The Group Managing Director of the Abuja Investment Company Limited (AICL), Ambassador Maureen Tamuno, has firmly debunked the long-standing perception that the Federal Capital Territory (FCT) is solely an administrative hub, emphasizing its significant and largely untapped potential for diverse investments.
Speaking on Monday during a crucial courtesy visit from the Consulate General of Nigeria to New York, Ambassador Abubakar Jidda, Ambassador Tamuno extended a compelling invitation to interested investors from across the globe, highlighting the numerous opportunities that Abuja presents beyond its governmental functions.
Ambassador Jidda’s visit aimed to explore potential collaborations in attracting foreign direct investment to the FCT, a mission that resonated strongly with the AICL’s mandate. Ambassador Tamuno was clear in outlining AICL’s operational ethos, stating that the company is a “profit-making company efficiently positioned to do business for the government.”
She further elaborated on AICL’s self-sustaining model: “If we buy a bottle of water, we want to know how to sell it to make profit. We are not on appropriation; we roll over our monies through public-private partnerships. So, we are business people.” This profit-driven approach, she emphasized, ensures that investments made through AICL or its partners are secure and yield returns.
Highlighting AICL’s long-standing track record, Ambassador Tamuno noted, “What we do is make profit, pay dividend to our owner, which is the Federal Capital Territory Administration (FCTA), and then, we move on. So, we are very focused, and we have been on for 30 years. And when you invest through us or through our partners, you can be sure of your investment.”
To further solidify the message of a secure and conducive investment environment, a video clip showcasing the FCT government’s efforts in ensuring safety and security for both residents and businesses was presented to Ambassador Jidda.
Earlier, Ambassador Jidda expressed his delight at the proactive steps being taken to reposition Abuja, not only as the seat of power but as a burgeoning business hub. He acknowledged the immense potential of Nigeria’s growing population, projected to reach 400 million by 2050 with a significant youth demographic, making it an attractive market for investors.
The Consulate General revealed that he had led a delegation comprising U.S.-based Chinese investors who had approached the Consulate with a keen interest in exploring business ventures in Nigeria. He expressed his belief that Nigeria possesses the necessary manpower that needs to be fully engaged and that the evident development within the FCT makes it a prime “one-stop shop” for investment across various sectors.
Ambassador Jidda also shared his office’s engagement with potential investors across various states in the United States, spanning sectors such as agriculture and mining, noting that these partnerships had already led to the signing of some contracts with agencies in Nigeria.
Addressing a critical concern for potential investors, Ambassador Jidda decried the “unnecessary bureaucratic bottlenecks” encountered within some federal agencies, which have unfortunately discouraged many. He expressed confidence that partnering with a serious and focused organization like AICL would allow him to confidently promote Abuja as a reliable investment destination.
“But I think this is an entire package for us, whereby any area that we feel we can get an investor, you have it – mining, agriculture and health care. If we can work with your office, I would be satisfied”, he stated, outlining key sectors of interest.
Ambassador Jidda further requested a comprehensive presentation from AICL showcasing the diverse business opportunities available within the FCT and highlighting the efforts of the FCT Minister in creating a conducive environment for investors. “So, we are very much happy with this presentation and we hope that copies would be given to us to play in our waiting rooms for them to see the investment opportunities in Nigeria,” he added.
To solidify the burgeoning business relationship, Ambassador Jidda extended an invitation to Ambassador Tamuno to visit New York for a high-profile meeting with potential investors, allowing them to hear firsthand about the compelling investment propositions within the FCT.
Responding warmly, Ambassador Tamuno described the visit as timely, revealing that since assuming office, she had engaged with ambassadors from 42 countries serving in Nigeria, briefing them on the vast investment opportunities within the FCT.
Drawing on her own experience as an envoy, Ambassador Tamuno acknowledged the issue of bureaucratic hurdles but firmly refuted the notion that business in Nigeria is solely concentrated in a few states like Lagos, Kano, and Port Harcourt.
She assured potential investors that legitimate investments in Abuja are both guaranteed and profitable, emphasizing the long-term security offered by the capital’s foundational stability. “It outlives your generation to the next generation because of the base of where it is, which is part of the fears that people in diaspora have,” she stated.
Ambassador Tamuno further disclosed AICL’s ongoing engagement with key stakeholders who participated in the first investment summit organized last year, focusing on translating discussions into concrete actions.
She readily accepted Ambassador Jidda’s invitation to New York, affirming AICL’s openness to such crucial engagements. “We are also very happy to deal with your colleague from Frankfurt working in the area of health,” she added, acknowledging the presence of the Consulate General of Nigeria to Frankfurt, Germany, Ambassador Yakubu A. Dadu.
Ambassador Dadu, who recently arrived in Nigeria, expressed his enthusiasm for the meeting with Ambassador Tamuno and her team. He shared insights into potential German investors who, while promising, harbor some skepticism regarding the investment environment and the level of attention they might receive amidst larger global economic players.
“But the few of them that I had meetings with in the last quarter of last year were very promising but the challenge they had was that they don’t know so much about investment opportunities in Nigeria”, Ambassador Dadu explained.
He also highlighted the interest of the Nigerian Medical Association in Germany, comprising approximately 3,000 members, who are keen to invest in Nigeria by offering outreach services in the healthcare sector. “If they can offer the medical services within Abuja, I think we would be satisfied because they have expressed their frustration with the many state governments and even some sectors in the federal government.”
Ambassador Dadu further announced that a German diaspora group has finalized plans to commission a German language center in Abuja this May, signifying a growing interest in fostering cultural and economic ties with the FCT.
The visit of the Nigerian Consuls General from New York and Frankfurt underscores the increasing recognition of Abuja as a viable and attractive investment destination. Ambassador Tamuno’s proactive engagement and the clear articulation of AICL’s business-oriented approach signal a positive shift towards attracting much-needed foreign investment to the FCT, diversifying its economic base beyond public service administration.
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