The Nigerian President, Muhammadu Buhari has assured that ongoing initiatives in technology adoption are aimed at driving the digital economy and assurance for investors .The President said that eNaira, Bank Verification Number (BVN), Treasury Single Account (TSA), National Identification Number (NIN) should give investors “a lot of comforts”.

He stated this at the fifth edition of the Future Investment Initiative Summit taking place in Riyadh, Saudi Arabia.

Buhari said his administration will keep encouraging public and private initiatives that increase investments in health, education, capacity building, youth empowerment, gender equality, poverty eradication, climate change, and food security.

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According to a statement from the presidency, the Nigerian leader called for more interest in infrastructure such as healthcare and education, which “present enormous opportunities for investors in a country our size.”

President Buhari said, “Digital Economy in Nigeria has much potential for investment, as it has remained the fastest growing sector in both 2020 and 2021. Nigeria has many opportunities for investment in broadband, ICT hardware, emerging technology, and software engineering.

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“We have recently approved the national policy on Fifth Generation (5G) networks. Our aim is to attract investors in healthcare, smart cities, smart agriculture among others. The benefit of real-time communication will support all other sectors of the economy.” As part of efforts to further improve and reposition the economy to attract investors, President Buhari said, “e-Naira, the electronic version of our national currency, which puts us on track to become the first African country to introduce a Central Bank Digital Currency” was launched on October 25, 2021.He spoke further, “We believe this and many other reforms will help us increase the number of people participating in the banking sector, make for a more efficient financial sector and help us tackle the illicit flow of funds.“To further strengthen our anti-corruption drive, increase accountability and transparency, we have centralized government funds through a Treasury Single Account and ensured that all Nigerians with a bank account use a unique Bank Verification Number (BVN). These initiatives, coupled with our nationwide National Identification Number (NIN) exercise; reinforce our efforts to tackle corruption and fraud. We believe that this should give investors a lot of comfort.”The President attributed the growing social unrest to inequalities and unfair policies that exclude the majority from opportunities for participation, admonishing world leaders and global investors to prioritise inclusive and humane policies.Buhari added that “By doing so, it will go a long way in reenergizing the global economy in a post-COVID-19 era.“Nigeria is Africa’s largest economy and most populous nation. Our economic reforms which focus on “humane” investments are ideal for investors looking to have profitable returns while positively impacting the citizenry.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry