…. As Gov Obi expresses readiness to partner with FG

By Favour Nnabugwu

The Federal Government  has set a $2 billion fund target for Nigerians in Diaspora to serve as an instrument of sale to the Diaspora for the development in Nigeria.

Dr. Olusegun Aganga, Minister of Trade and Investment, said this in Abuja, recently at a diaspora conference, entitled, ‘Diaspora and Nigeria’s Transformation Agenda’ in Abuja yesterday.

The minister implored Nigerians in Diaspora to advertise Nigeria’s investment portfolios to multinationals with a view to attracting investments in the country, noting that the country has the needed enabling environment for investment to thrive.

Aganga said, “Nigeria has the potential to raise as much as $2 billion according to a research carried  by African Development Bank, ADB”.

The $2billion fund, the minister said, would be managed by a private sector fund manager with a good track record of transparency.

The minister said the fund would be protected by local financial regulations whilst the fund would also be listed in international markets.

“The proceeds from the fund will be invested in flagship infrastructure projects in the country as identified in the Transformation Agenda such as power, housing, roads, airports, transport infrastructure etc rather than fueling consumption which tends to lead to an increase in inflationary pressure.

“Diaspora fund-an open-ended instrument issued for sale to the Diaspora said “once we conclude our plans and this fund is made operational, we will solicit your support in marketing of this fund to fellow Diaspora members”, he said.

He cited India and China which brought their economies to a competitive stage through huge inflow of funds by those in Diaspora, believing that the Diaspora can play a very important role in the success of the Transformation Agenda and ultimately in the development of the country.

He noted that over $18.2 billion was remitted into the country in 2009 according to a World Bank Report, stressing that government views its Diaspora like an “untapped pool of oil”.  He added that government’s goal was to put a formal structure around these relationships so that it can harness them directly to contribute to the Transformation Agenda.

“With overheating of emerging markets and rising costs of production, Nigeria is well- placed to benefit from a shift in location to less costly manufacturing environments. Given our cheap labour costs and with English as our lingua franca, you have the opportunity not only to find a way of investing in these areas as individual or groups but also to help identify major international investors in these sectors,” he said

In a related development, Aganga said the Federal Government was ready to scout for comparative advantages of investment potentials in all the states of the federation.

He said this while receiving Anambra State Governor, Mr. Peter Obi, who was on a courtesy call to the ministry in Abuja, last week. Aganga said  he would be visiting all the states in the country to see what the states have to make it easier for the Federal Government to assist them  in their investment drive.

According to him, “We want to carry state governments in the country along in the new drive to make our nation the investment hub on the continent.”

Gov. Obi, on his part, said he was on a courtesy call to the Minister of Trade and Investment to congratulate him on behalf of Anambra State Government and see how the ministry could assist the people of Anambra State in trade and investment.

He , who explained that his government has set in motion machinery to spur investment in their states by improving infrastructure in Anambra State, added that the enabling environment to boost investment potentials was already in place.

Anambra people, the governor boasted, were the most enterprising in the country, stating that they needed to be encouraged to contribute immensely to the country’s GDP.

Also, while in Abuja on a courtesy visit to the Minister of Works, Mike Onolememen, and his counterpart in the Power Ministry, Prof. Barth Nnaji, the governor expressed his readiness to collaborate with the Federal Government in the infrastructural development of the state and the South-East geo-political zone in general, provided that the money will be refunded after the completion of the projects.