President Bola Ahmed Tinubu is a man of many parts, a consummate strategist, focused and exceedingly deft in strategic maneuverings. Like or loathe him, Asiwaju has always remained ahead of his peers when long and medium-term development issues are in contention. His imprimatur on the developmental trajectory of Lagos state in the past 20 years has remained a reference point and the achilles of his detractors. Indeed, the Tinubu persona captures the essence of the baselines of Toyota Corolla Brand advert the reads: Good Thinking, Good Product.
Pursuant to the determination of Mr. President to replicate his trademark strategic developmental initiative of two decades in Lagos state at the national level, with an end result designed to usher in unprecedented human- focused development, economic and industrial transformation of our country; the DG BAT’s 4/4 Initiative…. facilitated a visit of investors from PanVarti International and Ecobiologix to Nigeria. The team was received by the House leader of the 10th National Assembly.
President Tinubu’s recent policy overhaul has sparked a deluge of activities, inquiries from blue-chip international investors including a Consortium of Latin American Business Leaders. This delegation, comprising prominent figures from various sectors, made a high-profile visit to Nigeria to explore both the fledgling and the burgeoning opportunities created by the commitment of the government to offer lower corporate tax, enhance security, and foster more welcoming environment for foreign investments.
They are: Sir Victor Ntofon, country representative for Ecobiologix, Mr.Robert Furness, MD of Ecobiologix, the Leader of the 10th National Assembly, Rt. Hon. Prof. Julius Ihonvbere, Mr. Tom Byrne, MD. Panvarti International, Olusegun Aikulola, country representative for Panvarti International and Engr. Dan Ohiomoba, DG BAT’s 4/4 initiative
Strengthening Economic Ties.
The visit marks a turning point in the ongoing efforts to strengthen economic ties between Nigeria and some Latin American countries. It is a confirmation of the truth we can all attest to, that President Tinubu’s inaugural promise to ‘hit the ground running’, which he has followed through, is yielding the desired dividends. This innovative hands-on approach to economic reforms has attracted international attention, particularly from Latin American nations seeking new avenues for growth and investment.
Tax Reforms
One of the central pillars of President Tinubu’s initiative is the reduction of Corporate Taxes, making Nigeria a more attractive destination for foreign businesses. This initiative provides the desired sterling opportunity to effortlessly harvest and savour the proverbial low hanging fruits; move designed to encourage immediate investment, stimulate economic growth, and create jobs for the nation’s vibrant youthful population.
Security
A general overhaul of the security architecture and measures to rein in on terrorists that have created pockets of insecurity in the country, scared investors and made the environment unattractive for wealth creation, is another key component of the president’s agenda. The delegation of Latin American business leaders applauded the government’s commitment to improving the security, recognising that a stable environment is crucial for sustained economic development. By addressing security concerns, Nigeria aims at instilling confidence in potential investors.
Opening Nigeria to Foreign Investment
The delegation’s visit also underscores Nigeria’s proactive approach to opening up its economy to foreign investment. The Tinubu administration has been very active in removing barriers and streamlining processes to make it easier for international businesses to establish a presence in the country. This aligns with Nigeria’s broader goal of diversifying its economy and reducing dependency on oil revenue as the country’s main source of foreign exchange earnings.
Exploring Investment Opportunities
During their visit, the Latin American business leaders engaged in discussions with officials of the Nigerian government, entrepreneurs, and industry experts to explore potential investment opportunities. Industries such as energy, agriculture, manufacturing, and technology were among the key areas of interest.
Positive Outcomes and Future Prospects
The visit ended with optimism and commitment as the consortium praised President Tinubu’s forward-thinking policies and pledged to express their commitment to strengthening economic ties by the opening of a regional office for PanVarti International and Ecobiologix in Abuja as well as the formation of a Nigeria Latin America Chamber of Commerce based in Panama to further bilateral business opportunities between the two regions.
As the world watches with interest, Nigeria’s new direction in economic policy and foreign investment has the potential to reshape the nation’s economic landscape and further solidify its position as a prominent player in the global business arena. President Tinubu’s vision, coupled with the enthusiasm of international investors, promises a brighter economic future for Nigeria and its peoples. The future is endlessly bright.
On the right of the house leader is Mr.Robert Furness, the Director at Ecobiologix, a pioneering enzyme company at the forefront of environmental solutions. Under his leadership, Ecobiologix has achieved remarkable strides in enzyme technology, particularly in the realm of organic remediation of oil spills. Furness’s team has developed multiple enzyme consortia tailored for this purpose, providing an innovative and effective approach to mitigate environmental disasters. Beyond oil spill remediation, the company’s enzymatic solutions extend to wastewater treatment, showcasing their commitment to holistic ecological balance. Notably, Furness’s expertise has led to the creation of enzymes designed to enhance crop yields and counteract the detrimental effects of glyphosate, ultimately revitalizing soils and promoting sustainable agriculture practices. Through his dedication to advancing enzymatic technology, Robert Furness has positioned Ecobiologix as an industry leader in environmental restoration and conservation.
On the left is Mr. Tom Byrne, the managing director of Panvarti International, a highly regarded Latin America-based consultancy firm specializing in providing expert services to security, technology, and hospitality companies throughout Europe and the Americas. With a wealth of experience spanning several decades, Tom has established himself as a trusted industry leader in the region and looks forward to bring his experience and knowledge to Nigeria.
Ohiomoba, Director General, BAT’S 4/4 Initiative, writes from Abuja.
