BY NAOMI UZOR

The Federal Government has assured foreign investors of safety of their lives and properties including their investment, urging them to conduct their businesses in the country without panic.

President Goodluck Jonathan who was represented by the Minister for Trade and Investment, Dr. Olusegun Aganga, at the Nigerian democracy anniversary lecture organised by the Lagos Chamber of Commerce and Industry (LCCI), said in spite of recent challenges, his administration remains resolute in ensuring the security and protection of lives and properties of every citizen irrespective of where they reside or work in the country, adding that he is “assuring our foreign friends to continue to carry out their businesses with no panic measures.”

He disclosed that the country has continued to attract the required flow of investment from both domestic and foreign sources, especially in sectors where the country has competitive and comparative advantage such as the downstream oil and gas, mining, agriculture and infrastructure, real estate development, maritime and shipping.

“As a result of aggressive investment drive by the Federal Ministry of Trade and Investment, investments commitments of N6.6 trillion have been made for the next 3 years; comprising of N3.9 trillion in FDI and N2.7 trillion in LDI and with immense potential for job creation.

“This is expected to continue, given the many reforms that this administration is putting in place to improve Nigeria’s business and investment climate. These include ports, customs, business registration, tax, immigration, power and infrastructure reforms among others,” he said.

The President of LCCI, Mr Goodie Ibru, said we have a fragile economy which is very vulnerable to global shocks; and a private sector that is weak.

“These are critical concerns. Yet, a strong and virile economy is critical for a sustainable democracy. Worsening poverty of the majority of the population poses a profound risk to the democratic process and the security of the nation. A strong economy driven by the private sector is fundamental to wealth creation, employment generation and stable democracy. This is therefore the time to reflect on the critical gaps in our democratic structures and processes as well as our economic architecture” he stated.

According to him, for us as a developing economy, reforms are inevitable. It is the principal instrument for economic transformation. “We have reforms that have been put in place; we have those that are ongoing; and we have reforms that are being anticipated. We have seen reforms in the telecommunications sector; we are currently witnessing reforms at the ports; the power sector reform is in progress, etc.

“But the question is: what progress have we made in driving these reforms in the democratic dispensation and what do we need to do? This is the concern that informed the choice of the theme of this lecture. We needs to make our democracy work for the economy and the private sector” he stated.