Vice President Namadi Sambo has urged members of the Honorary International Investment Council (HIIC) to work towards increasing foreign investments in Nigeria.

Speaking when he declared the 13th session of the council which opened yesterday in London, Sambo said there is need for members to come up with new ideas on how to woo investors to the country.

According to him, "after about 12 years, there is need for us to review and come up with new systems so that we will be able to achieve greater successes in this direction."

He said government is already acting on decisions reached at the 11th and 12th sessions of the council, adding that "we specifically discussed the competitiveness of Nigeria to attract foreign investments, the issues of ports and Customs reform, the need to pursue the power sector roadmap more aggressively and realistically, the internal security issues, job creations, implementing the agriculture action plan and the need for a new visa policy.

"I can confirm to you as the chairman of the NIPP projects, that the new 10 thermal power plants we are building, the generation aspect of it, three plants are already adding power to the National Grid and each one is over 90 per cent completed.

"In each and every city of Nigeria, we are constructing sub-stations. So, there is a lot of progress in that direction. The privatization of the power sector has reached advance stage where both the generation and distribution, the successful bidders have already provided all necessary guarantees and we are expecting that within the next 25 days , the initial deposits of 25 per cent will be paid. We are hoping that we will meet the target plan for privatization of power in Nigeria successfully."

Coordinator of the HIIC, Baroness Lynda Chalker had earlier briefed the Vice President on the activities of the council.

Also attending the meeting are governors Peter Obi of Anambra and Theodre Orji of Abia, Alhaji Aliko Dangote and Mr Femi Otedola.