Lagos - The Federal Government on Thursday announced plans to issue between five to 10 year visas to foreign investors coming into the country.
The Minister of Tourism, Culture and National Orientation, Edem Duke, announced this in Lagos at a news conference on "U.S. Franchise Trade Mission to Nigeria’’.
He explained that the initiative was part of government’s effort at encouraging foreign direct investment in the country.
The U.S. franchise trade mission of nine companies, was in Lagos State, as part of their visits to Johannesburg and Nairobi, to interact with local partners on doing business in Africa.
"The Federal Government is willing to easy franchise opportunities with business owners from the U.S. And this will be of benefit to us all.
"The federal government is going to ease whatever encumbrances these companies may encounter in developing their markets in Nigeria.
"And one sure way the government is looking at, is to give five to 10-year visas to would-be investors,’’ Duke said.
The minister also said that there were plans to develop infrastructure -- power supply, as well as intensify efforts at fighting insecurity in the country.
Duke also emphasised government’s commitment toward creating the "right environment" for foreign investment.
"As we all know, Nigeria is today one of the world’s investment destinations. So, government will continue to also create platforms for the engagement of investors across the 36 states,’’ he said.
The U.S. Consul-General, Jeffery Hawkins, said that the U.S. companies were interested in "pursuing franchises in Nigeria.
"U.S. companies are today very, very interested in seeking Nigerian markets for their products,’’ he said.
Hawkins added that franchising would also serve as a job creator for young Nigerians.