The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, on Monday assured foreign investors including Egyptian counterparts that their investment in the country’s farm potential will pay off.
Malami told the leadership of the Rice Farmers’ Association of Nigeria (RIFAN) who visited him alongside a delegation from Egypt National Service Project Authority (NSPA), Cairo led by the Egyptian ambassador Moustafa Awad, that Nigerian laws offer one of the best legal protection for foreign investors in the world.
RIFAN has about 12.2 million members in Rice farming, Milling, Storage and Management, Trading and Marketing, Export, Research and Training and other related businesses.
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In a statement made available to THE WHISTLER by Malami’s Spokesperson, Dr. Umar Jibrilu Gwandu, the AGF appreciated RIFAN and the Egyptian delegation, for their investment drive towards boosting food security and enhancing the economic fortunes of the two nations.
Malami said that the 1999 Constitution of the Federal Republic of Nigeria protects all investors; citizens and foreigners provided that relevant stakeholders register and incorporate their companies under the Companies and Allied Matters Act, 2020.
The statement partly read, “Malami stated that under the Nigerian Investment Promotion Act, investors are allowed to invest and participate in the operation of any legal enterprise approved by the law.
“The Attorney General of the Federation expressed optimism on the project and notified the Egyptian delegation that the Government of President Muhammadu Buhari, has been unparalleled in its commitment towards making Nigeria a haven for investment through infrastructural development, foreign direct investment and ease of doing business initiatives.
“Malami reiterated the Buhari-led administration’s commitment to protection and promotion of the inalienable fundamental human rights to life, liberty including right to own property among others.
“The Minister assured the delegation that they have absolutely nothing to fear in their choice of investing in the Nigerian Rice Sector, informing them that the Nigerian Laws, her Justice Administration institutions and systems guaranteed protection of such investments.
“The Minister emphasized the fact that the African Continental Free Trade Area Agreement (AfCFTA) was expected to progressively eliminate tariffs on intra-Africa trade, making it easier for African businesses to trade within the continent and benefit from the growing African market. “
On his part, the Head of National Service Project Authority (NSPA), Cairo, General Walid Yehia Soliman Morsy and the Egyptian ambassador Moustafa Awad appreciated the long-standing bilateral relationship its country has with Nigeria.
They expressed hope that relations will strengthen economic and trade between the two nations.