Posted by LUCKY NWANKWERE, Abuja on
The much orchestrated economic reforms of the Olusegun Obasanjo administration failed to impact positively on the populace as 50 per cent of Nigerians have been established to live below the poverty line, while the per capita income is about $1,000 as against South Africa's $4,000 and United States of America's $32,000.
The much orchestrated economic reforms of the Olusegun Obasanjo administration failed to impact positively on the populace as 50 per cent of Nigerians have been established to live below the poverty line, while the per capita income is about $1,000 as against South Africa's $4,000 and United States of America's $32,000.
The Executive Secretary of the Nigerian Investment Promotion Council (NIPC), Engineer Mustapha Bello disclosed in Abuja yesterday when he made a presentation to President Umaru Yar'Adua on the state of the economic status of the country.
He said although between $32 and $33 billion accrued to the country between 2002 and 2007 in term of Foreign Direct Investment (FDI), the level of youth unemployment in the country remained at about 20 per cent, adding that the country would require about N3 trillion to meet its estimated 17 million housing deficit.
Bello said as part of its strategies for 2007-2008 fiscal year, NIPC planned to generate $2 billion inflow of non-oil FDI into the economy with about one million new jobs yearly with business and investment forums in Turkey and South Africa billed for August this year, China in September, Canada in October, Cameroun in October and India in November.
"There are also plans to organise a Nigerians in diaspora conference for marketing Nigeria's investment potentials," he stated, pointing out that already the proposal had received favourable responses.
'I know that as at 2002, the World Economic Forum reported that Nigeria attracted about $22 billion, a substantial part of this being in the oil and gas, followed by the communications. It was in the year 2001 that GSM was introduced which gave the economy over $1 billion or so, not to talk of the quantum of investment they brought in terms of equipment and other resources," he further pointed out.
The NIPC boss bemoaned the fact that in spite of the improvements recorded in the infrastructure sector, the issue of power remains the major impediment to attracting Foreign Direct Investment (FDI).
In a related developments, the Christian Association of Nigeria (CAN), yesterday admonished President Yar'Adua to strive to industrialise the country and improve on the general welfare and wellbeing of all Nigerians.
A CAN delegation, led by its president and primate of the Anglican Church, Archibishop Peter Akinola met with the president at the Presidential Villa during which it offered the advice as a way forward for the country.
Akinola, who later spoke to the State House correspondents after the meeting said the new administration needed to give attention to the human assets that abound in Nigeria to make a difference.
'We did say that industrial peace is very essential and very critical. And that also the human factor is perhaps our greatest asset in this country. If we don't pay attention to the Nigerian people, those assets that we have will have no relevance. It is our opinion and we explained that to the president; that government should do whatever it can to ensure that Nigerian workers are given the best that there is," he stated.
The CAN boss said the organisation impressed on the president the need 'for the unity of our country to be strengthened and sustained and those things that
are critical to the welfare of our people should be given utmost priority," singling out roads, electricity, electoral reforms and infrastructure for particular mention.