President Muhammadu Buhari has, at the U.S.-Africa business forum, said
that his administration would ensure that “Nigeria does not slip back
into a lazy and dangerous dependence on the price of crude oil” again.
Buhari who expressed optimism that “Nigeria is on the rise” said that
his government has set an enviably workable modalities to drive the
economy out of recession and reposition the country and Africa as a
destination point for every investor...
Below is the full speech on Bloomberg, titled “Making ‘Africa Rising’ a
Reality in Nigeria.” Until a few years ago, Africa Rising was a dominant
theme in conversations about the global economy. That enthusiasm has
since cooled, so that in newsrooms and think tanks and conference
panels, “Africa Rising!” has given way to a more questioning “Africa
Rising?” While some of that pessimism may be justified, we do not have
the luxury of distracting ourselves with lamentations about our current
circumstances. Instead of hoping for commodity prices to rise, African
countries should seize the opportunities that these times present — not
least here at today’s U.S.-Africa Business Forum — to lay a foundation
for the kind of economic growth that transforms the lives of our people.
One of our biggest challenges during the boom years was that we failed
to convert the benefits of high commodity prices into more jobs and
significant improvements in standards of living. Hence the great debate,
during those years, about how to ensure that the growth became
“inclusive.”
Now that we are face to face with the vulnerabilities somehow hidden
during the years of plenty, we should turn away from the unhelpful
habits of the past and chart a new course. Since I signed the 2016
budget into law in May, Nigeria’s Ministry of Finance has released more
than 400 billion naira for infrastructure spending — more than the total
amount spent in 2015. In the face of dwindling oil revenues, we are
turning to debt. We have begun raising a $1 billion Eurobond, our first
in three years. We are also raising debt from the World Bank, the
African Development Bank, the Chinese Ex-Im Bank and other development
finance partners. Unlike in the past, when borrowed funds were frittered
away on unproductive ventures, we will ensure their investment in the
revival of stalled road, rail, power and port projects, and in
agricultural initiatives that will significantly boost domestic
production of food. For far too long we have under-invested in
infrastructure — the most critical element for creating sustainable
economic growth. The net effect: an avoidably high cost of doing
business in Nigeria. But even more important than what the government is
able to spend is the limitless investment potential of the private
sector. This is why one of our main priorities is creating an
environment in which private-sector capital can thrive. We are in
particular using Public-Private Partnership models to support
game-changing private-sector projects in power, refining, gas
transportation and fertilizer production. We are also putting in place
measures to ensure that monies intended to revamp our infrastructure do
not end up in the pockets of corrupt officials and their collaborators.
Already we are investigating the theft of several billion dollars in
public funds by the previous administration. We are not only bringing
these corrupt officials to justice, we are also setting up systems to
make it impossible for such a grievous abuse of public trust to happen
again. And of course, we are as committed to playing by the rule of law
as we are to accounting for every naira and recovering them for our
treasury. These were funds meant to build roads and railway lines and
hospitals and schools, and to equip our military — which has for the
last seven years been fighting one of the deadliest terrorist groups in
the world. In that regard, we are already seeing the positive results of
our anti-corruption efforts. Long starved of both materiel and morale
by the corruption in the military’s upper echelons, our reinvigorated
troops have now put Boko Haram permanently on the back foot. Some of the
more than 2 million persons displaced by Boko Haram have started
returning to their homes. Just last week, the people of Nigeria’s
northeast celebrated their first incident-free Eid in years. Our troops
have rescued thousands of men, women and children trapped in areas held
by Boko Haram. To meet their urgent humanitarian needs, we are working
with the United Nations and other partners to provide food, medical help
and shelter. We will strive to ensure that no victim is left behind,
including the 219 Chibok girls who have, since their abduction in April
2014, served as a global symbol of the war against Boko Haram and a
reminder of the horrors that it has inflicted on innocent Nigerians.
Even though the times are still dire, our economic recovery plan is
already showing positive results. Investment’s share in gross domestic
product is at its highest since 2010.
Inflation is slowing; manufacturing confidence is rising. People are
seeing and seizing opportunities to make money catering to the needs of
Africa’s most populous country. Finally, our Social Investment Program —
the most ambitious in Nigeria’s history — will kick off this month. In
its first year it will provide cash transfers to 1 million of our
poorest people, hot meals to 5 million primary-school children, cheap
loans to more than 1 million artisans and traders, and job opportunities
in health care, agriculture and software and hardware development for
half a million young people. The journey ahead remains long and
difficult. Our double-digit inflation, currency turmoil and downgraded
ratings will not vanish overnight. We also know that the current
recession is partly driven by the production outages in Nigeria’s Delta
region, and we are confident that growth will accelerate as problems in
that region are resolved. But the real story here is not the challenges,
which are all too visible, but the opportunities. We have learned the
necessary lessons. We will ensure that Nigeria does not slip back into a
lazy and dangerous dependence on the price of crude oil.
We will continue to insist on transparency and accountability in the use
of government funds. And we will build an economy that prioritizes the
ease of doing business and investing, and that thrives on the
entrepreneurial energy and ingenuity of our people. To achieve these
objectives, Nigeria needs robust and reliable partnerships such as we
have with the United States. This is why I value the Commercial and
Investment Policy Dialogue that we have just launched, and which we
shall announce at today’s U.S.-Africa Business Forum. The months ahead
will show not only that Nigeria is on the rise, but that this “Rising”
is real and lasting — one that touches not just the statistical
databases, but the lives of the people who elected us to deliver
positive change.
Clued from Vanguardngr
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