Nigeria: Minister Restates Govt's Commitment to Implementation of ERGP

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Indigo-dyed Nigerian textiles.
22 January 2018

The Minister of Industry, Trade and Investment, Dr. Okey Enelamah, on Friday restated the federal government's commitment to the effective implementation of the Economic Recovery and Growth Plan (ERGP) so as to boost foreign direct investment (FDI) and create employment.

Speaking at the private equity summit organised by Udo Udoma & Belo-Osagie, in Lagos, the minister said that apart from effective implementation of the ERGP, the government would also ensure a strong enabling environment that would lead to more investment by domestic entrepreneurs.

He said that government will embrace the right policies and incentives as well as provide the enabling infrastructure to attract investments, noting that challenges slowing down ease of doing business are being addressed rapidly.

According to him, government would collaborate with the various arms of government and the private sector on ways to increase FDI in the country and create special economic zones where people could invest or where industries could thrive to boost investments.

He said that government recognised the importance of an enabling environment and had created several initiates and policies in this regard.

"We don't expect an enabling environment to be created in one day or even one administration, what we want to see is sustainability," he said.

Commenting on the multiple exchange rate, Enelamah said that the worst was over, noting that the Investors' and Exporters' window introduced by the Central Bank of Nigeria brought increased supply and increased confidence.

On the effect of electioneering on economic growth, he said that government was committed to free and fair election, declaring that "government remains committed to what it is doing now to sustain economic growth and development."

Enelamah said that government would continue to implement its economic reforms, further adding that politics would not get in the way of the reforms.

He, however, emphasised the need to sustain that the relationship with the private sector for the country to go through successful multiple elections.

The minister said that there would be increased spending as a result of electioneering but hopes that the spending would not be wasteful but would help the economy.

Enelamah commended UUDO for organising the summit saying, the commitment of the company and others in the private sectors will go a long way in complementing the policies of government to attract the desired investments into the country.

UUDO, he added, has remained committed to the promotion of private equity investments that are very critical for the survival of companies with bright future.

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