The Federal Government of Nigeria has granted 12,000 expatriate quota licenses to foreigners wishing to work in Nigeria, while it has processed applications from 2,000 companies.
This was revealed by Home Secretary Ogbeni Rauf Aregbesola during his goodwill speech titled “This Business Can Thrive in Kaduna” on the second day of the 6th Annual Kaduna Economic Investment, KADINVEST 6.0 in Kaduna on Friday.
According to the minister, “The ministry, since its creation to date, has managed 14,690 companies and granted 126,893 quota licenses to expatriates. However, from August 2019 to date, we have registered over 2,000 companies while over 12,000 expats have been granted work permits in Nigeria.
“We now process applications diligently and will encourage any business or organization with a real need for expatriates to apply. We will grant it with due courtesy. The Minister also reiterated the fact that Nigeria is still a good and profitable investment haven, even in the face of security challenges.
“Despite the challenges we have faced, it might interest us to know that Nigeria is still an investor’s dream where there are abundant raw materials, a highly skilled and affordable workforce and most importantly. goods and services market in Africa. The return on investment has always been attractive, ”said the Minister.
The minister who congratulated the government of Kaduna State, the Nigerian Investment Promotion Commission (NIPC) and the Nigerian Economic Summit Group (NESG) for the organization of this summit and the choice of the subject, “Towards a knowledge-based sustainable economy ”, revealed that this year’s theme is a most appropriate concept at the moment.
According to Ogbeni Aregbesola, there has been a paradigm shift from comparative advantage to competitiveness and knowledge and innovation will continue to drive business for the foreseeable future. He therefore called on Nigerian entrepreneurs to invest in knowledge, innovation and advanced technologies.
“Looking at the history of economic development, we can see that there was a quantum leap in economic production at the start of the industrial revolution around 1760 in England, compared to what was achieved in feudal times. .
“The introduction of machinery and a factory system that enabled the mass production of goods triggered economic prosperity in industrialized countries such that in 50 years it created a yawning rift between them and societies still trapped in feudal productions.
“Two and a half centuries later, the production paradigm will be dramatically changed with the advancement of knowledge. The economic production of the immediate era of the industrial revolution was built on factors of proximity to raw materials and markets, among others.
“Therefore, the concept of comparative advantage would favor regions where these factors matter more than others. An oil refinery from this perspective would be best located near an oil field, just as it is recommended that automobile factories be located near iron ore deposits.
“But all that has changed. The new idea now is competitiveness. It is the concept of where, how and which companies can best produce the same product qualitatively and at the best price, regardless of the old notion of comparative advantage: In the framework of competitiveness, companies with natural advantages may be beaten by those with innovation, superior technology and superior knowledge of production, marketing and transportation, factors which combine to produce more qualitative goods at lower prices. It is in fact a knowledge-based economic system in which knowledge is the dominant factor of production, “said Ogbeni Aregbesola.
However, the minister noted the link between security and the economy, stating that security is a critical factor in economic production and ensures that the government addresses the challenges facing the country.
“No economic activity can take place successfully in a precarious environment. This is where the government comes in. As we all know, we have had security issues in the past, but we are overcoming them and hopefully they will soon be a thing of the past, given the government’s renewed attack on the issue. The environment must be conducive to business.
“The federal government is deeply concerned about national security and will spare no effort to protect lives, property and every inch of our land. A cardinal goal of President Muhammadu Buhari’s administration is to dramatically improve the ease of doing business and to minimize, if not completely eliminate, any obstacle to doing business in Nigeria, ”the minister revealed.
Also present at the event were Deputy Governor of Kaduna State Hadiza Sabuwa Balarabe; the Minister of State for Mines and Steel, Dr Uche Ogah; the Emir of Zazzau, the Emir Ahmad Nuhu Bamalli; His Royal Highness, Sanusi Lamidi Sanusi; Representatives of the state government, members of the diplomatic corps, upper echelon of the country’s security services, investors and other distinguished guests.