Nigeria -Italy Business Forum, open doors for business

Nigeria -Italy Business Forum Gives Both Nations Ease of Doing Business, Nigeria’s foreign policy thrust is to attract foreign investments and businesses into Nigeria by encouraging prospective investors to take advantage of the huge economic potential in diverse sectors of the Nigerian economy.

This was disclosed by the Nigerian Ambassador to Italy, His Excellency Mfawa Omini Abam during the Italy-Nigeria Business Forum held in the Central Command of Confindustria Nazionale center in the city of Rome, Italy.

Speaking to over 140 members who participated in the third edition of the Forum, the Nigerian Ambassador said the forum is a joint initiative between the Government of the Federal Republic of Nigeria and the Italian Republic

According to him, “This is a follow-up to the successful hosting of the second edition, which was held in 2019 and is expected to provide a great opportunity for practical achievements and targeted discussions between the private and the public sectors of the two countries with a view to identifying and highlighting issues of mutual benefit to Nigeria and Italy.

The Nigerian Ambassador who stressed on the need for collaboration said the summit meeting has emphasized that economic diplomacy is one of its core objectives, adding that Nigeria’s foreign policy thrust is therefore the primary role and responsibility of embassies to attract foreign investments and businesses into Nigeria by encouraging prospective investors to take advantage of the huge economic potential in diverse sectors of the Nigerian economy.

“The meeting is expected to provide a great opportunity for practical achievements and targeted discussions between the private and the public sectors of our countries, with a view to identifying and highlighting issues of mutual benefit to Nigeria and Italy.

“This also attests to the remarkable efforts of the Nigerian government to achieve sustainable economic recovery and to provide a direct boost to support the economic aspirations of President Muhammadu Buhari-led administration in his drive to diversify the Nigerian economy from oil dependence.

The Ambassador who declared that there are huge economic prospects for foreign investors and businesses in Nigeria and Italy disclosed that reputable institutions such as the United Nations, and the World Bank, have indicated that Nigeria is the most attractive market for non-oil investments in Africa.

“I’m equally delighted to inform you that Nigeria, mindful of the need to provide conducive planning for investments, has continued to support initiatives aimed at improving the ease of doing business. In this regard, the Federal Government, under the 2021 to 2025 National Development Plan has prioritized the non-oil sector as a key to sustainable economic growth.

“This plan is underpinned by a macroeconomic framework that focuses on the areas where Nigeria has a comparative and competitive advantage. Similarly, the government, through relevant agencies, formulated and implemented policies and programs to attract investments, provide and implement, assist foreign investors, boost industrialization and increase trade and exports.

“Some of these policies and incentives include, although are not limited to ensuring that investors can repatriate the bulk of their profits and dividends. They have full ownership of companies in all sectors apart from oil and gas. They have similar oil companies, income tax, and employee status grants reviewed,” he added.

The Vice President, Confindustria AssaAfrica and Mediterraneo in his opening remarks said that Nigeria is the biggest economy on the African landmass, adding that in the sub-Saharan geographical area, it is Italy’s primary exchanging accomplice after South Africa and the numbers have developed quickly.

“It is critical to feature areas of strength for the financial relations that Nigeria and Italy offer and which are featured in the different participation and joint effort settlements on issues like general well-being, training, security, exchange, and speculations,” he added.

The Hon. Minister of State for Industry, Trade and Investment, Mariam Yalwaji Katagum noted that the gathering offers a novel chance for the two countries, Nigeria and Italy, to investigate and bridle the potential that has large amounts of vital financial areas like farming, mining, energy, assembling, banking and administration, protection and security.

In his word, “This gathering will cultivate organizations and shared benefits for the two nations. Nigeria is focused on encouraging this association and we anticipate areas of strength for creating organizations for the common thriving of our two nations.”

The Forum which offered investors from Nigeria and Italy, the opportunity to connect companies of both countries was promoted by the Assafrica and Mediterraneo division of Confindustria, the main representative of the Italian industrial and business world in collaboration with the Nigerian Embassy, Andersen International law firm and financial advisors and with the participation of the Luiss Guido Carli International University of Social Studies Meanwhile, the Nigerian Ambassador to Italy, His Excellency  Mfawa Omini Abam, has continued to receive accolades for his role in fostering an amicable relationship between Nigeria and Italy and one of such gestures was an award by the CEO of Obaland Magazine presented to him in his office.