The Federal Government of Nigeria on Thursday in Abuja restated its determination and commitment to promote economic partnership that would be mutually beneficially to her people and the European partners.
Chief Economic Adviser to the President, Prof. Kassey Garba said during a courtesy visit to her office by a five-man delegation of the European Union led by the Ambassador and head of the EU delegation to Nigeria, His Excellency, Mr. David McRae, that to achieve the aspiration, Nigeria would explore how to gain more access to the EU market while at the same time attracting foreign investors to the country.
In a statement signed by the Press Secretary to the adviser, Mr. Alaba Balogun, she stated the Federal Government’s intention not to focus on development fund alone, but to accord priority to trade, which she believed was a more effective and more sustainable strategy in creating benefits for the Nigerian people and in achieving growth and development for the nation.
While pointing out the weaknesses in many past agreements that tended to benefit partners and brought much less benefit to Nigeria, Garba highlighted the intention of the current administration to enter into agreements that are clearly beneficial to Nigerian businesses, citizens and the economy as a whole. “Indeed, there would be negotiations with foreign partners and close scrutiny of agreements signed to ensure that such agreements will not bring harm to the Nigerian people but would create value as much as possible,” she said.
She noted that the strong commitment of the current administration to transit from a resource – driven to an efficiency-driven and eventually innovation and sophistication –driven economy, “makes it mandatory that only strategic alliances be forged and progressive agreements entered into, adding, the federal government is already addressing issues of building fundamental institutions , solid infrastructural base and human capacity that would ensure that this transition takes place quickly and successfully. The various strategies of government, she pointed out, are expected to foster a healthy environment for national and international investors to conduct business smoothly.”
On the importance of industrializing the Nigerian economy, Professor Garba noted that efforts were on-going at engaging strategic partners to encourage them to, among other things, locate capital goods industries in Nigeria and to invest in infrastructural development.
Besides, she stressed that while efforts were being made to diversify and develop the industrial sector, the agricultural sector would not be neglected given its vital contribution to employment creation and growth of the industrial sector, adding, efforts would be made to drastically increase the value chain of agriculture.
In his remarks, Mr. McRae acknowledged the long history of trade relations between the EU and Nigeria. He noted that in the light of the long standing relationship, the current visit was to solicit the assistance of Nigeria in the EPA negotiation process which was not moving as fast as the EU would like it to.
McRae said that in view of Nigeria’s leadership role in the ECOWAS sub-region, the EU was counting on Nigeria to encourage other countries in the region to work at removing obstacles to signing the agreement.
The Ambassador spoke of the desire of the EU to increase its trade and economic relations with Nigeria that would be beneficial to both parties. He noted that indeed the EU had tended to lose focus when it shifted from trade, concentrating instead on development fund that has not made the regional programme it initiated with the ECOWAS to materialize.
Mr McRae agreed with the view that Nigeria should strive to harness and develop its potentials in agriculture, while trying to diversify its economy. He reaffirmed the position of the Chief Economic Adviser that agriculture creates employment for large section of the populace, agreeing that if Nigeria addresses the issues earlier highlighted by Professor Garba, she will stand in good stead to benefit from economic partnership with the EU.
Prof. Garba therefore affirmed that before deciding to sign any agreements and encourage other countries in the ECOWAS to sign, the content of the proposed negotiation document would be carefully studied to ensure that it in no way works against the interest of Nigeria or those of other countries in the ECOWAS sub-region, particularly the smaller countries.
The Chief Economic Adviser promised that her office would study the proposed EPA document before advising the President, on the next step to take, in the interest of the development of the Nigerian economy, the interest of the Nigerian people, the ECOWAS sub-region and the EU.
Story by Toly Timi (email - tolytimi@yahoo.com
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