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We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by BeeBeeOoh(m): 12:51pm On Sep 21, 2016
President Muhammadu Buhari has, at the U.S.-Africa business forum, said that his administration would ensure that “Nigeria does not slip back into a lazy and dangerous dependence on the price of crude oil” again.

Buhari who expressed optimism that “Nigeria is on the rise” said that his government has set an enviably workable modalities to drive the economy out of recession and reposition the country and Africa as a destination point for every investor. Below is the full speech on Bloomberg, titled “Making ‘Africa Rising’ a Reality in Nigeria.”

Until a few years ago, Africa Rising was a dominant theme in conversations about the global economy. That enthusiasm has since cooled, so that in newsrooms and think tanks and conference panels, “Africa Rising!” has given way to a more questioning “Africa Rising?”

While some of that pessimism may be justified, we do not have the luxury of distracting ourselves with lamentations about our current circumstances. Instead of hoping for commodity prices to rise, African countries should seize the opportunities that these times present — not least here at today’s U.S.-Africa Business Forum — to lay a foundation for the kind of economic growth that transforms the lives of our people.

One of our biggest challenges during the boom years was that we failed to convert the benefits of high commodity prices into more jobs and significant improvements in standards of living. Hence the great debate, during those years, about how to ensure that the growth became “inclusive.”

Now that we are face to face with the vulnerabilities somehow hidden during the years of plenty, we should turn away from the unhelpful habits of the past and chart a new course. Since I signed the 2016 budget into law in May, Nigeria’s Ministry of Finance has released more than 400 billion naira for infrastructure spending — more than the total amount spent in 2015.

In the face of dwindling oil revenues, we are turning to debt. We have begun raising a $1 billion Eurobond, our first in three years. We are also raising debt from the World Bank, the African Development Bank, the Chinese Ex-Im Bank and other development finance partners.

Unlike in the past, when borrowed funds were frittered away on unproductive ventures, we will ensure their investment in the revival of stalled road, rail, power and port projects, and in agricultural initiatives that will significantly boost domestic production of food. For far too long we have under-invested in infrastructure — the most critical element for creating sustainable economic growth. The net effect: an avoidably high cost of doing business in Nigeria.

But even more important than what the government is able to spend is the limitless investment potential of the private sector. This is why one of our main priorities is creating an environment in which private-sector capital can thrive. We are in particular using Public-Private Partnership models to support game-changing private-sector projects in power, refining, gas transportation and fertilizer production.

We are also putting in place measures to ensure that monies intended to revamp our infrastructure do not end up in the pockets of corrupt officials and their collaborators. Already we are investigating the theft of several billion dollars in public funds by the previous administration. We are not only bringing these corrupt officials to justice, we are also setting up systems to make it impossible for such a grievous abuse of public trust to happen again.

And of course, we are as committed to playing by the rule of law as we are to accounting for every naira and recovering them for our treasury. These were funds meant to build roads and railway lines and hospitals and schools, and to equip our military — which has for the last seven years been fighting one of the deadliest terrorist groups in the world.

In that regard, we are already seeing the positive results of our anti-corruption efforts. Long starved of both materiel and morale by the corruption in the military’s upper echelons, our reinvigorated troops have now put Boko Haram permanently on the back foot. Some of the more than 2 million persons displaced by Boko Haram have started returning to their homes. Just last week, the people of Nigeria’s northeast celebrated their first incident-free Eid in years.

Our troops have rescued thousands of men, women and children trapped in areas held by Boko Haram. To meet their urgent humanitarian needs, we are working with the United Nations and other partners to provide food, medical help and shelter. We will strive to ensure that no victim is left behind, including the 219 Chibok girls who have, since their abduction in April 2014, served as a global symbol of the war against Boko Haram and a reminder of the horrors that it has inflicted on innocent Nigerians.

Even though the times are still dire, our economic recovery plan is already showing positive results. Investment’s share in gross domestic product is at its highest since 2010. Inflation is slowing; manufacturing confidence is rising. People are seeing and seizing opportunities to make money catering to the needs of Africa’s most populous country.

Finally, our Social Investment Program — the most ambitious in Nigeria’s history — will kick off this month. In its first year it will provide cash transfers to 1 million of our poorest people, hot meals to 5 million primary-school children, cheap loans to more than 1 million artisans and traders, and job opportunities in health care, agriculture and software and hardware development for half a million young people.

The journey ahead remains long and difficult. Our double-digit inflation, currency turmoil and downgraded ratings will not vanish overnight. We also know that the current recession is partly driven by the production outages in Nigeria’s Delta region, and we are confident that growth will accelerate as problems in that region are resolved.

But the real story here is not the challenges, which are all too visible, but the opportunities. We have learned the necessary lessons. We will ensure that Nigeria does not slip back into a lazy and dangerous dependence on the price of crude oil. We will continue to insist on transparency and accountability in the use of government funds. And we will build an economy that prioritizes the ease of doing business and investing, and that thrives on the entrepreneurial energy and ingenuity of our people.

To achieve these objectives, Nigeria needs robust and reliable partnerships such as we have with the United States. This is why I value the Commercial and Investment Policy Dialogue that we have just launched, and which we shall announce at today’s U.S.-Africa Business Forum.

