Nigerian Economy is Attractive to Foreign Direct Investment, Says Sambo

27 Nov 2012

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Vice President Namadi Sambo

Obinna Chima
Vice President Namadi Sambo has said that given the country’s rich economic climate, it has the potential to attract foreign direct (FDI).
A statement Monday quoted the Vice President to have made this remark in a keynote address presented at the World Infrastructure Summit, tagged: “An Evening with the Government of Nigeria.”

The event organised by the Initiative for Infrastructure and Modern City Development (IIMCD), Infrastructure Journal and Ceezali Limited, was held in Amsterdam recently.

Sambo was represented by the Nigerian Ambassador to the Royal Kingdom of Netherlands Ambassador Nimota Akanbi. According to him, the transformation agenda of the President Goodluck Jonathan’s administration is anchored on the vision 20:2020, which he said represents government’s commitment to join the league of the world’s top 20 economies by the year 2020.

The vice-president also highlighted the achievements of the federal governments in the last 18 months, especially in the power sector.
According to him, with the power reforms, the federal government seeks to put an end to years of epileptic power supply being experienced in the country.

Sambo also expressed the federal government’s commitment to partnering foreign investors in a way that would be of mutual benefits to both investors and the country.

Also, Director of Infrastructure, at the National Planning Commission, Mr. Ilesanmi Olugbenga Adegun, represented the Minister of National Planning Commission, who gave the second keynote address.

According to Adegun, considering Nigeria’s lean resources, the federal government had adopted initiatives that would ensure that it collaborates with stakeholders to surmount the challenge facing Nigeria’s infrastructure deficits.

To this end, he stated that the current Administration was at the verge of developing a National Integrated Infrastructure Master Plan (NIIMP) spanning 2014 – 2043.

“In view of the multi-sectoral nature of this assignment, the National Planning Commission has been charged with the responsibility to coordinate it. The NIIMP process, which commenced in August 2012, with the development of a project Framework, is currently at various levels of consultations with relevant stakeholders.

“ It is expected that, the delivery of the plan in April 2013 will usher in the physical development of the country, while at the same time addressing the challenges of slow economic growth, security, urbanisation, poverty, housing, health care, and education to mention a few.

“There is therefore, the yawning desire to bridge the infrastructure deficit in the identified sectors through private sector participation since the government cannot do it alone given the huge capital investment required,” Adegun explained

In his address, President, IIMCD, Mr. Daniel Omonze, said the organisation would continue to promote the country’s infrastructure investments opportunities and provide governments with a platform to speak directly with serious infrastructure investors globally.

Tags: Business, Featured, Nigeria, Economy, Foreign Direct Investment

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