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FG at FBN anniversary laments infrastructure gap, calls for real investments

By Cynthia Alo

President Mohammadu Buhari has lamented the huge gap in Nigeria’s infrastructure supply and called for concerted private sector investments both foreign and local to bridge the gap.

He also said the country needs real investments to mitigate the risks arising from globalisation.

 

President Buhari

Buhari, represented by the Minister of Finance, Mrs Zainab Ahmed, at the 125th anniversary ceremony of the First Bank of Nigeria Holdings, said in his presentation titled, ‘The global interdependencies as catalyst for Africa’s Ascendancy’, “We must as government ensure that we are providing enough policy incentives that will attract capital both locally and international, and we are not worried about Foreign Direct Investment (FDI) where   foreign companies are directly involved with day-to-day operations in our country but we will prefer to have real investments coming into the country.”

Presidency raises alarm over attempts to destroy national institutions

He added: “We must do more than we are doing now in terms of enabling the business environment and improving security, both physical security and security of capital.”

Also speaking, the guest speaker, Daron Acemoglu, a Professor of Economics at Massachusetts Institute of Technology, MIT, United States of America, noted that high quality growth is only feasible with inclusive institutions, adding that democracy gives people a voice which he noted is vital for inclusive institutions.

The Chief Executive Officer of First Bank, Mr. Adesola Adeduntan, said the bank have survived through 125 years in operation because it has prioritized innovation and the people which is why it has chosen its banner for the day tagged, ‘woven into the society’ to portray how important the society is to the financial sector.

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