According to Uche Nnaji, Minister of Innovation, Science, and Technology, the government is using technology and innovation to boost corporate expansion.
He made this statement in Abuja on Wednesday during the unveiling of Nigeria’s Regulatory Impact Analysis (RIA) Framework and the Existing Foreign Direct Investors Roundtable.
According to Nnaji, the nation’s economic environment continues to face obstacles like infrastructure deficiencies, regulatory uncertainty, and security worries.
To boost investor confidence and make Nigeria more business-friendly, he stated that the ministry is spearheading important steps to solve these issues as noted by the Presidential Enabling Business Environment Council.
To strengthen key growth sectors that are essential for job creation and economic diversification, the Minister emphasized that bold steps were being taken, including the deployment of digital solutions that make compliance easier for businesses, the encouragement of the adoption of innovative solutions in renewable energy, agriculture, and ICT, and close collaboration with investors to identify specific challenges and jointly develop solutions that benefit citizens and businesses.
“We are using innovation and technology to build our business by working with investors to solve problems and jointly create policies that promote long-term company performance. By doing this, we help create a more favorable investment environment for Nigeria,” he said.
To prevent policy uncertainty and promote a stable investment climate, he clarified, the introduction of the Regulatory Impact Analysis Framework signified a significant shift towards a transparent, evidence-based, and investor-friendly governance approach. This approach would guarantee that new regulations go through extensive economic and business impact assessments before implementation.
“We want to establish Nigeria as a competitive, reliable, and inclusive investment destination,” he stated.
He reaffirmed his ministry’s dedication to making sure that policies have a tangible effect.
“The federal government is steadfast in its resolve to foster an atmosphere that attracts investment and helps build a prosperous Nigeria.”
“We will continue to work as partners in progress to achieve this shared vision through dialogue and collaboration,” he continued.