August 28, 2012

Obama declares Nigeria world’s next economic giant

WASHINGTON— President of the United States of America, Senator Barrack Obama, has declared Nigeria as the world’s next economic success story.

He said the discovery was one of the major reasons why his government was committed to helping the country build strong democratic institutions and as well remove constraints to trade and investment through the African Growth and Opportunity, AGOA.

Making this declaration at the ongoing US-Nigeria Trade and Investment Forum, organised by the Nigerians in Diaspora Organisation, NIDOA, in Washington DC, President Obama, who was represented by Ambassador Eunice Reddick, a top official of the US Department, said his country expanded opportunities for Nigeria to effectively access its neighbour’s market, and diversify its economy beyond a narrow reliance on natural resources as a result of the discovery that Nigeria will emerge as the world’s next economic giant.

President Obama said: “As we support these efforts, the Diaspora can play an important role in contributing to a strong, vibrant, and economically-prosperous Nigeria.”

He explained that his country invests in Nigeria’s success because it recognises Nigeria as a strategic centre of gravity, stressing that the country’s success will as well be Africa’s success if the US can help Nigeria chart a secured, prosperous, and democratic course.

The US leader also assured that his government will encourage Nigeria in the area of private investment in the power sector as well as other sectors to help seal the promise of growth and opportunity for all Nigerians.

According to him, the US government will also work to strengthen Nigeria’s agricultural sector, which employs nearly 70 per cent of the country’s population, by encouraging improvements to infrastructure that would facilitate agricultural growth.

On the US-Nigeria Bi-National agreement, Obama said that the joint Commission had grown into a forum for frank, high-level concersations, in which both nations have seen substantial reforms and mutually reinforcing initiatives implemented in Nigeria.

His words: “Some key outcomes of the Binational Commission so far have been successful integration of civil society into the electoral process prior to the 2011 elections, sustained and elevated dialogue with energy sector officials on energy policy, reforms to increase investment, and agreement to support the development of a civil affairs training center in the coming year.”