Franklin Alli
19 May 2004
Determined to ensure the success of the current economic reforms package (National Economic Empowerment Developments Strategy, NEEDS), President Olusegun Obasanjo, weekend, urged British investors to increase their investment in the economy.
Addressing the Nigerian-British Chamber of Commerce stakeholders' dinner, Friday in Lagos, Obasanjo, while lauding the British Government for having done a lot to support the administration in its on-going democratisation and economic reconstruction effort, urged British investors and manufacturers to invest more in Nigeria's economy, especially in the solid minerals and agriculture, including the downstream sector of the oil and gas .
"We wish to see your greater involvement in our economy," he said.
Represented by Special Adviser to the President on Manufacturing & Private Sector, Alhaji Adamu Abdulkadir, Obasanjo noted that as Nigeria redirects its economy from the public sector to a private sector-led, new investment will certainly be needed and foreign investors will be a critical catalyst.
He urged: " I call on British businesses to make a major contribution to our economic revitalistion while, at the same time, earning good profit."
According to him, government basic policy concerning foreign investment is that of favourable treatment. That is, foreign investors receive the same rights, privileges and incentives as local investors. Furthermore, he said there are no restrictions on foreign ownership of business or areas of the economy in which they may invest. "Policy changes such as the relaxation of exchange control and the abolition of non-resident tax on dividends are meant to facilitate these initiatives," he stated.
So when you come, he assured, you will find a far better environment for investment. In fact, efforts are being made to improve infrastructures, power supply, just like communications, as well as further liberalisation of the investment codes. You have vast opportunities to partake in the reconstruction process now being engineered through the privatization programme. Above all, you will find committed partners in the Nigerian business community- big and small- and access to markets in the West African subregion and beyond. As such, the opportunities that we refer to in respect of Nigeria, are multiplied many-fold, viewed against the backdrop of the region's potential.
The government, he emphasised, remains firmly committed to the objectives of: democracy, peace and stability; high and sustained rates of economic growth, development and a continuous improvement in the 'standards of living of the people; the modernisation of its economy to ensure that the country responds successfully to the process of globalisation.
And so, dear friends, the President urged, my message is a simple one: The time is now right for British investors to exploit the massive investment prospects in Nigeria. The establishment of a firm relationship with one of the world's most influential economy since the industrial revolution can only be in our best mutual interests. The time to act is now!
"There is no doubt that Nigeria will always look up to Britain in its quest for economic development and democratization. Although our economic links with Britain are historical and already strong, we look forward to making them much stronger. The Nigerian business community is very familiar with the British business community, and to cap it all, British investors and manufacturers are still among the most predominant in the Nigerian economy, making United Kingdom a most dependable ally in both political and economic matters," he stated.
Be the first to Write a Comment!
Copyright © 2004 Vanguard. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
