Chairman and Chief Executive Officer of Rulers’ World Master Communication International, Dr. John Famodimu, has said that the economic reforms of President Bola Tinubu’s administration are gradually opening new opportunities for foreign investors and strengthening international interest in Nigeria’s business environment.
Famodimu stated this on Wednesday while receiving the executives of the Correspondents’ Chapel of the Nigeria Union of Journalists (NUJ), Oyo State Council, led by the Chapel Chairman, Yinka Adeniran, during a courtesy visit to the Rulers’ World office in Iyaganku Area, Ibadan.
The visit also provided an opportunity for the executives to celebrate Famodimu, who recently marked his birthday, and to acknowledge his contributions to the media and business landscape.
Speaking on the state of the Nigerian economy, Famodimu, a United States-based business mogul with interests spanning construction, import and export, media, security and property development, said his recent experience travelling to Nigeria gave him a fresh perspective on the growing international interest in the country.
He noted a significant number of foreign nationals, particularly Western business travellers, on the flight he boarded while returning to Nigeria.
The entrepreneur described the development as a positive indication that international investors and entrepreneurs are increasingly looking towards Nigeria for business opportunities.
“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,” he said.
Famodimu, who spoke from the perspective of both a businessman operating internationally and an investor familiar with the Nigerian environment, said some of the Westerners he interacted with expressed interest in coming to Nigeria to explore business opportunities.
He, however, stressed that such foreign interest must be properly harnessed to ensure that investment contributes meaningfully to Nigeria’s economic development rather than becoming an avenue for exploitation.
He said Nigeria must create an investment environment that protects both local and foreign investors, while ensuring transparency, fairness, infrastructure development and predictable government policies.
The Rulers’ World CEO acknowledged that some of the economic reforms introduced by the Tinubu administration have created short-term difficulties for citizens and businesses, but argued that sustained implementation, consistency and the right supporting measures could produce long-term economic benefits.
He called for continued efforts to improve infrastructure, strengthen security, reduce unnecessary bureaucratic bottlenecks and provide policies capable of giving investors confidence to commit their resources to the Nigerian economy.
Famodimu also drew a comparison between some of the economic approaches of President Tinubu and those associated with United States President Donald Trump, particularly the emphasis on economic nationalism, attracting investment, strengthening domestic businesses and creating conditions that encourage businesses to thrive.
He, however, maintained that Nigeria must develop economic policies suited to its own peculiar circumstances and ensure that the benefits of foreign investment extend to ordinary Nigerians through employment, technology transfer, skills development and improved economic opportunities.
Earlier, the Chairman of the Correspondents’ Chapel, Adeniran, explained that the visit was aimed at strengthening the relationship between the Chapel and the management of Rulers’ World, while also appreciating Famodimu for his contributions to the media and the wider society.
