The Minister of Industry, Trade and Investment, Mr. Okechukwu Enelamah, says private capital is vital to the Federal Government’s quest to enhance the country’s business environment and boost economic growth.
He spoke in Lagos at a forum organised by Actis, a leading growth markets investor.
He said, “I want Nigeria to be the number one growth market. Nigeria presents diverse investment opportunities in areas that will not only support the local economy but also deliver significant yields to foreign investors like Actis.
“Private capital has an important role to play in our medium to long-term focus on re-building an enabling business environment.”
He added, “We as a government, and I in particular, accept responsibility for our policies and for ensuring implementation. Therefore, we can be held accountable.”
The event was attended by over 200 senior public and private sector decision makers.
In a statement on Wednesday, Actis was quoted to have shared its perspectives on the Africa’s opportunity and potential for Nigeria.
The discussion focused on the role of private capital in developing the local economy and the investment opportunities available in the country as well as the government’s commitment towards economic diversification.
Apart from Enelamah, other discussants at the forum were: the Global Head, Private Equity, Actis, Natalie Kolbe; Director, Real Estate, Actis West Africa, Funke Okubadejo; and Investment Principal, Actis, Tony Abakisi.
The Federal Government has indicated its plans to diversify the economy and enhance public infrastructure while supporting high-growth sectors in the country and boosting exports.
As part of the various reforms aimed at boosting and restructuring the economy, the government has introduced the Nigeria Industrial Revolution Plan.
President Muhammadu Buhari has also approved the establishment of the Enabling Business Environment Council aimed at making the country more attractive for investments, with the Vice-President, Yemi Osinbajo, as chairman and Enelamah as vice-chairman.
In his comments at the forum, Kolbe was quoted to have said, “Actis has been investing in Nigeria for around seven decades and we are here for the long term. We have recently committed a significant amount of capital across our asset classes from malls and office space to financial services and power generation.
“We are realistic about the current macroeconomic environment but we have invested through the cycles before. That experience makes us pragmatic in our approach. We remain extremely optimistic and excited about the potential here in Nigeria.”
Actis has a growing portfolio of investments across Asia, Africa and Latin America and $6.3bn assets under management.