BY PROVIDENCE OBUH

Federal Government of Nigeria has entered into a strategic partnership with businesses in the country in a bid to increase the inflow of Foreign Direct Investments, FDI, in Nigeria.

Speaking during a meeting with stakeholders in the Nigerian Business Community, in Lagos, Minister of Trade and Investment, Dr. Olusegun Aganga, said that federal government is partnering with stakeholders in the Nigerian economy on probable ways to move the private sectors forward, coupled with a strategic plan to strengthen the country’s presence in the international economy.

Aganga said the ministry is focusing on how to work with the private sector to ensure it is successful in line with the transformation agenda of the President.

He said, “This interactive session today is convened primarily to expatiate on mapped out strategies for strengthening international business ties and attracting the much needed foreign direct investment for key growth projects”.

In respect to this, he noted that such strategies for strengthening international business ties include the involvement of the active business community in some official trips and other initiatives aimed at attracting investment into the country.

“The impact of the trips will be assessed based on the flow of investments initiated and executed on the heels of discussions between Nigerian businessmen and potential international investors in the various sectors represented on the trips”.

Speaking on ways to create a conducive business environment, he said laws and policies are constantly reviewed to ensure that they are as investor friendly as possible to make the country more competitive, stating that plans are in place to set up a competitive committee.

The Minister pointed that the World Economic Forum, the Mexican Competitiveness Council, the Private Sector Foundation here in Nigeria have offered to help, demanding stakeholders’ support.

Aganga stressed on the need for the country to take its rightful position in the global economy, saying private sector must be ready to lead in this initiative, assuring that the Ministry, which is in charge of the various sectors in the economy and the Federal Government are ready to partner the business community.

However, he explained that the newly created Ministry, will focus on attracting investment, both foreign and local across all sectors of the economy as well as deepen local and export trade, giving import substitution programme for petroleum products, fertilizers, rice, automobile, sugar, among others as example.

He said “I suggested the need for the UK Government to encourage the UK companies refining the crude petroleum and processing the Cocoa in the UK to come and set up refineries and cocoa processing companies here in Nigeria and export to the rest of Africa and other parts of the world.”