It's safe and productive to invest in Nigeria

President Goodluck Ebele Jonathan on Thursday prided Nigeria as a preferred investors’ destination, just as he assured international investors of Nigeria’s safe and productive business environment.

 

Addressing the Nigerian-Turkish Trade and Investment Forum in Istanbul, which concluded his three-day state visit to Turkey, President Jonathan said his administration recognized the role of the private sector as the engine room to fast-track Nigeria’s growth and development hence it had taken appropriate measures to remove all impediments on the path of private sector investments in the country. 

He said proactive steps to improve relative laws and regulations to make the country investment-friendly were on course. 

Citing the Petroleum Industry Bill currently before the National Assembly among several instances, President Jonathan said the bill was at the verge of being passed into law, in order to facilitate a more conducive atmosphere for investment in that sector.

“With regards to the situation in the Niger Delta, the Amnesty Programme being pursued by government has brought relative peace in the region, thus ensuring security of investment,” the President said.

He assured investors of political stability in Nigeria as his administration was irrevocably committed to credible and transparent general elections in April this year.

He noted that Nigeria’s over-subscribed Eurobond issue in the international market which attracted an unprecedented diverse investor base from first class investors across the globe, was a clear indication of the growing confidence of international investors on the Nigerian economy.

President Jonathan said government was not resting on its oars in the quest to step up infrastructural development in the country as all preparatory work for the establishment of the Nigerian Sovereign Wealth Fund has been concluded. 

He said the proposed Fund would be established to address three components namely: Stabilization, to replace the existing Excess Crude Account; Savings, to cater for future generation of Nigerians; and Infrastructure, to address the infrastructure needs of the country.

While urging Turkish investors to explore the exciting investment prospects in Nigeria, President Jonathan pointed out that major macroeconomic reforms carried out by government in the last ten years have led to substantial growth of national economy as well as improved credit rating of Nigeria over the last three years by reputable international agencies.

The economic reforms, the President said, were designed to ensure that the socio-economic climate for doing business in Nigeria is enhanced to make the country a haven for global investors.

“I encourage Turkish investors to closely interact with policy makers from Nigeria and take advantage of this forum to explore the abundant opportunities for economic exchanges and mutually beneficial relations between our two countries. This is your best time,” the President said.

Speaking earlier, Deputy Prime Minister of Turkey, Cemil Cicek, described President Jonathan’s visit to Turkey for the signing of bilateral agreements as historical and significant, saying “it will go down the annals of history as a significant step in the relationship between our two countries. Africa is the most important destination for Turkish investors and there is no Africa without Nigeria. Nigeria remains the heart and key of Africa.” 

Also speaking, the President, Conference of Businessmen and Industrialists in Turkey (TUSKON), Rizanur Meral, rated Turkish construction firms as second best in world, adding that the interest of Turkish investors in Nigeria cut across construction engineering, power, oil and gas, tourism and mining sectors.

Aviation Minister, Fidelia Njeze, told journalist after the forum that one immediate benefit of President Jonathan’s visit to Turkey as it concerns the aviation sector will be the commencement of Nigeria-Istanbul flights by Arik Airline in June this year, in fulfillment of the Nigerian advantage of the Bilateral Air Service Agreement (BASA) with Turkey.

The forum attracted captains of the Nigerian business environment including Alhaji Bamanga Tukur, President, African Business Roundtable; Alhaji Aliko Dangote, chairman, Dangote Group; Engr. Johnson Arumemi, chairman, Arik Air-Aviation; Miss Evelyn Oputu, Managing Director, Bank of Industry; and a host of other Nigerian and Turkish business industrialists.

Story by Victor Iluyemi (info@worldstagegroup.com)

Nigeria pledges partnership of mutual benefit with EU

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

Nigeria, Switzerland to conclude migration partnership

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Switzerland and Nigeria will formally conclude a migration partnership in less than two weeks, Andreas Baum, the ambassador of Switzerland to Nigeria, has said.

Mr. Baum, at the inauguration of a new factory by Nestle Nigeria in Ogun State on Thursday, said the partnership will be concluded during the planned visit of Odein Ajumogobia, the foreign affairs minister, to Berne on February 14.

“The memorandum of understanding on a migration partnership has a pioneering character which will bring cooperation between Switzerland and Nigeria to a new level. The partnership, which is designed to acknowledge both the opportunities and challenges of migration, is the first of such agreement between Switzerland and an African country,” he said.

“It became clear that both Nigerian and Swiss partners were aware that capacity building - including in the field of training and education - should be an area of joint cooperation,” the envoy further said.

Mr. Baum said the Swiss Embassy looked into private initiatives and training projects by business operators and found Nestle’s Nigeria Technical Training Centre in the Agbara factory an excellent opportunity to build upon because it targets at developing young people and contributing towards the growth of Science and technology in Nigeria.

“I am, therefore, happy to make a formal announcement that Switzerland has decided to establish a scholarship for five students annually at the new Nestle’s Nigeria Technical Training Centre,” Mr. Baum said, adding that the scholarship will provide vocational training in the field of Electo-Mechanical-Automation Engineering.

“The sponsorship is one of the key outcomes of the exploratory talks the Embassy initiated with Swiss companies operating in Nigeria,” he said.

Furthermore, the five best students from each promotion will have the opportunity to participate in an additional training module of several months in Switzerland, in the framework of training programmes of Nestle’s headquarters.

Meanwhile, at the inauguration of the new factory, which was also attended by Namadi Sambo, the nation’s vice president and Gbenga Daniel, Ogun State governor, the chief executive officer of Nestle South Africa, Paul Bulcke, reiterated the company’s continuous contribution to Nigeria.

“Nestle has been operationally present in Nigeria for 50 years, bringing meaningful value to society at large. This latest investment is proof of our commitment to Africa,” Mr. Bulcke said.

With an investment of N12 billion, the new factory, Flowergate, is Nestle’s 27th in Africa and is key to its growth in Nigeria. Nestle’s activities in the country is worth about N59 billion, with over 3,000 employees.