Senate President assures foreign investors of their investment safety, exchange rate stabilisation

The President of the Senate, Godswill Akpabio, assured foreign investors of the safety of their investments in Nigeria, adding that the managed float of the CBN will ensure exchange rate stability for their investments. 

The Senate president disclosed this on Thursday during a meeting with the CEO of JAMPUR INTERNATIONAL GROUP FZE, Mohammed Shafiq, and investors in Mining, power and trading. 

Safe for investments 

Restating the commitment of the Federal Government under President Bola Tinubu towards providing a conducive business environment for Foreign investors in the country, he said: 

• “I welcome you on behalf of the Senate of the Federal Republic of Nigeria. Nigeria is very safe and ready for investors. I am aware you are already investing in Nigeria in the area of mining, power & trading. Thank you for employing Nigerians in your companies”. 

Managed float 

Akpabio added that the decision of the Federal Government to put in place a single rate for foreign exchange was a deliberate attempt by the government to further assure foreign investors of the safety of their investments anywhere in the country, saying: 

• “The current administration has been able to normalize our foreign exchange rate by having only one window. Investing in Nigeria is worth the while because of the returns on investments based on our population of over 200 million and the land mass. 
• “The President is ready to ensure that people get value for their investments, himself being a strong businessman. He has a track record of achievements in Lagos State when he was the governor. 

• “Lagos today has become one of the largest economy in Africa because of the foundation he laid.” 

Policy and legislation 

Akpabio assured his visitors of the safety of their investments through legislation, saying the Federal Government will do everything humanly possible to protect investments by putting in place enabling laws on investments. 

He added FG would also focus on security for its citizens and foreign investors. 

Muhammed Shafiq said he was in the Senate to formally congratulate the President of the Senate on his emergence as the Chairman of the National Assembly and to wish him well in office. 

• ” We are here to congratulate you on your election as the President of the Senate and to intimate you on our readiness to continue to partner with the government in the area of mining, agriculture and power.” 

In case you missed it 

Recall TheTimes reported this week that President Bola Ahmed Tinubu also assured investors in Nigeria’s Oil and Gas space that he will continue the oil reforms of the past administrations. 

Tinubu disclosed this  while receiving the delegation of the Shell Petroleum Development Company (SPDC) led by the Global Upstream Director, Ms Zoe Yujnovic at the State House, Abuja. He promised “policy consistency, urging that Nigeria is ready and open for Business. 

Policy Consistency 

Speaking with the delegation from Shell Plc, the President assured the business community of the government’s commitment to policy consistency and a better business climate to attract investment. 

The report from the Presidency stated that Tinubu welcomed the SPDC’s offer for more investments in the Nigerian oil and gas sector, adding that such investments are needed now to enable the government to meet its obligations, citing his promises for fresh investments in Nigeria’s oil and gas space, calling it: 

• “A promise I made personally to Nigerians. Whatever it takes, I will fulfil that promise to Nigerians. We are open for business. We are serious. I assure you of consistency in policy,”