Buhari Speaks of Potential for Growth to Investors in Paris

Buhari Speaks of Potential for Growth to Investors in Paris. He encouraged them to take advantage of the numerous human and natural resources in Nigeria.

President Muhammadu Buhari, on the 19th of May, 2021,  in Paris, France, urged investors to go further in exploring the abundant opportunities of human and natural resources available in Nigeria. He also assured them that fiscal policies will be more favorable, predictable, and measurably directed towards creating a fruitful business environment.

The president held meetings with chairman/CEO of Total, Patrick Pouyanne; executive vice president, AirBus, Silvere Delaunay; chairman of the Board of a software company, Daussault Systems, Florence Verzelen; chairman/CEO of General Engineering and Marketing of Telecommunications Operator, Francois-Regis Teze, and chairman/CEO, Donaflex Automotive, Dr. Donatus Nwokoye, a very successful manufacturer.

President Buhari in a statement issued by his media aide, Garba Shehu, stated in a meeting with the delegation from Total,  that outlook and potential for growth in the country had remained steadily positive. Buhari also affirmed that the government is committed to scaling up to operating standards and policies that promote mutual benefits.

“We are very pleased with the evolving trends in technology which is currently driving development across the world and Nigeria. Nigeria is more a gas country than a crude oil-producing country. In the 80’s we generated more from gas than crude oil.

“In the ’80s, we were earning more from gas for some years and had put in place structures. We intend to further explore the gas sector. I am pleased with your consistency in staying in Nigeria,’’ he said.

Furthermore, President Buhari told the investors to explore the country’s natural and human resources, pointing out that the demographics favor development, with many young people who are eager and willing to be gainfully engaged and trained.

“We need to educate the youth and encourage more skills in technology. Technology has been most impactful in all sectors, including the oil and gas, which has witnessed a rapid transformation in exploration, processing, and distribution,’’ he added.

The president expressed his gratitude to the chief executive officer of Total for the company’s consistency and growth in Nigeria since 1956, assuring that the government will improve on fiscal stability that will be favorable for investors.

Mr. Mele Kyari, the group managing director of the Nigerian National Petroleum Corporation (NNPC), said Total had confirmed long-term investments in Nigeria and had consistently surpassed targets in gas production.

He further stated that the NNPC had already formulated solutions to some of the challenges in the oil and gas sector, specifically tax.

Chairman/CEO of Total Plc,  Mr. Patrick Pouyanne told the president of the readiness of the company to remain in Nigeria and further expand interest in oil, gas, solar and other commodities that will positively impact the lives of citizens.

He said investors had been eagerly waiting for the passing of the Petroleum Industry Bill (PIB) because it will send a strong signal of more predictability.

“Total is very committed to Nigeria. We have no intention of leaving Nigeria,’’ he said.

President Buhari also spoke with the president of Ethiopia, Sahle-Work Zewde, who briefed him on the regional security and political situation in the Horn of Africa.