Nigeria is new global investment destination –Jonathan

10 Nov 2011

By Ahamefula Ogbu


President Goodluck Jonathan Thursday said that the country was a global investment destination with the growth rate of the economy even under the global meltdown and pledged to firmly tackle all security challenges to make the country conducive for everyone to live in.

Jonathan, who spoke at the 17th National Economic summit, said his administration was doing everything legislatively to make the country very fertile for return on investments, pointing that world opinion was already rife that Nigeria presents the best opportunity for investors put their money on.

He therefore called on global partners to see the reality and partner with the country for progress, pointing out that with all the policies and actions of the government in place, more investors should be attracted to the country.


Jonathan noted that: “There is now as a global understanding that Africa and Nigeria in particular, is the new investors’ haven,” and appealed to investors to avail themselves of the he numerous opportunities, adding, “We are taking necessary steps to put in place appropriate legislation to guarantee and protect your investments”.

Apparently referring to the security challenges in the country, the President said he was doing everything to arrest the situation and assured that all modalities have been put in place to check crime, arrest and punish those involved and make the country one of the safest in the world.

“We are not unmindful of the security challenges that confront us. Government is taking firm steps to address the problem.  We will continue to fight crime, punish offenders and do everything necessary to make our country conducive for everyone to live in and engage in genuine enterprises.

“To members of the global investor community, I want to tell you that our economy has maintained its growth, in the face of the global economic downturn.  Meanwhile, our external trade and tariff policies are being reviewed, even as we recognize the need to promote and protect domestic industries.  We are committed to creating a more responsive tariff policy which will make our prohibition list more manageable,” he said.

The President said he had to open the business floodgate to private investors as the government alone cannot go it in ensuring that thing work well within the global business setting which he said was being recognised by reputable financial rating institutions.

“We are fully aware that concrete progress needs to be made in terms of national development, hence we have introduced measures, including the establishment of a National Economic Management Team, to place the right emphasis in this regard. I want to assure you of the determination of my Administration to lay a solid foundation for economic prosperity, upon which successive Administrations would build.

“Distinguished Ladies and Gentlemen, there are many strong indications that the global community has renewed its confidence in our great Country.  I am pleased to be addressing you on the heels of the positive ratings of our modest effort by the rating Agency, Fitch, which recently upgraded our outlook from negative to stable.  The Agency has also affirmed our long term foreign currency Issuer Default Rating (IDR) at ‘BB’- and Long-term local currency IDR at ‘BB’.

“Messrs. Fitch also affirmed the short term rating at ‘B’ and Country Ceiling at ‘BB’-.  For me, this means that the effort we have made so far is yielding dividends.  I can only but thank the organized private sector for supporting the government in achieving this target.
“We must, however, not relent in our effort.  Instead, the recognition of our efforts by the ratings agencies should ginger us to be more diligent and strategically focused, in our response to the challenges we have as a country,” Jonathan assured.

He said there are deft plans by his administration to ensure that the huge population of over 167million, most of them youths are properly planned for and provided best opportunities and empowerment in life.

From his vantage position of knowing the performance of the economy, he assured that opportunities abound in the country especially in the power generation, transmission and distribution as well as education, health, agriculture, aviation, and fast moving consumer goods and transport sector which those who come first would like what happened in the telecoms sector, reap its rewards.

Listing the gains of the summit from inception, he said that most of the policy directives and implementations derived from the position papers of past efforts that culminated in the Policy Commissions that would serve as engine room for the attainment of vision 20:2020 and the Transformational  Agenda.

“Let me commend the organisers of the Summit for the choice of this year’s Summit theme, which is “Attracting Foreign Direct Investment, through Global Partnerships”. This is quite apt and timely.  It is also consistent with the aspirations of the Transformation Agenda and Nigeria’s Vision 20:2020.  This also reinforces the need to do all that is necessary to guarantee the security and profitability of foreign investments in our country.

“We are committed to doing things differently and to fulfilling our role to our citizens and the global community.  We have established clear criteria and mechanisms for benchmarking and the setting of performance targets, so we can drive our economy in a positive direction, in line with global best practices.

“It is my belief that this forum will come up with far-reaching recommendations to address the challenges impeding our ability to fully harness our abundant human and natural resources endowment to the fullest.

“We understand that we cannot drive this change in isolation.  We urge you to be part of this process to rebuild our infrastructure, create jobs and greater wealth for our people.  We understand the demands which strains in the global economy are making on business.  That is why we have been deliberate in our decision to accelerate economic diversification, by improving our investment environment; ensuring that our high GDP growth rates translate to significant employment generation; and implementing fiscal policies that support the private sector.

“Our hope is that the private sector will become the real driver of economic development and growth in the country, leading to sustained wealth creation and poverty reduction. The Nigerian economy recorded an average GDP growth rate of 7.85% in 2010 and 7.72% in Q2 of 2011.

“With this development, our country is at a point in its history where it should attract more global investors.  There is now a global understanding that Africa, and Nigeria in particular, is the new investors’ haven,” he said.

