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Buhari says Nigeria faces many challenges, invites foreign investors

Buhari says his administration's private sector reforms make Nigeria the best place for investors.

President Muhammadu Buhari has admitted that Nigeria currently faces a number of challenges affecting the nation's economy.

The 76-year-old said this while speaking at the 7th Tokyo International Conference on African Development (TICAD 7) on Thursday, August 29, 2019.

Speaking at the Plenary Session Three on "Public-Private Business Dialogue", President Buhari said his administration has put measures in place to diversify the economy by developing agriculture, emphasising on manufacturing and addressing the energy and infrastructure deficit.

"With these we shall be placing Nigeria on the path of rapid growth and sustainable development," he said at the forum.

The president further called for private investors to take advantage of Nigeria's very attractive investment opportunities with some of the highest returns on investment.

He said this is due to his administration's implementation of private sector-driven economic measures that are predicated on good governance, infrastructure and human capital development, as well as business climate reform.

"Nigeria and indeed Africa, expect much from this Forum in terms of investment, considering the role of Foreign Direct Investment in all economies - developed and developing," he said.

He called on investors to come to Nigeria and make in-roads into sectors such as power and renewable energy, petrochemical and gas, maritime (shipping and ports), automobiles, mining, agribusiness, healthcare and pharmaceuticals, ICT and railway.

President Buhari said his administration will remove all impediments to private sector participation in these sectors by creating policies that will ensure consistency, predictability and a level playing field for all.

The president also commended existing bonds of friendship and economic cooperation between Nigeria and Japan, "a strategic partner for our socio-economic development", and encouraged increased trade and investment between both nations.

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