16 April, 2013

MINISTER EXPLAINS NIGERIA’S FOREIGN POLICY SHIFT


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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