adhere to legal and environmental standards.

Details later…

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BIG STORY

Inside Jigawa: One Dead, Groom Hospitalised As Bride Allegedly Poisons Wedding Guests

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A wedding in Jigawa State has turned tragic after a bride allegedly poisoned food served at the reception.

The incident reportedly left the groom critically ill and one of the wedding guests dead.

The incident occurred in the Jahun Local Government Area of the state.

Eyewitnesses suggested that the bride’s actions may have been driven by a personal vendetta.

Speaking on Friday, the state Police Public Relations Officer, Shi’isu Adam, confirmed the incident and stated that an investigation was underway.

“We received a report that the bride had tainted the food served at the wedding reception, leaving the groom critically ill.

“Police have arrested two suspects in connection with the alleged food poisoning incident that occurred during a wedding ceremony in the state,” Adam said.

He revealed that the two suspects are the bride and another female, adding that they are in custody and being interrogated by the Criminal Investigation Department of the command.

The police spokesperson added, “We will do everything in our power to ensure that justice is served.”

According to the police spokesman, all the wedding attendants who consumed the poisoned food have been discharged from the hospital, except for the one person who was confirmed dead.

“The command is currently investigating the circumstances surrounding the incident, and we will provide more details as soon as possible.

“For now, we can confirm that the incident occurred, and we are working tirelessly to unravel the facts. We urge the public to remain calm and assured that justice will be served,” he concluded.

The identities of the deceased, the groom, and other victims have not been disclosed by the authorities.

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BIG STORY

Peter Obi Hellbent On Inciting Nigerians Against President Tinubu, He’s A Doomsayer — APC

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The All Progressives Congress (APC) has described Peter Obi’s New Year message as “misleading and an attempt to score cheap political points.”

Obi, who was the presidential candidate of the Labour Party in the 2023 elections, used his New Year message to criticize President Bola Tinubu, expressing grave concerns over institutional corruption, mismanagement, poverty, hardship, and an escalating debt profile.

The former governor of Anambra stated that corruption has been deeply entrenched in government and nepotism has become the norm under Tinubu’s leadership.

He also demanded “vigorous, positive actions” from the administration to bring succour to Nigerians.

However, in a counter-statement on Thursday, Felix Morka, APC spokesperson, stated that Obi’s assessment contradicted all indicators showing that the nation’s economy is rebounding across various sectors.

Morka accused Obi and members of the main opposition Peoples Democratic Party (PDP) of relentlessly trying to incite public outrage against the Tinubu administration.

The APC further accused Obi of portraying himself as “a leading doomsayer, omniscient and philosopher’s stone” while failing to deliver “meaningful achievements during his eight-year tenure as governor in Anambra state.”

“In reality, 18 months later, the economy, under President Bola Ahmed Tinubu’s administration has shown a steady record of progress,” the statement reads.

“Despite these and other initial beneficial outcomes of ongoing reforms, the administration is doubling its effort to ensure their fullest benefits for the transformation of our country.

“It is a thing of irony that Obi, who now arrogates to himself to be omniscient and philosopher’s stone, when it comes to our nation’s challenges, left no record of significant achievement, let alone transformation of any kind, in his eight-year tenure as Governor of Anambra State.”

“Like his co-travellers in the PDP, Obi’s obsessive pessimism and endless but futile effort to incite public outrage against the administration is borne out of the realization that Tinubu is unwittingly cementing their political irrelevance by his visionary and full-throttle reform.”

“Under the banner of the Renewed Hope Agenda, President Tinubu is dutifully turning our nation’s fortunes around. We urge Nigerians to remain confident of better days ahead.”

The ruling party added that Tinubu’s goal is to reduce inflation from 34 percent to 15 percent in 2025.

“With the vigour in the administration’s war on corruption, evidenced by ongoing investigations and trial of well-heeled Nigerians, Obi’s pontification on the urgent need to tame corruption is a clear case of carrying coal to Newcastle,” the party added.

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