Buhari Assures Investors of Stable Fiscal Policies

By Deji Elumoye

President Muhammadu Buhari has urged investors to further explore vast opportunities of human and natural resources in Nigeria, while assuring that fiscal policies will be more favourable, predictable and measurably tilted towards creating harmonious business environment.

The President stated this Wednesday in Paris, France, when he met with Chairman of Total, Patrick Pouyanne; Executive Vice President, AirBus, Silvere Delaunay; Chairman of the Board of a software company, Daussault Systems, Florence Verzelen; Chairman/CEO of General Engineering and Marketing of Telecommunications Operator, Francois-Regis Teze and Chairman/CEO, Donaflex Automotive, Dr Donatus Nwokoye.

At the meeting with the delegation from Total, President Buhari said the outlook and potentials for growth in the country have remained steadily positive, affirming the government’s commitment to scale up operating standards and policies that encourage mutual benefits.

He said, ”We are very pleased with the evolving trends in technology, which is currently driving development across the world and Nigeria. Nigeria is more a gas country than a crude oil producing country. In the 80’s we generated more from gas, than crude oil. In the 80’s, we were earning more from gas for some years, and had put in place structures. We intend to further explore the gas sector. I am pleased with your consistency in staying in Nigeria.”
He also said investors should take advantage of the natural and human resources, saying that the demographics favour development, with more young people who are eager to be gainfully engaged and trained.

The President thanked the Chief Executive Officer of Total for the company’s consistency and expansion in Nigeria since 1956, assuring that the government will enhance fiscal stability that will favour investors.

”We need to educate the youth and encourage more skills in technology. Technology has been most impactful in all sectors, including the oil and gas, which has witnessed rapid transformation in exploration, processing and distribution,” President Buhari added.
Also speaking, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, said Total had confirmed long term investments in Nigeria, and had consistently exceeded targets in gas production.

According to him, the NNPC had already designed solutions to some of the challenges in the oil and gas sector, particularly on tax.

In his remarks, Chairman of Total, Pouyanne told the President of the readiness of the company to stay in Nigeria, and further expand interest in oil, gas, solar and other commodities that will directly impact the lives of citizens.

He said investors had been eagerly waiting for the passing of the Petroleum Industry Bill (PIB) as it will send a strong signal of more predictability.

“Total is very committed to Nigeria. We have no intention of leaving Nigeria,’’ he said.
Also on Wednesday, President Buhari received in audience the President of Ethiopia, Sahle-Work Zewde who came to brief him on the regional security and political situation in the Horn of Africa.