President Bola Tinubu has reiterated his administration’s commitment to transforming Nigeria’s business environment to reposition the country’s economic narrative from one of obstacles to one of opportunities.
Mr Tinubu made the pledge on Tuesday at the Lagos Chamber of Commerce and Industry (LCCI) International Business Conference and Expo 2025.
He was represented by the Minister of State for Industry, John Enoh, assuring entrepreneurs and investors that the country’s ongoing economic reforms were dismantling bureaucratic hurdles, streamlining processes, and creating opportunities for growth.
Mr Tinubu said that for too long, the business narrative in Nigeria had been a tale of immense potential hampered by challenging realities and of brilliant ideas and determined entrepreneurs navigating a maze of bureaucratic hurdles.
He stated that his commitment is straightforward: to create a fertile ground for businesses to thrive, grow, and flourish.
“An environment where their focus is on innovation, on expansion, and on creating value, not on navigating endless paperwork and red tape.
“The actual engine of our nation’s prosperity is an empowered private sector, not an empowered government, and these are not mere words. We have taken decisive and tangible steps to prove our resolve,” he said.
The president noted that through the Presidential Enabling Business Environment Council (PEBEC), the government had implemented over 180 concrete reforms.
He said the council had streamlined processes and dismantled bottlenecks that stifled growth for years.
Mr Tinubu said Nigeria was not just aiming for incremental improvements, but was rewiring the very architecture of government to serve the needs of the business community.
“I have a message for our foreign partners: Nigeria is open for business. We value your partnership and your vital role in economic development, and we are committed to protecting your investments and ensuring a stable and predictable environment for your operations,” he said.
In his remarks, Minister of State for Industry, Mr Enoh, said the federal government was working to make Nigeria more attractive for automotive investments.
He noted that the backing and implementation of the Nigerian Automotive Industry Development Plan would spur more investments into the sector.
Mr Enoh stated that the government had been engaging with industry players and was considering legislative backing to create a conducive environment for auto plants to set up and thrive in the country.
LCCI’s president, Gabriel Idahosa, said the government had embarked on bold reforms to improve the country’s ease of doing business and modernise fiscal and monetary frameworks.
“In a world where global capital is constantly seeking competitive, resilient, and high-growth destinations, we boldly declare today that Nigeria is open for business.
“Nigeria is ready for investment, and Nigeria is the future of Africa’s prosperity,” he said.
(NAN)