Nigeria desires to stop hoisting oil and gas as nation's only gold mines

The Nigerian government has again signalled its desire to stop hoisting oil and gas as the nation's only gold mines by vowing to attract within this year, a $ 10 bn foreign investment in other sectors of the economy. The sectors through which government hopes to achieve the tall goal are communications, manufacturing, information technology, agriculture, agro-allied industries, solid minerals and petrochemicals.
Inaugurating an eight-man Presidential Advisory Council on Investment in Abuja, President Olusegun Obasanjo said Nigeria had, via the success of the recent bidding for Global Satellite Mobile Communication (GSM), shown that it was set for foreign investments. Obasanjo who specifically asked the panel members to channel their energies towards the development of communications, manufacturing and information technology sectors, stated that Nigerians were willing "to join hands with foreign partners and investors to energise the economy".

According to the President, the conducive economic atmosphere in the country allowed for investors to reap the benefits of the liberalised and private sector-led economy. The government, stressed Obasanjo was prepared to maintain the investor-friendly atmosphere in the country through the pursuit of a comprehensive and consistent privatisation, anti-corruption and public accountability programmes. The President said since government came into power, there had been consistent policies that are being pursued for macro-economic stability. Obasanjo thanked the panel members for accepting to serve Nigeria.
He said: "I hardly need to say that your nomination to serve our administration and Nigeria in this capacity, is in recognition, not only of your impressive international track record of achievements in many aspects of human endeavour, but especially of your regard for Nigeria and for humanity, as well as your faith in the future potentials of our country and the crucial role that a prosperous, democratic and stable Nigeria could play not only in the security, harmony and stability of the international relations, particularly in our region, but also in the future peace and security of life globally".

The council chairman David Folkertsland praised Obasanjo for having done a "lot of good work towards achieving macro-economic stability of the Nigerian economy as well as in negotiations with international finance institutions", and advised that more work on the anti-corruption crusade and additional details in the on-going privatisation programme would unlock the doors of foreign investment in flow into Nigeria. Besides, the chairman pledged the council's determination to do its best to generate more investment into Nigeria, adding that it was a privilege to offer service to the administration of Nigeria.