BY MICHAEL EBOH
Former Prime Minister of Ireland, Mr. Bertie Ahern has cautioned the federal government and government at all levels on the need to ensure consistent and transparent policies, if the economy of the country is to attract the much needed foreign investment and economic development.

In an interview with global publishing, research and consultancy firm — Oxford Business Group (OBG), made available to Vanguard, Ahern also emphasised the need for the country to set up a national investment framework, targeted at ensuring that each of Nigeria’s 36 states are given the opportunity to focus on their core strengths, making it possible for the states to contribute meaningfully to national economic development.

“In large countries, it is important for each region to focus on its assets and abilities as a platform for development and expansion. Central government must decide what type of stimulus each region can benefit from and select economic and social policy points that will suit the region,” he said.

He disclosed  that Ireland’s economic transformation during the 1990s was driven by sound policies, which provided the building blocks that enabled the country to successfully tap foreign direct investment (FDI) in high value segments and build its Gross Domestic Product (GDP).

He testified that the growing presence of global firms in Nigeria is already helping to generate confidence among world business leaders.

According to him, investors are now looking for transparent business policies and a proper legal structure, as there are signs that this is under way, with international legal and accountancy companies helping drive greater transparency.”

Ahern grave credence to the on-going reforms in the Nigeria’s financial and banking sector, stating that ensuring that banks were regulated and operated in line with best international standards could prove to be another key factor in capturing the interest of foreign investors.

He condemned Nigeria’s over-dependence on crude oil and advised the leaders to learn a lesson from Ireland’s present economic situation and take urgent steps to diversify the Nigerian economy, through growing the economy across the sectors, the enactment of sound economic, education and labour policies.

“As can be seen from the current precarious state of Ireland’s financial sector,” he said, “The importance of economic diversity is huge. Overexposure to any sector should not be taken lightly, as was seen when construction in Ireland accounted for over 15 per cent of GDP at the height of the boom.”

He continued, “Comprehensive education policies had been shown to provide solid foundations for larger countries as they moved to diversify their economy.

Developing the skills and strengths of the workforce enables investment flows, enhancing the quality and variety of jobs for future generations.

Ahern further expressed confidence on the ability of public-private partnerships (PPPs) in playing a key role towards ensuring that the private sector feature prominently in Nigeria’s economic expansion, especially with the current emphasis on infrastructural development.