FG Restates Commitment to Economic Change
From Cletus Akwaya in Abuja
President Olusegun Obasanjo said yesterday that his administration was still resolutely committed to accelerated transformation of the nation's economy from an import-dependent, mono-resource economy to a diversified, market-oriented, highly competitive, broad-based, private sector-driven one with opportunities for employment, wealth creation and poverty reduction.
Obasanjo who spoke through the Minister of Industry, Ambassador Magaji Mohammed, at the First National Conference on Investment in Abuja said his administration recognised the importance of the role of the private sector as the main engine of growth for achieving the objective.
"That's why Government's medium-term economic blueprint emphasises the role of the private sector as one of the four pillars of the National Economic Empowerment and Development Strategy (NEEDS)," he stated.
The three-day conference being hosted by the Nigerian Investment Promotion Commission (NIPC) is attended by state investment companies in the 36 states of the Federation and the Federal Capital Territory as well as other stakeholders.
Noting that huge resources were required in domestic and foreign direct investment to achieve economic transformation, Obasanjo expressed happiness that progress was being made in this regard
He said investment would only thrive where it was welcomed and nurtured by way of policies, programmes and incentives designed to create favourable investment climate in the country. He said government on its part was doing its best to provide the right environment through huge investment in infrastructure development, and major reform of Government institutions.
He said since the task of transformation could not be carried out by government alone, there was need to bring together all stakeholders with a common purpose hence the conference.
Obasanjo challenged participants at the conference to hold constructive deliberations with a view to coming up with programmes and modalities for a well integrated, coordinated and collaborative strategy for promoting and sustaining investment in Nigeria.
Chairman of NIPC, Mr. Felix Ohiwere in a welcome address assured of the Forum's preparedness to "build a national synergy towards improving the country's investment climate with a view to effectively exploring the abundant investment opportunities in the country.
"It is not enough for the investment climate to be favourable. Bearing in mind the fact that we are in serious competition with other countries for the available investment funds, we need to provide a more attractive investment climate than our competitors. We must proactively position Nigeria ss the preferred investment haven in emerging markets" he added.
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