Rwanda Woos Nigerian Financial Services, Tourism Investors

Mr Stanislas Kamanzi, Rwandan Ambassador to Nigeria, has charged Nigerian investors to take advantage of high returns on investment opportunities in banking, trade and manufacturing sectors in Rwanda. Kamanzi gave the charge at the Nigeria-Rwanda Business to Business meeting, organised by the Rwandan High Commission and the Lagos Chamber of Commerce and Industry (LCCI) on Friday in Lagos.

The ambassador noted that investments and business opportunities by both countries would lead to sustainable development and promote intra-African trade. He urged corporate entities to plug into the investment opportunities and move further into the phase of exploration in view of timely implementation of actionable measures on trade. “This business meeting is for us to discuss and create a framework for partnership for various businesses and investment opportunities our countries can do together.

“We are also open to organising more business missions between both countries as we move to boost inter-African trade and build stronger, more viable African business networks,” he said. Mr Pacific Tuyishime, Acting Chief Investment Officer, Rwandan Development Board, said Rwanda had become a choice destination for investments due to its recent economic diversification development strategies and industrialisation goals.

Tuyishime noted that the country with a population of over 12 million had risen to second place in the continent’s ease of doing business rankings with a Gross Domestic Product of close to eight per cent in spite of the COVID-19 pandemic. He added that the country was the sixth fasting growing economy in Africa with a strong African hub potential, business friendly regulations, multiple incentives for exporters and priority sectors with technological readiness. He said a wide range of investment opportunities in Rwandan economic sectors were in agriculture and agro- processing, banking, manufacturing, tourism, aviation, mining, education, real estate and information and communication technology. “Rwanda’s strategy centres around private sector development because the sector delivers sustainable growth.

“The country’s current vision 2050 aims at transforming the country into an upper – income country by 2035 and high – income by 2050.“We plan to achieve success, generate returns and sustainable development and the shared values between both countries will engender great partnerships as we move to boost intra-African trade,” he said. Mrs Toki Mabogunje, President LCCI, said the event was part of the chamber’s business engagement series, aimed at exposing members and the broader business community to investment opportunities in Nigeria and Rwanda.

Mabogunje added that the forum was at a time both countries were gearing up for full implementation of the Africa Continental Free Trade Agreement targeted at promoting trade and investments within the African continent.

She said bilateral trade volume between Nigeria and Rwanda had remained low over the years.

She, therefore, stressed the need to upscale trade and investments between the two countries for Africa’s overall economic advancement.

“There are numerous opportunities that can be harnessed by investors in both countries.

“Nigeria’s status as Africa’s biggest economy and most populous nation implies an invaluable opportunity for growth-driven Rwandan investors to penetrate the Nigerian market across various sectors such as agro-processing, light manufacturing, tourism, creative & entertainment, among others, as a way of deepening their footprints in Africa.

“Similarly, Rwanda’s status as the second most favourable business environment in Africa, presents opportunities to Nigerian investors in the Rwandan economy.

“Investment flows in both economies will be facilitated by appropriate fiscal, monetary and trade policy measures implemented by Nigerian and Rwandan governments to sustain growth recovery after a turbulent 2020, characterised by the COVID-19 disruptions.

“Africans need to do business with one another to improve the continent’s economic fortunes, hence the reason for hosting this forum,” she said.

She reiterated the chamber’s commitment to connecting its members to business opportunities locally and globally.