Abuja, Nigeria – In a press statement released today, Botswana President Dr. Mokgweetsi E.K. Masisi expressed his enthusiasm for strengthening bilateral relations with Nigeria, following the peaceful transfer of power to President Bola Ahmed Tinubu. The statement was delivered during a breakfast seminar organized by the Corporate Council on Africa (CCA), Axxess, and the Government of Botswana.
President Masisi began by congratulating the Nigerian people on the smooth transition of power and extended his gratitude for the warm reception received by the Botswana delegation in Abuja during the inauguration ceremony. The president emphasized the importance of enhancing socio-economic ties between Botswana and Nigeria, recognizing Nigeria as one of Africa’s leading economic powerhouses.
During the seminar, President Masisi expressed his delight at the strong attendance from Nigerian and U.S. companies based in Nigeria. He thanked the participants for their presence and assured them of fruitful discussions. Furthermore, he extended an invitation for them to attend the upcoming United States-Africa Business Summit scheduled to take place in Gaborone, Botswana, from 11th to 14th July.
The president acknowledged the significance of the presence of the CCA and U.S. government representatives, underscoring the mutual interest in strengthening relations between the United States and Africa. He highlighted the highly competitive nature of the investment world and emphasized the importance of building alliances in the trade and investment domain.
Botswana is open for business! 🇧🇼 https://t.co/ebjZylRsNO
— Dr. Mokgweetsi E.K Masisi (@OfficialMasisi) May 30, 2023
President Masisi addressed the current low levels of trade and investment between Botswana and Nigeria. He cited the example of trade figures from 2022, which indicated Botswana’s exports to Nigeria valued at $546,000, while imports from Nigeria amounted to $92,000. Recognizing the need for improvement, President Masisi called for efforts to enhance trade volumes between the two countries.
However, the president expressed gratitude for the ratification of the Africa Free Continental Trade Agreement (AfCFTA) by both Botswana and Nigeria. He highlighted the agreement as a foundation for transforming investment and trade relations, not only between the two countries but also with the rest of the continent and beyond. President Masisi urged the private sector to seize the opportunity and increase intra-African trade.
Providing an overview of Botswana’s economic and political stability, President Masisi emphasized the nation’s status as one of Africa’s most stable countries. He highlighted the country’s remarkable journey from being one of the poorest nations in 1966 to achieving a GDP per capita of over $6,300 in 2021. The president credited prudent resource management and a zero-tolerance approach to corruption as key factors in Botswana’s economic success.
President Masisi introduced Botswana’s policies and strategies, such as the Reset Agenda and Digital Transformation Strategy, which are aligned with the National Vision 2036. These initiatives aim to drive national aspirations by fostering innovation, knowledge, and accelerated digital adoption.
We are live at the CCA Business Breakfast Roundtable with his Excellency Dr. Mokgweetsi E.K Masisi; President of Botswana 🇧🇼 and Hon. Beauty Manake Assistant, Minister of Industry.. facilitated by The Ooni of IFE Ooni Adeyeye Enitan Ogunwusi CFR.. At the Transcorp Hotel, Abuja pic.twitter.com/d15xELcVoK
— Sofowora Oladapo (@itsdshow) May 30, 2023
Highlighting the investment environment in Botswana, President Masisi emphasized its profitability and the importance placed on safety, security, and a functional justice system. He highlighted Botswana’s policy of allowing 100% foreign ownership of businesses and the free movement of profits and dividends in and out of the country. The president also mentioned the competitive tax regime, with corporate tax at 22% and personal tax at 25%, and even lower rates of 15% for manufacturing and International Financial Services Company (IFSC) registered companies.
President Masisi encouraged the Nigerian and U.S. business community to participate in the upcoming U.S.-Africa Business Summit, to be held in Gaborone in July 2023. He emphasized the potential benefits for Nigerian businesses, including the opportunity to showcase goods and services, engage in the business matchmaking program, and connect with investors and trade professionals attending the event.
This courtesy call comes as we prepare ourselves to attract & engage further with potential private sector investors to Botswana, here in Nigeria at the ‘Invest in Botswana Breakfast Meeting’ to be held tomorrow in Abuja, Nigeria. We look forward to having fruitful deliberations. pic.twitter.com/0pSzld4cUU
— Dr. Mokgweetsi E.K Masisi (@OfficialMasisi) May 29, 2023
For those unable to attend the July summit, President Masisi highlighted the Global Expo Botswana, a premier business-to-business expo taking place from 11th to 14th October 2023. The event aims to attract foreign direct investment (FDI) by showcasing international companies and promoting Botswana’s goods and services to the global market.
President Masisi concluded his statement by inviting participants to explore Botswana’s renowned tourism industry, which offers unique opportunities to experience the country’s undisturbed landscapes and rich wildlife heritage.
In closing, President Masisi wished the attendees fruitful discussions and emphasized the significance of their efforts for the benefit of both Botswana and Nigeria, as well as Africa as a whole.
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