FDI
inflows hit $9b
IN response to the global realities and changing times, every
foreign policy decision by the Federal Government must henceforth pass the
litmus test of how Nigeria’s specific and general national interests as well as
those of the citizenry are being promoted, pursued and served, the Minister of
Foreign Affairs Olugbenga Ashiru said this in Lagos Monday at a luncheon
organised in his honour by Association of Retired Ambassadors of Nigeria.
Ashiru asserted that the government had in consonance with the new
foreign policy shift sought to deploy resources to support and promote the
economic development of Nigeria through job and wealth creation, empowerment
and the development of critical infrastructure for the benefit of the
Nigerians.
Based on economic and investment diplomacy of President Goodluck
Jonathan’s administration, he also revealed that Foreign Direct Investment
(FDI) inflows into the country has reached about $8.9 billion in 2012, far
higher than in previous years, quoting the United Nations World Investment
report.
Meanwhile, Association of Retired Ambassadors of Nigeria has urged
the Federal Government to tackle cases of corruption and insecurity in the
country.
The president of the body, Ambassador Tayo Ogunsulire, while
making the appeal at the event, said the “two enemies must be contained and if
possible destroyed” since they are serious threats to the country’s objectives
of Vision 20:2020 if Nigeria is to survive and thrive.
The minister, however, explained that making Nigeria the primary
focus of the current administration in terms of issues bordering on national
security, economic prosperity, youth unemployment and infrastructural
development would not translate to a reduction of the Federal Government’s
commitment to West African sub-region and Africa in the areas of promotion and
consolidation of democracy, good governance, human rights, unity, security and
economic integration.
“Within the overarching ambit of the set objectives and the felt
need for a new foreign policy thrust geared towards the maximisation of
benefits of good governance to Nigerians, it became imperative to prioritise
our foreign policy choices. Nigeria’s foreign policy will continue to be
dictated by the political and economic programme at home. The current
transformation agenda of government on the domestic front has given the
platform to execute good economic and social policies; the foreign policy of
Nigeria will be more robust. The nexus between domestic and foreign policies
cannot therefore be over-emphasised,” he said.
On Nigeria’s brightening economic outlook as an accurate
reflection of its positive political agenda, Ashiru noted that a report
recently released by Price Waterhouse Coopers forecasts that Nigeria will
emerge as the 13th top economy in the world by 2050.
He also added that another recent study classified Nigeria,
together with Mexico, Indonesia and Turkey, as members of MINTs, “in
recognition of our emerging economic prospects and as the new centres of global
economic growth.”
The minister said these assessments are not only reassuring but
are also pointers that Nigeria is on the right path to attain the objectives of
Vision 20:2020, its efforts in this regard.
In a bid to encourage and promote the inflow of FDI into the
country, Ashiru said Nigeria has signed bilateral agreements with several
countries in the areas of trade, technological cooperation, ICT, education,
culture/tourism, etc. In addition, some of the hitherto moribund bilateral
Joint Commissions between Nigeria and other countries have been revived.
“In the same vein, several agreements and MOUs have been reviewed
and renegotiated for optimal beneficial outcomes for Nigeria. The
increased exchange of high level visits between Nigeria and other countries of
the world have enhanced Nigeria’s bilateral cooperation with these countries.
Such high level meetings have been able to attract considerable investment
portfolios to the country.
“The Bi-National Commission with the United States of America,
Germany, Canada and South Africa continue to deepen the gains which the current
administration has made in Trade & Investment, Energy, Security,
Agriculture, Good governance, Health and Education sectors. The Bi-National
Commission with Germany, signed on December 2, 2011, covers the areas of Power
and Energy, Trade and Investment, Political Consultation and Education,
Immigration and Cultural matters,” he disclosed.
Source: Guardian
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