By Adeyinka Adeniran
The Chairman and Chief Executive Officer of Rulers’ World Master Communication International, Dr John Famodimu, has described the economic reforms of President Bola Tinubu’s administration as opening new opportunities for foreign investors and strengthening international interest in Nigeria’s business environment.
Famodimu, who is also the Publisher and Proprietor of Rulers World Magazine, Online Print Radio and Television (YouTube) stated this while receiving the executives of the Correspondents’ Chapel of the Nigeria Union of Journalists (NUJ), Oyo State Council, who were on a courtesy visit to his office in Ibadan on Wednesday.
The visit, which was led by the Chapel Chairman, Comrade Yinka Adeniran, 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 sectors.
Speaking on the state of the Nigerian economy and the prospects for investment, 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.
According to him, he observed a significant number of foreign nationals, particularly Western business travellers, on the flight he boarded while returning to Nigeria.
He 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.
“Tinubu’s economy has opened the way for foreign investors. What is important now is for us to create the right environment for these investors to come in, invest and contribute meaningfully to the growth of the Nigerian economy”, Famodimu said.
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.
The business mogul further emphasised the important role of the media in shaping public understanding of economic policies and their effects on businesses and citizens.
He said responsible journalism was essential in reporting government policies objectively, providing platforms for experts and stakeholders to explain economic developments, and holding public authorities and businesses accountable.
Earlier, 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.
He commended the Rulers’ World management for maintaining a strong presence in the media industry and for its engagement with journalists and other stakeholders.
He noted that the media and business communities had important roles to play in the development of the country, stressing the need for greater collaboration, professional engagement and exchange of ideas.
The executives also exchanged views with Famodimu on the Nigerian economy, investment opportunities, the challenges confronting businesses and the responsibility of the media in keeping the public informed.
The visit ended on a convivial note as the Correspondents’ Chapel executives celebrated Famodimu on his birthday and wished him continued success, good health and greater accomplishments in his business and media endeavours.
The courtesy visit was seen as another step towards strengthening the relationship between Rulers’ World Master Communication International and the Correspondents’ Chapel of the NUJ, Oyo State Council, particularly in promoting credible journalism, business development and public discourse on issues affecting Nigeria’s socio-economic growth.
