By Sarah NEGEDU
The leadership of the Federal Capital Territory Administration has restated its commitment to changing the infrastructural landscape of the FCT in order to attract more investment to the FCT.
Minister of the FCT, Nyesom Wike, said the administration recognises that infrastructure is the backbone of any successful investment, and therefore taking significant measures to create an enabling environment for both local and foreign investors.
Wike, in his address at the 2024 Abuja Business and Investment Summit said, “That is why we have prioritized the development of roads, transportation networks, and utilities to ensure seamless connectivity within the territory.
“From bustling urban areas to our beautiful rural communities, we are committed to improving infrastructure to enhance accessibility and attract investments.
“In fact, we will flag off the constriction of 9 major projects next week, which will undoubtedly enhance investment opportunities across the Territory.”
In the area of security, the minister noted that the safety of every investment was critical to the administration, adding that that was why the FCTA had made giant strides in enhancing security measures across the FCT.
“We are keenly aware that security is paramount in attracting investors. The safety of your investments is our top priority. We have made considerable strides in enhancing security measures across the FCT, collaborating with law enforcement agencies to ensure a secure environment for businesses to flourish.
“We believe a safe and secure environment is fundamental for successful investments, and we will continue reinforcing our efforts in this area.
“I want to emphasize that the FCT is open for business. We have streamlined our processes to make it easier for investors to set up and operate. The Abuja Investment Company Limited and the Abuja Enterprise Agency have facilitated partnerships and supported investors, ensuring you receive the necessary guidance at every step of your investment journey.
“Besides infrastructure and security, we are also focused on fostering innovation and entrepreneurship. We have launched several initiatives to empower small and medium-sized enterprises, SMEs, which are the backbone of our economy. By providing access to funding, training. and resources, we aim to cultivate a robust ecosystem that encourages innovation and drives economic growth.”
“Our unique position, strategic location, and growing population create a fertile ground for investment across various sectors including real estate, technology. agriculture, healthcare, tourism, construction mining and renewable energy.”
While urging investors to take advantage of the strategic location of the FCT, the minister pointed that it was essential to recognize the power of collaboration as it can significantly enhance investment strategies.
Meanwhile, the keynote speaker at the event, Prof. Charles Soludo, urged the organisers to ensure the summit doesn’t end up as another talk show but rather, one where investment deals are sealed.
“Hope it won’t be just another talk show, but one where investment deals are sealed. People are tired of investment summits, investors are not interested in what you say, but what you do. The ease of doing business is crucial to every investor.”
Speaking on the topic “Fostering Economic Prosperity at the Sub-national Level,” the former CBN Governor asked states and indeed the FCT, to have a mental picture of mega trends in the world that can drive investment opportunities.
According to him, global phenomenon like urbanisation, digital transformation, environmental concerns are all shifting the nature of global markets, stressing that shifting demographic determines where the global attention will shift.
“There’s a shifting global economic power shifting from the G-7 to the new E-7. Countries like the United State, France, Germany, Japan, and other G-7 countries were the economic power, but now economic power is shifting to China, Indonesia, Brazil, Mexico, India are now the Emerging economies.
“The world is changing and countries are re-aligning their partnership and so Nigeria must understand where the trends are going so as to strategically position itself in terms of diplomatic ties.”
The keynote speaker stressed that transformation of Abuja is key to this emerging trend.
On insecurity, he said kidnapping and banditry is evolving to be the new industry and how Nigeria deals with it may determine how we attract investment.
“Foreign investors will not rush to invest if local investors are scared to invest because every investor is threatened by the microeconomic framework and policy.”
Earlier, in her remarks, the Managing Director and Chief Executive Officer of the Abuja Investment Company Limited, Maureen Tamuno, said the summit is aimed at promoting investment opportunities in FCT as well as creating a platform for networking among investors from within Nigeria and beyond.
“I believe that discussions at this event would inspire us to think bigger to push the boundaries of what’s possible in business and investment.
“As we engage in discussions over the coming days, I would like to remind participants about the power of building strong partnerships for the achievement of a win-win situation in our business endeavors.”
