President Bola Ahmed Tinubu’s economic reforms are gradually creating opportunities for foreign investors and increasing international interest in Nigeria’s business environment, businessman and media proprietor Bishop (Dr.) John Oludare Famodimu has said.
Famodimu, Chairman and Chief Executive Officer of Rulers’ World Master Communication International and Publisher/Proprietor of Rulers World Magazine, Online Print Radio and Television, made the assessment on Wednesday while receiving executives of the Correspondents’ Chapel of the Nigeria Union of Journalists (NUJ), Oyo State Council, at his office in Ibadan.
He said his recent experience travelling to Nigeria gave him an impression of growing international interest in the country, noting the presence of several foreign travellers, particularly Western businesspeople, on the flight he boarded.
“While coming to Nigeria, I noticed that the business-class section of the flight I boarded was dominated by foreign travellers, particularly Westerners. To me, this is a signal that people outside Nigeria are paying attention to the opportunities in the country and are looking at the Nigerian business environment,” Famodimu said.
The United States-based businessman, whose interests include construction, import and export, media, security and property development, said some of the foreign travellers he interacted with expressed interest in exploring business opportunities in Nigeria.
Famodimu, however, said the reported interest must be properly harnessed to ensure that foreign investment contributes to Nigeria’s economic development and does not become an avenue for exploitation.
“Tinubu’s economy has opened the way for foreign investors. What is important now is for us to create the right environment for these investors to come in, invest and contribute meaningfully to the growth of the Nigerian economy,” he said.
He called for continued improvements in infrastructure and security, as well as efforts to reduce unnecessary bureaucratic bottlenecks and provide predictable policies that can give investors confidence to commit capital to Nigeria.
Famodimu acknowledged that some of the Tinubu administration’s economic reforms had created short-term difficulties for citizens and businesses, but argued that consistent implementation and appropriate supporting measures could produce longer-term benefits.
He also said Nigeria should ensure that foreign investment generates wider benefits through employment, technology transfer, skills development and increased economic opportunities for Nigerians.
The businessman compared some aspects of the economic approaches of Tinubu and United States President Donald Trump, particularly their emphasis on attracting investment and strengthening domestic businesses.
He stressed, however, that Nigeria must develop policies suited to its own economic circumstances rather than simply replicate policies from other countries.
Famodimu also highlighted the role of the media in helping Nigerians understand economic policies and their implications for businesses and households.
He said responsible journalism should provide objective reporting, give experts and stakeholders opportunities to explain economic developments, and hold government and businesses accountable.
Earlier, Chairman of the Correspondents’ Chapel, Yinka Adeniran, said the courtesy visit was aimed at strengthening the relationship between the chapel and Rulers’ World, while appreciating Famodimu for his contributions to the media and wider society.
Adeniran, who led members of the chapel’s executive council on the visit, commended Rulers’ World for maintaining a presence in the media industry and engaging journalists and other stakeholders.
The executives and Famodimu also exchanged views on the Nigerian economy, investment opportunities, challenges confronting businesses and the role of the media in public discourse.
The visit also provided an opportunity for the NUJ executives to celebrate Famodimu, who recently marked his birthday.
