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New Page 4
Investment drive’ll fail,
unless... - Nnaji
ACHILLEUS UCHEGBU, Asst. News Editor and
FELIX NWANERI
UNLESS government provides an
enabling environment, the much-sought after foreign investment, including from
Nigerians in the diaspora, would be extremely difficult to realise.
Eminent Professor of Engineering and Robotics, Barth Nnaji,
made the emphatic assertion in Lagos yesterday.
He was speaking as guest lecturer at the
lecture marking the 25th anniversary of Hubert H. Humphrey Fellowship Programme
held at the auditorium of the Public Affairs Section (PAS) of the Consulate of
United States of America, Lagos.
Speaking before a packed audience of
distinguished guests and alumni of the fellowship, the former Minister of
Science and Technology said government must show commitment to development of
the country.
Among the guests at the lecture were Rear
Admiral Ndubuisi Kanu, (rtd) Neimeth Pharmaceuticals Managing Director, Chief
Sam Ohuabunwa, the deputy Vice-Chancellor of University of Ibadan, Dr. Uma
Eleazu, former president of the Nigeria Bar Association, Chief Priscillia Kuye
and others.
According to Prof. Nnaji, stability in
government, provision of infrastructure, security of life and property and
strict compliance to the rule of law, must be emphasised in order to attract
foreign investment.
The lecture entitled: "Issues in Nigeria’s
Development: Lessons from America", was intermittently applauded as Prof. Nnaji
drew aphorisms from developments in the U.S stating that such was possible in
Nigeria if government and the private sector show adequate commitment.
Prof Nnaji, who said Nigeria has
perpetually remained on the threshold to development, said foreigners cannot
invest in the country because of the lack of confidence in her legal system.
"People cannot come to invest in Nigeria
because they don’t trust our legal system. The law is fine, but the way we
operate it is not quite fine as people can get away with a lot of things," he
said.
The renowned professor who is also
chairman of Geometric Power Limited, called on government to come out with a
strategic plan which will spell out what Nigeria wants as a nation.
"The development plan should be different
from a strategic plan which will spell out what we want to be as a nation," he
emphasised.
Decrying the over-reliance on oil revenue,
Prof. Nnaji called for the encouragement of the private sector.
He noted that consistent support for
expansion of the middle class will ensure the movement of the country to greater
heights.
He also lamented Nigeria’s high interest
rate explaining that indigenous manufacturers will find it difficult to compete
in the global market with those from other parts of the world where interest
rates are as low as four per cent.
Earlier, in his remarks, Vice Chancellor
of the University of Lagos. Prof. Ayo Ibidapo-Obe, who was chairman of the
occasion, extolled the virtues of Hubert Humphrey, a former vice-president and
senator in the USA. He urged the Hubert Humphrey alumni to be role models for
youths.
According to him, the inter-change between
American and African professionals was for the benefit of a better society, led
by principles.
Welcoming guests to the event, President
of the Hubert Humphrey Association, Ms Gladys Oyewole-Makele said, thus far, 88
Nigerian professionals have benefitted from the fellowship which provides for a
year of study in an American university.
The occasion also witnessed the
investiture of US Ambassador to Nigeria, Mr John Campbell, and President of the
Nigeria-American Chamber of Commerce, Chief Olusola, Dada, as patrons of Hubert
Humphrey Alumini Association of Nigeria.
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