The Honourable Minister of the Federal Capital Territory Barrister Ezenwo Nyesom Wike has called for investments in the FCT’s real estate, agriculture, tourism, mining, renewable energy, and construction sectors, saying that Abuja is open for business.
2. The Minister who made the call in Abuja on Wednesday, October 16, 2024, during the maiden Abuja Business and Investment Summit organized by the Abuja Investment Company Limited (AICL) to showcase the investment opportunities in the FCT, called on investors to explore the myriad of possibilities in these sectors.
3. He said the FCT’s strategic location and growing population have created fertile ground for investments across its various business and investment sectors. He added that the FCT Administration has also undertaken significant measures to create an enabling environment for local and foreign investors to thrive.
4. The Minister further disclosed plans to commence nine major infrastructure projects in the FCT, saying the provision of road infrastructure and transportation networks have also been prioritized to ensure seamless connectivity within the territory.
5. He added the FCT Administration has also made considerable strides in enhancing security in collaboration with security agencies to ensure a secure environment for businesses to flourish.
6. The Minister further stated that the AICL and the Abuja Enterprise Agency have also supported investors by ensuring that they receive the necessary guidance at every step of their investment journey in the FCT, stressing that processes have also been streamlined to make it easier for investors to set up their operations.
7. He said, “I invite you to explore the various investment opportunities in the FCT. Whether you are interested in real estate development, technology incubation, or agrobusiness, there is a place for you here.”
8. He also commended the Group Managing Director of the AICL, Ambassador Maureen Tamuno, and her dedicated team for organizing the investment summit, saying it exemplifies the Administration’s commitment to fostering an investment-friendly environment in the nation’s capital.
9. Barrister Wike, while responding to a demand to allow the unhindered business activities of the informal sector in the FCT, warned that development and business activities in the FCT must follow the rules and regulations provided by law.
10.He said “No city can grow without planning. The mere fact that you migrate from the rural area into the city or where you want to have something to do does not mean that we will jettison the rules and regulations.
11.“So, when you see bulldozers coming, it’s to comply with the rules and regulations. Some of these settlements you are talking about are the shanties. You can’t build houses without development plans. Nobody does that.
12.“Sometimes, criminals will take advantage and take over this. For our survival, nobody can survive without obeying the law”.
13.In his keynote address at the summit, the executive Governor of Anambra State, Prof. Chukwuma Soludo, commended the FCT Administration for organizing the investment initiative. He said the summit was in line with the president’s Renewed Hope Agenda and indicated the direction in which the country was headed.
14.Prof. Soludo, however, regretted that the country was “punching below its weight” in attracting foreign direct investments and called for improvement in business facilitation strategies to encourage sustainable investments.
15.Prof. Soludo, who also observed that the flow of investment funds and portfolios was shifting to emerging markets, said Nigeria must reposition itself to attract these investment flows.
16.He added that Nigeria needs to intentionally nurture domestic capital and promote national champions who will drive sustainable economic investments, even as he called for the patronage of locally produced goods.
17.Prof. Soludo also emphasized the need for investment in quality education, particularly technical and vocational training, to unleash young people’s potential. He called for strategic interventions to create job opportunities for the teeming populace and derisk investments in the country.
18.He said, “If we don’t give our youth the tools to participate in tomorrow’s economy, they will become a liability. The rich will not sleep peacefully if the poor are restless”
19.Earlier in her welcome address, the GMD, AICL, Ambassador Maureen Tamuno, said the Abuja Business and Investment Summit aimed to promote investments in the FCT and provide a platform for networking among local and international investors.
20.She expressed confidence that discussions during the summit will inspire participants to think bigger and push the boundaries of what is possible in business and investment. She thanked the FCT Minister for his support in making the summit a success.
21.Goodwill messages came from the Minister of Foreign Affairs and strategic business partners of the AICL.
