President Goodluck Jonathan has said that Nigeria is still a green field for both local and foreign investors.
He said this at the World Economic Forum for Africa’s plenary session yesterday evening in Abuja.
The session which focused on ‘Partners for Prosperity’ had President Goodluck Ebele Jonathan; Chairman, Board of Directors of Telkom SA SOC Limited, Jabu A. Mabuza; Chairman, Board and Chief Executive Officer of Heineken International, Jean-François Boxmeer; the 11th United States Trade Representative, Michael Froman; former Ghanian President, John Dramani Mahama and foremost economist and Deputy Director-General, World Trade Organization (WTO), Geneva, Yonov Frederick Agah and Bloomberg TV Africa Senior Anchor, Eleni Giokos as the moderator.
President Jonathan assured that investors who opt to invest in the country will not regret doing so, reiterating that the government has the interest of foreign investors at heart.
Furthermore, the president however said Nigeria will not compromise on local investment interest, stating that the country’s target is to have an agricultural sector that can stand the heat of competition.
“We must have an element of protection in the agricultural sector; else, we will be forced to compromise our local interest to foreign bodies.
“The government must have the interest of the private sector at heart and must be ready to listen to them always when the need arises.”
President Jonathan also pointed out that there is the political will in Africa to properly integrate the continent in the scheme of things on the global scene.
He admitted that the country has limitations in infrastructural facilities like the rail and other very key sectors.
Jonathan cautioned on the temptation to compare the Nigeria’s economy to that of South Africa, admitting that the economy of South Africa is more advanced in terms of per capita rating.
On inclusive growth, the president faulted World Bank’s rating of Nigeria as 5th poorest country in the world, pointing out that factors that were used to determine the rating were not properly considered.
“Making everybody benefit from the common resources should be a factor to determine world’s ratings. And Nigeria has participated so well in the inclusive growth and should have been given a proper classification,” he said.
On the issue of bureaucracy, President Jonathan said the theory of bureaucracy is not the problem but the abuse of the process.
He explained that when a person who is supposed to act on a document sits on it, without doing what is expected that amounts to abuse of the process.
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