He assured that relevant ministries and agencies would strive to implement the ideas generated in discuss like the summit while Ministers shall be made to work with private sector officials to ensure a good blend for an all sector growth of the economy.


http://www.thisdaylive.com/articles/nigeria-is-new-global-investment-destination-8211-jonathan/102548/

Still NEW

Dream on Jonathan! Fitch ratings and GDP growth means very little to the ordinary Nigerian. The leadership is still inept, public servants still take home some of the highest salaries in the world, and you spend very little on infrastructure- signs of a global investment destination indeed!

The only slightly positive note so far is the fact there seems to be some fiscal discipline restored to country's finances- hopefully they should be able to get 2012's budget out soon.

2bosun:


The only slightly positive note so far is the fact there seems to be some fiscal discipline restored to country's finances- hopefully they should be able to get 2012's budget out soon.

Nigeria? fiscal discipline?? I laff in 120 Nigerian delegates to CHOGM!

muyoto:

Nigeria? fiscal discipline?? I laff in 120 Nigerian delegates to CHOGM! 

. I know it sounds funny but it's actually true compared to the last couple years.

If its true then wtf were you talkimg about in your original post cause it was clear to all that you firmly believe no improvment had taken place. Illiterate attention monger.

Nigeria is the new global investment destination? With Boko-Haram bombs in many places, warning of Abuja being the next target for terrorist attack and US warning her citizens?

Or are they talking about investments in arms and ammunition?

If this man does not close his mouth soon enough, thousands of flies will make use of it.

I didnt see much of white-skin presence xday which clearifies less presence of foreighn investors, lets jusj watch n pray accordng 2 GEJ.

Why cant these diasporian eeediots shut up their mouths for once?

OAM4J:

Nigeria is the new global investment destination?  With Boko-Haram bombs in many places, warning of Abuja being the next target for terrorist attack and US warning her citizens?

Or are they talking about investments in arms and ammunition?

I guess America closed down when Al Qaeada was dealing with them?

People can come nd invest in boko haram, corruption and adult napping

OAM4J:

Nigeria is the new global investment destination? With Boko-Haram bombs in many places, warning of Abuja being the next target for terrorist attack and US warning her citizens?

Or are they talking about investments in arms and ammunition?

But seriously the Security and Military hardware industry in this country will/is witnessing an increase in investment given the current situation.

GEJ is absolutely correct.
Nigeria is the new global investment destination
For anti bomb gadgets, guns, oil bunkering facilities, drug peddling, etc.

Why is now making a fool of himself on an international media.when no month passes without killings from boko haram.does he think the international community can be fooled to come and invest in an unsafe country?haba presido.this tarnishes the more.

Kx:

GEJ is absolutely correct.
Nigeria is the new global investment destination
For anti bomb gadgets, guns, oil bunkering facilities, drug peddling, etc.

Ileke-IdI:

If this man does not close his mouth soon enough, thousands of flies will make use of it.

when 'dead rot in hell' Osama destroyed World trade center, does that make America or Bush the worst Country or President
please think reasonably

jidewin:

Why is now making a fool of himself on an international media.when no month passes without killings from boko haram.does he think the international community can be fooled to come and invest in an unsafe country?haba presido.this tarnishes the more.

You are right - the international community knows better and doesnt think the way you think and the way others think on NairaLand- so, let them make up their own mind.

Kapish.

I wonder what Nigerians are made of. You want the man to go to these people and say hey, dont come around now, for our country is the worst on earth - and when he says that, tmrow, you will be the first starting a rubbish thread on NairaLand.

Between, I guess your dear loving America closed down when bombs were flying here and there in their country?

looking at statistics and ratings,i think he is right

When Chinese, Britons, Americans, even Africans see Nigeria as a viable destination, Nigerians slap you in the face and tell you their country is a no go area.

India has terrorist attacks too and people still invest in them. So maybe he has a point. but he needs to stop looking outward and lo inward. he needs to invest in infrastructure FIRST. Power and roads. Nbody wants to invest with a bad road netwrok that Nigeria has.

ideylaff:




The bread and butter of growth is not 1 massive conglomerate in control of most things with 1 Billionaire at the helm of the affairs, no, its The SME's that grow a country. The Small Medium Enterprises are the real indicator of growth

Until we start to address and bring them along we are moving nowhere.

Simply brilliant !!!! I hail you. The backbone of the world's top economies is the SME sector. It is noteworthy that GEJ is planning to fail when his economic team is full of oligarchic opportunist like Dangote, Otedola, Ovia et al who , to the detriment of the growth and vibrancy of our SME sector, only understand rapacious greed, abetted by political powers, that allows them to choke everyone and everything till we have only garish Abramovich-type oligarchically secured wealth in a Nation that should view the concept of spreading wealth as paramount above everything else because of the impact on poverty alleviation, crime, unemployment, social vices , economic growth etc, etc, etc.

The less this man says, the better.

GBAM,  so rightly said,

Thanks @ mbulela and @ Gbawe

In order of flow of FDI.

Ist, Nigeria
2nd, Afghanistan
3rd, Yemen
4th, Syria
5th, Pakistan
6th, Iran


World leaders call them no go areas
Nigerians leader call it global investment destinations.

[size=18pt]GEJ is abosolutely correct and Nigeria Is The New Global Investment Destination. Fact.[/size]

Tribalist off this thread.

I'm with GEJ on this one. I know a lot of people that are and will invest in Nigeria. Nigeria is on the up ECONOMICALLY!

This GEJ guy is still in dreamland, e go soon wake up.