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Nigerian Economy, Repositioned For Global Competition, Buhari Tells French investors

November 10, 2021
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President Buhari express grief over tanker explosion

President Muhammadu Buhari while speaking at the Nigeria International Partnership Forum has expressed optimism that the efforts of his administration to reposition the Nigerian economy will yield the desired results.

 

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Buhari on Wednesday insisted that the Federal Government’s desire is to ensure that the economy is more competitive, favouring business and entrepreneurship to drive growth and development.

 

For us in Nigeria, lessons drawn from the pandemic prompted us to redouble efforts to mitigate its socio-economic effects. Despite prevailing uncertainties, our equitable and sustainable reform initiatives resulted in substantial economic gains and steady recovery,” Buhari noted.

 

“I can assure you that our administration is on the right path to achieving multi-sectoral progress. We have revitalized the economy by increasing investments in capacity building, health, infrastructure, women’s empowerment, climate change, and food security.

 

“Today, these actions are yielding self-employment, expanding our human resource pool and strengthening our national productivity for sustainable development,” he said.

 

The President informed the gathering of French and Nigerian businessmen present that the government were not unmindful of the nation’s risk profile and decided to re-assess and update the National Security Strategy in 2019.

 

“The implementation of this multi-sectoral strategy has contributed to the progress we have made in fighting insurgents and terrorists in the North East of the country. Working closely with international partners, we are firmly addressing the root causes of crimes and taking measures to prevent and counter violent extremism.

 

“As I said at the 5th edition of the Future Investment Initiative Summit in Riyadh, Saudi Arabia, investing in humanity is investing in our collective survival. With this in mind, we have incorporated the Public-Private Partnership model into our economic recovery plan to attract private sector participation in the financing and operations of critical economic and social infrastructure. This measure is already helping to mitigate COVID-19 triggered capital flight and decline in grant and development financing.

 

“Also, at the just concluded COP26 in Glasgow, I stressed the link between modern infrastructure and the overall economic development of a nation. Hence, the massive infrastructure expansion programme we have been executing in various sectors since the beginning of this administration. 1.5 trillion Dollars is the cumulative amount estimated to be spent within a period of ten years from 2015.

 

The President then mentioned the key projects that the Federal government had achieved great.

 

“So far, we have made significant investments in railways, seaports, roads, renewable energy, housing, and many others attractive to prospective investors. Institutions such as the Nigeria Sovereign Investment Authority and the recently created Infrastructure Corporation of Nigeria run as indepeworld-class class institutions to support and facilitate investments in the country,” the President noted.

 

 

 

 

 

 

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Kayode Shopekan

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