FG promises to partner Britain over foreign investment

The Federal Government said it will work with the British authorities to stimulate more Direct Foreign Investments (DFIs) in Nigeria by the private sector.

The Minister of Budget and National Planning, Senator Udoma Udo Udoma, who said this at a meeting in Abuja on Thursday, told a delegation of British government officials led by the Secretary of State for International Development, Priti Sushil Patel that the Nigerian government was intensifying efforts at ensuring the ease of doing business in the country; and would welcome more foreign investments.

Patel and her team is in Nigeria to have an on-the-spot appraisal of the situation in the North East of the country to enable the British Government to decide on how to assist President Muhammadu Buhari-led government to address the situation in the region, as well as other development initiatives.

Acknowledging the various interventions made by the British Government in aid of the country’s developmental challenges, the minister said that although Nigeria would appreciate more foreign aid from the British Government, it would be looking more in the area of investments from companies in that country coming into Nigeria.

He explained government’s efforts towards ensuring ease of doing business; and particularly mentioned the creation of industrial hubs in the six geo-political zones of the country that would have all the basic infrastructure facilities required for manufacturing to thrive smoothly.

The British authorities, he said, could help in encouraging manufacturers in the United Kingdom to outsource some of their productions to Nigeria and take advantage of the special economic zones.

The minister said that the Nigerian government is committed to creating a successful economy, pointing out that the Economic Recovery and Growth Plan (ERGP) launched early this year by Buhari was meant to serve as a vehicle to drive government’s diversification policy.

Udoma said the FG had constituted an Inter-ministerial Task Force (IMTF) under the chairmanship of the Minister of State for Budget and National Planning to properly handle and coordinate humanitarian assistance efforts in the North East to ensure proper delivery and effective utilization of funds and materials.

Patel assured that the British government would continue to stand shoulder-to-shoulder with Nigeria in addressing its humanitarian and developmental challenges, “as Nigeria’s success is Britain’s success too.”

She said Nigeria is DFID’s second largest financial aid programme in the world, which shows the commitment of the British authorities in assisting the country’s development efforts.

She also spoke of the continued efforts to work together to resolve the country’s challenges in a more structured way.

The Secretary of State said her team would discuss further with Nigerian authorities to look at more proactive ways of dealing with the fall-outs of the North East crisis, “as well as what more could be done in the areas of investment in education, international partnerships, capacity building, scaling up of farming in the local communities among other development issues.”