President Goodluck Ebele Jonathan on Friday defied the prescription of competent physicians and graced the international Investors Council Meeting holding at the Hilton Park Lane in London.
Excerpts of a statement issued by Dr. Reuben Abati, Thursday had said that “the president is sick, and has been advised by medical practitioners in London to rest for a few days.”
Jonathan made the surprise appearance at the Hilton Hotel Parklane London, venue of the conference at about 9:30am in company of Nigerian High Commissioner to the United Kingdom, Senator Dalhatu Tafida and Minister of State Foreign Affairs, Dr. Mohammed Nurudeen.
Clad in his characteristic native attire with his trademark fedora, the president apologised for missing out on Thursday due to his ill health but expressed happiness that he had regained enough fitness to be part of Friday’s deliberations.
Speaking afterwards while delivering an address to the council, he lauded investors for their positive response to opportunities created by the Federal Government in many sectors of the economy, and expressed enthusiasm that the investments would continue and would be spread across several sectors.
However, he admitted that government recognised the need to address key impediments to competitiveness and investments in the country and as well provide the enabling environment for prospective investors.
“In 2014, we must not lose this momentum, but rather broaden our interventions to address other difficult issues like the high cost of financing in the country, and the dearth of adequate skills,” he said.
“This 15th meeting builds on the last conversation we had in Abuja and begins to address the fundamental issues constraining competitiveness and investment in Nigeria. Competitiveness ultimately drives profitability, which is what investors are seeking worldwide.
“To be competitive, we must address long standing issues, and introduce bold and courageous reforms, regardless of short term political pressures. This is why my government has remained steadfast in making Nigeria the preferred location for investors to do business, because it is our only pathway to create jobs, generate wealth, and guarantee our security. In building a truly competitive environment for business, we are addressing the fundamental issues such as internal security and power supply head-on”.
He revealed that Nigeria has successfully privatised its power industry, bringing in four generation companies and 11 distribution companies, consequently generating capital, technology and operational excellence and raking in nearly $3m.
“We are bringing capital, technology, and operational excellence into the sector. As a result, 11 distribution companies, and four generation companies have been privatized, realising over US$3 billion for Government. For Council’s information the assets were finally handed over on 1stNovember, 2013.
“I am delighted to inform you that investors are responding positively to the opportunities in the sector and we expect to see significant investments in the sector and across the value chain going forward. Ladies and Gentlemen, resolving the power sector alone, completely changes the paradigm on doing business in Nigeria, and we are satisfied with the progress made.
“Equally, although challenges remain, we are investing in the requisite security infrastructure and intelligence network that will enable us deal more effectively with the new threats we face which can and do hamper investor confidence in our economy.
“In ensuring that the environment is suitable for investment, we will also continue to intensify the fight against corruption. We are indeed happy that the private sector has begun complementing our strong desire to tackle all forms of rent seeking tendencies. The ‘Clean Business Nigeria Today’ initiative coming from the meetings of the Council is a very good example.
“I also use this opportunity to inform Council that Nigeria will be hosting the World Economic Forum on Africa, between the 7th and 9th of May 2014. Our hosting this event is yet again a strong sign of Nigeria’s central economic and political role on the continent. The forthcoming World Economic Forum will be used to shape matters of inclusive growth on the continent, and I invite all members of Council to join us in Abuja in May 2014”.
Addressing journalists at the end of the council meeting, during which the Petroleum Industry Bill was deliberated on, Minister of Petroleum Resources, Mrs. Diezani Allison-Madueke lamented the damages of oil theft on the country’s economy but disclosed that enormous progress has recently been recorded in the fight against it.
“We have made some progress in the fight against oil theft. But as you make progress on one of the truck lines being vandalised, the thieves move round to another area of pipeline to basically sabotage”, she said.
“We have seen a higher incident of sabotage than theft, which causes one to consider whether it is political. Notwithstanding, we have managed to maintain production to approximately 2.3million barrels per day, and gas at 7.6million scuffs per day”.
Governor of Delta State, Dr. Emmanuel Uduaghan craved international aid to combat the sophisticated oil thieved.
“Crude oil theft involves technical process by those who know what to do”, he said. “Eighty per cent is exported outside Nigeria and 20 per cent is utilised locally. So, the international community has to help us”.
The president participated in a discussion of the presentation by the minister of communications technology on the development of ICT infrastructure in Nigeria. He was also briefed on the council’s deliberations yesterday on measures to secure additional sources of financing for essential development projects in Nigeria.
Baroness Lynda Chalker who coordinates the council, told President Jonathan that its members felt much more positive about the opening up of investment opportunities in Nigeria.
She said that the attendance at the ongoing meeting of the Council was the highest ever in its history and that its members were very excited about the emerging potentials of the Nigerian economy.
