Investing in humanity is investing in our collective survival- Buhari

• Says this at the 5th edition of the future investment initiative summit

It’s the 5th edition of the future investment initiative summit which held in Riyadh, kingdom of Saudi Arabia to create a credible forum for interaction between the public and private sectors to explore ways of advancing economic growth in Nigeria. The president of the federal republic of Nigeria, His excellency Muhammadu Buhari during the summit in Riyadh, reiterated the need for countries to sustain efforts in combatting the COVID-19 pandemic, and also to mitigate the negative effects of the virus on the socio-economic aspects of the society. Saying investing in humanity is investing in our collective survival. Hence the public and private partnership should focus on increasing investments in health, education, capacity building, youth empowerment, gender equality, poverty eradication, climate change and food security, saying it would go a long way in reenergizing the global economy in a post COVID-19 era.  

The president went on to mention some areas of focus, of his administration, some of which are; The diversification from oil to more inclusive sectors as Agriculture, ICT, and mining, tackling corruption, insecurity, climate change and introducing a social investment program.

As a result of the diversification to agriculture, Nigeria has over 40 rice mills from less than 10 in 2014, The country also has over 46 active fertilizer blending plants from less than 5 in 2014. Two months ago, the president said he signed the petroleum industry Act, which will serve as a catalyst to liberalize our petroleum sector. Opportunities in mining have been created as well for investors. In addition, the development of social infrastructure such as healthcare and education present enormous opportunities for investors.

He spoke about the approval of the fifth generation (5G network), saying the aim is to attract investors in healthcare, smart cities, smart agriculture etc. The president also made mention of the recently launched E-Naira, the electronic version of the national currency, which puts Nigeria as the first African country to introduce a central bank digital currency. It is believed this will help tackle illicit flow of funds.

To increase accountability and transparency the government have centralized government funds through a treasury single account, and ensuring all Nigerians with a bank account use a unique Bank verification number (BVN). These initiatives coupled with the nationwide National identification number (NIN) exercise, reinforce efforts in tackling corruption and fraud. This should give investors a lot of comfort.

 The challenges posed by climate change affects Nigeria as well as many other countries in the world, it has triggered conflicts, food insecurity, irregular youth migration, rising level of sea waters, drought and desertification as well as the drying up of the Lake Chad. Note that Boko Haram insurgents have continued to undermine the peace in the Lake Chad basin region. Climate change is responsible for the lake drying up by 85% of its original size. The diminishing of the lake, affects millions of livelihoods, displacement of inhabitants and radicalization of teeming youths in the region who are recruited to serve as foot soldiers in the insurgency. In order to redress the situation and restore the lost fortunes of the lake Chad basin region, strong public-private partnership through massive investments will be needed to recharge the waters of Lake Chad. He says “I am confident that this forum will rise to the challenge in the interest of durable peace and sustainable development of our region”

The president also said, “We cannot invest in humanity without relieving our countries from the crushing effects of the debt burden especially when the COVID-19 pandemic has increased the risk of deepening the debt portfolio of poor countries. These nations increasingly allocate more and more resources towards external debt servicing and repayment at the expense of the health, education and other services that contribute to the overall wellbeing of their population”

In his final words, he reiterated that Nigeria is Africa’s largest economy and most populous nation, hence it’s economic reforms which focus on “humane” investments are ideal for investors looking to have profitable returns while positively impacting the citizenry. He urged delegates present, that investing in humanity is the right thing do, also mistakes that were made historically with under investments in humane projects are the genesis of most of the insecurity and socio-economic challenges, the world today. He thanked custodians of the two holy mosques, royalties present and other dignitaries.

He expressed confidence and hope the forum will provide durable peace and sustainable development.