The months ahead will show not only that Nigeria is on the rise, but that this “Rising” is real and lasting — one that touches not just the statistical databases, but the lives of the people who elected us to deliver positive change.


http://www.vanguardngr.com/2016/09/well-ensure-nigeria-not-depend-oil-buhari/

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Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by HungerBAD: 12:52pm On Sep 21, 2016
Following

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Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by TippyTop(m): 12:56pm On Sep 21, 2016
We Will Ensure Nigeria Doesn't Depend On Oil Again

By spending billions prospecting for oil in the Chad Basin? Abi!

120 Likes 10 Shares

Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by BeeBeeOoh(m): 1:09pm On Sep 21, 2016
HungerBAD:
Sauce?Socks?Source?Sucks?
Put! Output! Input! Shortput! I Don Putam!!

http://vanguardngr.com/2016/09/well-ensure-nigeria-not-depend-oil-buhari/

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Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by BeeBeeOoh(m): 1:15pm On Sep 21, 2016
But, he has spent billions of naira searching oil in the chad basin??


Buhari's case is a case of I Know What I'm Doing But What Is Doing Is What I Don't Know..

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Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by Khd95(m): 1:15pm On Sep 21, 2016
TippyTop:

By spending billions prospecting for oil in the Chad Basin? Abi!
no,by allowing avengers to blow up every pipeline in that region,so that their eyes go cleargrin

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Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by thesicilian: 1:19pm On Sep 21, 2016
still campaigning

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Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by limeta(f): 2:21pm On Sep 21, 2016
And you ve yr army chiefs in the niger delta.

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Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by ificatchmodeh: 3:23pm On Sep 21, 2016
Bubu lying to himself grin

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Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by anibi9674: 3:33pm On Sep 21, 2016
hmm, in other words buhari is saying that Nigeria will no longer depend on oil from the Niger delta but can depend on oil from the north.

24 Likes 2 Shares

Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by salabscholar01(m): 3:34pm On Sep 21, 2016
Let us think outside the basin of oil. So many other resources are available to harness to develop the nation... I wonder how the non oil producing countries survive. Let us assume there is no more oil again....That is how to start the process. That is how it works.

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Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by wristbangle: 3:37pm On Sep 21, 2016
We are expecting such era

1 Like

Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by BeeBeeOoh(m): 6:10pm On Sep 21, 2016
ificatchmodeh:
Bubu lying to himself grin
The man no get shame at all..


Lalasticlala, Mynd44

16 Likes 2 Shares

Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by Justiyke4u: 6:50pm On Sep 21, 2016
Yes by searching for more and more oil in other places

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Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by princemillla(m): 7:38pm On Sep 21, 2016
It will be a thing of joy .

For those ignorance above ...irrespective of where and where oil is found, his point is, nigeria economy will be diversify.

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Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by vedaxcool(m): 7:47pm On Sep 21, 2016
Ride on sai BABA. .. the need for us to rally round this govt is ever more important.

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Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by otitokoroleti: 7:55pm On Sep 21, 2016
WHAT WE NEED IS REGIONALISM!!!
LET EACH REGION USE HER RESOURCES TO DEVELOP THEIR LAND!!!
FEDERALISM ONLY FAVOURS THE ALMAJIRIS TO ENRICH THEIR ELITES!!!

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Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by veekid(m): 8:58am On Sep 22, 2016
I'm tired of this word [size=17pt]"we will...... we will"[/size] without action..... recession everywhere

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Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by Nobody: 8:58am On Sep 22, 2016
Amen.

1 Like

Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by MadCow1: 8:58am On Sep 22, 2016
This is Key to Nigeria's Economic Future..

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Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by eleojo23: 8:59am On Sep 22, 2016
But he is still looking for oil in the North
undecided

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Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by docmajor: 8:59am On Sep 22, 2016
Ok and now depend on training cows #teamheardsmen lipsrsealed

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Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by Bujumbura(m): 8:59am On Sep 22, 2016
The mofo is commiting billions in oil search in the North

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Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by czaratwork: 8:59am On Sep 22, 2016
Please someone should upload the pictures of Bubu's children seated in UN general assembly. I just saw it on facebook. Naija is now in their pocket. I am sorry for naija.

6 Likes 1 Share

Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by Emeka71(m): 9:00am On Sep 22, 2016
We are tired of words; we want action.

2 Likes

Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by Sugarcious(m): 9:00am On Sep 22, 2016
[size=20pt]STORY FOR THE gods[/size]

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Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by ab1x: 9:01am On Sep 22, 2016
Not with the way you are governing this country

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Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by onosprince(m): 9:02am On Sep 22, 2016
Bloody liar

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Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by Nelsizzy(m): 9:02am On Sep 22, 2016
Total thrash! You dont want to be dependant on oil but spent billions looking for the same oil in your region. Is there any sense in it?

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Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by Carter4luv(m): 9:03am On Sep 22, 2016
#changebeginswithbuhari

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Re: We Will Ensure Nigeria Doesn't Depend On Oil Again- Buhari by mmsen: 9:03am On Sep 22, 2016
You're wasting more on recurrent expenditure than any government in Nigerian history but somehow convincing yourself that you will stop the waste and change the direction of the economy?

This man becomes more delusional with every passing day.

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