To strengthen economic ties and attract much-needed foreign investment, Burundi has called on Nigerian investors to tap into the East African nation’s vast investment potential and strategic location, which offers lucrative opportunities.
Burundi’s Senior Advisor in charge of mission at the Presidency of the Republic, Ambassador Liberat Mpfumukeko, who led a high-level delegation to Abuja on Thursday, made this appeal at a conference themed, “Burundi: An Emerging Country in 2040 and a Developed Country in 2060—Discovering Investment Opportunities.”
Mpfumukeko stated, “We are here to invite people from the private sector in Nigeria to come to Burundi and explore the investment opportunities.”
He emphasized that “there are many things this country can do in terms of trade and investment with Burundi, especially because we are situated at the heart of Central and East Africa, representing not only Burundi but a much larger market.”
Mpfumukeko also addressed concerns about repatriating profits, assuring potential investors that Burundi’s investment legislation allows for profit repatriation, provided they comply with local tax policies.
In response, the former Minister of Commerce and Industry, Engr. Mustapha Bello, explained that cooperation between Nigeria and Burundi is a strategic step towards harnessing the vast economic potential of both nations.
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Bello, who is also the Chairman of Invest in Northern Nigeria Limited, stated that Nigerian investors must leverage their comparative advantages to create a win-win situation for both their businesses and citizens.
He emphasized the importance of establishing a Nigeria-Burundi Business Council and a Burundi-Nigeria Business Council, saying, “That bridge is exactly what we need to build.” He added that with the two councils in place, the ambassador would have completed his task, allowing both sides to continue interacting, organizing trade delegations, investment missions, and more.
Nigeria’s market potential was highlighted as a key factor in attracting investment, as the country boasts a large market, significant population, capacity, and a substantial number of high-net-worth individuals—essential factors for engaging in business.
Investors can explore various sectors, including agricultural exports, where they can cultivate and export agricultural products. Additionally, poultry farming offers opportunities for rearing chickens for meat and eggs.
Fish farming is another viable option, with potential for cultivating fish for local markets and exports. Other areas presenting significant investment potential include snail farming, renewable energy installations, e-commerce platforms, and digital marketing agencies.
Bello also emphasized the need to bridge the investment gap between southern and northern Nigeria, noting, “Most investments go to the south. We believe there are other areas of opportunity to mobilize resources and invest in the northern part of Nigeria.”
The event marked a significant step towards fostering business relations between Nigeria and Burundi. With the proposed business councils and investment opportunities, both nations stand to benefit from enhanced cooperation.
