A Review of the Nigerian Energy Industry

No going back on privatisation in power, oil and gas – Buhari

President Mohammadu Buhari of Nigeria talking with President Barack Obama in the Oval Office at the White House, Washington, D.C
President Mohammadu Buhari of Nigeria talking with President Barack Obama in the Oval Office at the White House, Washington, D.C

Oscarline Onwuemenyi

22 July 2015, Sweetcrude, Abuja – President Muhammadu Buhari on Tuesday in Washington DC, United States, assured that his administration will not go back on the ongoing privatization programme in the energy sector initiated by his predecessor in the country.

The President, who was speaking during a business forum organized by the U.S Chamber of Commerce and the Corporate Council on Africa, said said the privatization programme will be expanded to include other areas such as aviation, telecommunication, energy, gas, solid mineral, health and infrastructural development.

He stressed that the government will embark on the exercise with improved moral architecture, even as it worked to remove hurdles for investors in the country.

He challenged American Investors to take advantage of the liberal trade and investment climate to do profitable businesses in Nigeria.

He said, “It is my intention to create the necessary environment for future investment in Nigeria. We are the most populous nation with largest market in Africa with vast human and natural resources and blessed with abundant young and skilled workforce.

“We are therefore a proud candidate to become the destination of choice for United States’ investments in Africa.”

He added that, “I work assiduously to welcome new investors to ur country. I will like to remind you all that we are continuing in major privatization programme with sectors ranging from telecommunication, energy, gas, solid minerals, aviation, health and infrastructural development, but with improved moral architecture.

“We will also simplify visa procedures based on principle of reciprocity. May
I therefore, seize this opportunity to formally invite the American business community to take advantage of our liberal trade and investment climate to do profitable business in Nigeria.”

The President further noted that, “While I recognize the pivotal role of government in facilitating and promoting economic growth, the private sector must assume an increasing role as part of the engine of growth.

“We will welcome genuine investors who are willing to come to Nigeria for solid mineral exploitation.”

According to Buhari, his administration would fulfil its key campaign promises which included creation of employment opportunities for millions of Nigerian youths.

“Generating employment was one of my key campaign promises. I will do my best to keep this promise.

“There is no other way to expand economic opportunities and create employment opportunities for millions of our youths than boosting domestic manufacturing, undertaking infrastructural development and industrialization.

“Let me repeat, Nigeria will partner with genuine investors who are willing to join us to achieve our economic objective and at the same time realize handsome returns to recoup their investments

“There is more to Nigeria than oil. This is why I will continue to stress the need for increased United States investments in our non-oil sector.

“In this respect the present administration will be attentive to the needs of the business community and pursue policy that will strengthen the sectors that drive the growth,” the President added.

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