The President returned a few days ago from the G20 summit in New Delhi, India, and stakeholders in the real sector are already appreciating him for attending the summit.
The Lagos Chamber of Commerce and Industry (LCCI) said Nigeria’s participation was a testament to President Tinubu’s strong leadership, as acknowledged by other world leaders.
LCCI president, Dr. Michael Olawale- Cole said: “Inviting Nigeria to the G20 Summit shows her strategic importance on the global stage, as the largest economy in Africa.
“Tinubu expressed Nigeria’s commitment to play a significant role within the G-20 and contribute to shaping a more equitable world.
“He called for global unity and cooperation in tackling pressing challenges, fostering inclusiveness, and establishing a fairer world order, this is Leadership”.
LCCI Commends President Tinubu’s Economic Strides
Olawale- Cole commended President Tinubu for advancing Nigeria’s investment promotion at the meeting with United Arab Emirates leader, Mohamed bin Zayed Al Nahyan.
He said this statesmanship culminated in the lifting of the Visa ban on Nigerian by the UAE.
This according to the LCCI boos, is commendable as it will open up opportunities and enhance the ease of business between the two nations.
Also, Olawale-Cole hailed the outcome of the meetings which include Indian investors, committing a substantial sum of $14 billion in direct investments.
Direct investments in critical sectors encompassing steel, petrochemicals with the leaders of the US, Germany, and South Korea, among other things.
Others are in electricity, and agriculture, which instilled a sense of pride in the Organised Private Sectors (OPS) and Nigerians at large.
According to him these proposed investments are certain to have positive impacts on job creation, economic development, and the diversification of the nation’s economy.
Suggestions For This Administration
However, the LCCI boss advised the President’s team to follow the example of India, Saudi Arabia, and China by establishing dedicated websites that provide useful information on investments.
These websites according to him should include details on the areas in which investments are required and the funds needed for each project.
He said: “This strategy has the potential to provide global investment opportunities without necessitating excessive or unnecessary physical interactions/ movements.
In addition, domestic players in each area should be provided with the chance to get accurate knowledge on the current industry status, including the projected number of agreements and investments in each sector.”
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According to him, such platforms should function as a reliable information and metrics for evaluating performance and as a foundation for developing policies aimed at incentivising industries that lack investment interest.
The LCCI boss expressed its satisfaction with the bestowal of permanent member status upon the African Union by the G20, a development he said will enhance the continent’s influence and participation in global governance.