President Bio Urges Nigerian Investors to Seize Emerging Opportunities in Sierra Leone

President Bio Urges Nigerian Investors to Seize Emerging Opportunities in Sierra Leone

Sierra Leone's President, Julius Maada Bio, has advocated for a strengthening of the partnership between Sierra Leone and Nigeria, actively encouraging Nigerian investors to engage with the expanding business landscape in his country.

President Bio delivered this message on Saturday, November 9th, during a high-level business dinner in Abuja, themed "Strengthening Partnerships for Sustainable Growth and Investment in Sierra Leone and West Africa." The event convened a distinguished group of government officials, diplomats, business leaders, and investors.

He asserted that Sierra Leone has emerged as one of the most stable and attractive investment destinations in West Africa. The President highlighted that the country's economy has achieved an average growth of 4.1 percent over the last three years, complemented by new policies designed to streamline and expedite business operations.

Key regulatory enhancements cited by the President include 24-hour company registration, a five-day process for securing work permits, the provision of duty waivers and tax holidays for strategic investments, the implementation of one of the region's lowest corporate tax rates, and digital customs and tax systems that have successfully halved clearance times. Furthermore, he noted that Foreign Direct Investment has increased by over 40 percent in the past two years.

President Bio emphasized that every government initiative is calibrated to ensure that investment in Sierra Leone is seamless, predictable, and profitable. He further underscored the nation's strategic geographic advantage, positioning it as a gateway to over 400 million consumers through ECOWAS trade networks. He identified Freetown's deep-water port and its location along critical Atlantic trade routes as powerful assets for regional and international commerce.

He extended an invitation to investors to explore promising sectors, including agriculture, renewable energy, oil and gas, tourism, infrastructure, and financial services. The President offered an assurance that Sierra Leone is prepared for business and that the government is committed to providing comprehensive support to bona fide investors.

In his capacity as Chair of ECOWAS, President Bio also stressed the imperative for enhanced regional cooperation to stimulate trade and job creation across West Africa, detailing his administration's efforts with regional partners to boost trade volumes and connectivity.

The President committed to supporting investor missions and site visits within 30 days to facilitate the forging of new partnerships.

Earlier in the evening, he held discussions with Nigeria’s former Vice President, Professor Yemi Osinbajo, and other prominent business figures on strategies to deepen trade and investment between the two nations. Following the meeting, President Bio reiterated that Sierra Leone is open for business and anticipates significant investor interest from Nigeria.