FROM LEFT: VICE PRESIDENT NAMADI SAMBO; COUNCIL CO-ORDINATOR, BARONESS LYNDA
CHALKER AND PRESIDENT GOODLUCK JONATHAN ARRIVING FOR THE 12TH MEETING OF THE
HONORARY INTERNATIONAL INVESTORS COUNCIL (HIIC) AT THE BANQUET HALL, STATE HOUSE ABUJA
President Goodluck Jonathan on Friday said that investors were responding positively to opportunities in the country following increased interest in power and others sector.
Jonathan made this known in his address at the 2nd day meeting of the Honorary International Investor’s Council (HIIC) in London.
“I am delighted to inform you that investors are responding positively to the opportunities in the sector and we expect to see significant investment across the sector and value change going forward.’’
The president stressed the need to address fundamental issues constraining competitiveness and investment in the country, and promised that government would create the enabling environment for investors to do business.
“Competitiveness drives profitability that is what investors are seeking worldwide; to be competitive, you must address long standing issues and introduce and encourage reforms regardless of short term political pressures.
“This is why my government has remained steadfast in making Nigeria the preferred destination for investors to do business because it is our only path to generate jobs and create wealth as well as guarantee the future of our society.
“In building a truly competitive environment for business, we are addressing internal security issues and power supply,’’ Jonathan said.
According to him, for the first time in Nigeria we have successfully privatised the power industry, we are bringing capital, technology and operational excellence to the sector.
“To this end, four generation companies and 11 distribution companies have been privatised, realising close to three million dollars for the country.’’
The Western Europe Correspondent of the News Agency of Nigeria (NAN) reports that the council also deliberated on the Petroleum Industry Bill following presentations from Mrs Diezani Allison-Madueke and Gov. Emmanuel Uduaghan of Delta.
Madueke, who addressed newsmen after the council meeting, said that oil theft in the country had taken a different dimension giving way to increased sabotage.
“We have made some progress in the fight against oil theft, but as you make progress on one of the truck lines being vandalised, the thieves move round to another area of pipeline to basically sabotage.’’
“We have seen a higher incident of sabotage than theft which causes one to consider whether it is political.
Notwithstanding, we have managed to maintain production to approximately 2.3 million barrels per day, and gas at 7.6 million scuffs per day,’’ Madueke noted.
In the same vein, Uduaghan stressed the need for assistance from the international community to curb oil theft.
“Crude oil theft involves technical process by those who know what to do. 80 per cent is exported outside Nigeria and 20 per cent is utilised locally. So, the international community has to help us,’’ Uduaghan said.
The biannual council, established in 2004, is reviewing Nigeria’s existing investment policies.
HIIC, an organisation of prominent investors from around the world, advises governments on matters pertaining to their countries’ economic development.
The two-day meeting, coordinated by Baroness Lynda Chalker, also featured a review of Nigeria’s existing investment policies by the Organisation for Economic Cooperation and Development. (NAN)
© anu for Royal Times of Nigeria Newspaper, 2013. |
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