FG Launches Framework to Attract Direct Investment

•World Bank to support with $750m

Kuni Tyessi in Abuja

For a conducive and more business-friendly environment, the federal government has launched the Regulatory Impact Analysis (RIA) Framework with the aim to attract foreign direct investment (FDI) into the country.

The initiative unveiled Wednesday at the state house during the Foreign Direct Investors Roundtable and Regulators Forum, will be enhanced at state-level business environments through the State Action Plans for Enabling Business Reforms Program and to be backed by $750 million in World Bank support.

Director-General of the Presidential Enabling Business Environment Council (PEBEC), Zahrah Audu emphasized the importance of a competitive and investment-friendly Nigeria, and emphasized that the government is working towards funding incentives that will implement reforms that support SMEs, create jobs, and attract investments.

Audu highlighted that PEBEC was established to remove long-standing obstacles to doing business in Nigeria, while stating that over the years, the Council has implemented over 200 bold reforms across various sectors, focusing on six strategic work streams to sustain progress.

“Today’s launch of the Regulatory Impact Analysis Framework is a major milestone in our regulatory reforms. This framework ensures that all new regulations undergo thorough assessments to evaluate their economic, social, and environmental impact, reducing unnecessary business hurdles while safeguarding public interests,” she stated.

Audu underscored that FDI is crucial for Nigeria’s economic diversification, job creation, and technological advancement.

“To attract and retain FDI, we must streamline our regulatory processes,” she said, adding that The RIA Framework will foster a predictable, transparent, and business-friendly regulatory environment. By collaborating with local and international institutions, we can bridge infrastructure gaps, boost productivity, and lower the cost of doing business.”

She reaffirmed President Bola Tinubu’s administration’s commitment to supporting both new and existing investors, ensuring that policies align with investor expectations.

Audu concluded by reiterating the need for continued public-private dialogue to ensure effective implementation of reforms.

“We are committed to making Nigeria the preferred investment destination in Africa. Together, let’s create an environment where businesses thrive, investments flourish, and millions of Nigerians benefit from economic growth,” she said.

“With the RIA Framework in place, Nigeria moves closer to its goal of attracting sustainable foreign investment and fostering long-term economic development,” she further added.

Also speaking, Governor Hyacinth Alia of Benue State emphasized the state’s agricultural potential, calling on investors to explore opportunities in livestock farming, soybean production, grains, and agro-processing.

He stated: “Benue has fertile land, vast water resources, and a favorable climate, making it ideal for agribusiness investments.

“We are working tirelessly to improve life as such and to streamline our intellectual processes and provide incentives for new investors our administration has identified sectors that are ripe for investment.

“These include agriculture, which we are very huge on, and with irrigated soil and a favourable climate, Benue State is an ideal location for a cultured investment.

“We are looking for partners to be based in crops such as soybeans, livestock farming, grains, and amongst many others processing and manufacturing.”

Governor Peter Mbah of Enugu State outlined an ambitious sevenfold economic growth projection over the next six years, targeting a 27% compounded annual growth rate.

He stressed that private sector investment is central to achieving this vision.

 “Investment is the lifeblood of our growth, and we are putting in place the right frameworks, policies, and ease-of-doing-business measures to support investors,” he said.

Mbah acknowledged a compounded annual growth rate of 27 percent, stating: “But we recognized immediately that that growth would come from private sector, from investors like the people sitting in this room.

“So, investment for us is like the lifeblood of our growth and then we have also set forth, basically as government, to be able to try to put frameworks, put policies, and also ensure that there is the ease of doing business in Enugu.”