We’ll improve on Nigeria’s economy, Jonathan re-assures investors

PRESIDENT Goodluck Jonathan has reassured of his administration’s commitment to improving the economy, fighting corruption, developing infrastructure and ensuring the security of life and property in the country. Speaking at the 12th meeting of the Honorary International Investor Council (HIIC), in the Banquet Hall of the Presidential Villa, on Thursday, he expressed delight over the willingness of investors to partner with the administration in its desire to create a strong, secure and prosperous country. “I would like to end my brief remarks by, once again, thanking you all for your enduring faith in our country and your readiness to partner with us as we committedly work to engender a strong, secure, and prosperous Nigeria,” Jonathan said. He similarly thanked the council for its unrelenting efforts to raise Nigeria’s investment profile and make the country a preferred investment destination. “Today’s meeting is taking place against the backdrop of a global economy that remains vulnerable. Whilst economic growth remains sturdy in Nigeria at 6.17 per cent for the first quarter, we recognise the need to strengthen our economic buffers to deal with a volatile global economic climate. “We are steadily building up our Excess Crude Account and our foreign reserves. We are also on the verge of launching the Sovereign Wealth Fund,” he said, adding that the transformation agenda was about turning Nigeria’s huge potential into developmental realities. He outlined steps initiated by government to reform the investment climate, noting that all the efforts were aimed at improving the competitive landscape with the understanding that no nation had moved from poverty to wealth by relying solely on exporting raw materials and foodstuff without a vibrant industrial and service sector. In his remarks, the Executive Secretary, Nigerian Investment Promotion Council (NIPC), Dr Mustafa Bello, noted the role of the power sector in national development and suggested that the approach should be more realistic for the attainment of targets, as encapsulated in the power sector roadmap.