President Tinubu Assures Foreign Investors Of Investment Safety

President Bola Tinubu has assured international investors that their investment will be safe in Nigeria.

He was in Germany to attend the G20 Compact with Africa (CWA) Conference, hosted by German Chancellor Olaf Scholz. During a panel discussion, titled "Fostering Local Value Chains and Investments in Africa — The Role of the German Private Sector," Tinubu noted that Nigeria is a huge market and is all set to partner with international investors.

"Your money is safe. We are eager and ready to partner with you. We have the youngest, largest, and most vibrant youth population in Africa, equally, we have...a well-educated population, a massive market, and the political will to bring it all together under my leadership," he said Monday, Punch reported.

"We are reforming the economy based on the principle and philosophy of good governance. Nigeria has consolidated its democracy with several consecutive handovers of power," he added.

Tinubu assured stability and predictability in the socio-political development of Nigeria, which will ensure a conducive atmosphere for business operations and investment.

Projecting Nigeria as a leader in the energy sector, the president said the country's vast gas deposits and business-friendly environment make it an attractive investment destination.

"We are going a step further now. We are creating fiscal responsibility and tax reforms as we reform our financial institutions to accommodate foreign investments expeditiously," he noted.

Nigeria's Finance Minister Wale Edun had earlier promised that the federal government would not overburden people by introducing new taxes. He noted the government was aiming for a tax-to-GDP ratio of 18% by 2026.

"We all know that achieving tax revenue to GDP target of 22% and tax to GDP of 18% by 2026 are parts of the cardinal objectives of this administration," Edun said at an event in Delta on Monday. "However, in doing that we appreciate the need not to overburden the taxpayers by introducing so many new taxes."

"What is necessary to be done is to broaden the tax base and simplify and streamline tax administration for ease of collection. That is why, among the prior activities of this government after coming to office, was the constitution of a presidential Committee on fiscal Policy and Tax Reforms. The Committee has already submitted an interim report full of optimism," he added.

Last week, the federal government blamed low export revenue for Nigeria's foreign exchange scarcity, stressing that it will further diversify the economy.