Investor forums crucial for growth of Nigeria’s economy – FBN Capital

Okonjo-Iweala said Nigeria had saved N120 billion by eliminating ghost workers.

The convocation of strategic investor conferences would accelerate on-going efforts geared towards enhancing national economic growth and development, Kayode Akinkugbe, the Managing Director of FBN Capital has said.

Speaking while welcoming participants to the company’s 3rd Annual Investor Conference themed: ‘Tomorrow’s Nigeria through Economic Empowerment’, Mr. Akinkugbe said: “There is a need to create a conducive environment for key policy makers, foreign and local investors as well as the government, to interact and draw out plans on how we can develop and help create sustainable growth for the Nigerian economy.”

According to him, FBN Capital had over the last three years sustained the conversation on how Nigeria can attain its quest to emerge as one of the world’s leading economies through its investor conference initiative.

“Last year, the theme of our conference was Catalysts for Growth: A pragmatic Approach. The objective was to identify the enabling factors and specific practical actionable initiatives that are necessary in order to boost Nigeria’s growth. It is encouraging to see the signs of progress with some of the initiatives to reforms sectors considered to be key enablers, such as the power sector,” he added.

Noting that Nigeria was increasingly becoming a much more attractive destination for local and foreign investors, Mr. Akinkugbe said there was still need for discussions around what it would take to move the nation from a frontier to a growth market.

cationventionirector,lopment,  eneratingcompensate the aggrieved passengerst olice station in B the latter’me officials o Eagle“It is heartening to see the development in the power sector, because the power sector is the key enabler of the economy,” he said.

Addressing the conference via a pre-recorded video presentation, the Coordinating Minister for the Economy and Minister of Finance, Ngozi Okonjo-Iweala, commended FBN Capital for providing the forum; adding that the government’s objective was to ensure Nigeria’s growth is sustainable, with the capacity to create jobs.

According to her, the rebasing of the nation’s GDP and fast growth are two factors needed for Nigeria to be the largest growing economy in Africa.

“Nigeria is already seen as a hub. Our banks are present in almost all West African countries. We must strengthen sectorial development, but at the end, we don’t just need growth for growth sake, but we need growth to deliver,” she said.

She said Nigeria has saved N120 billion from eliminating ghost workers from its payroll.

“Nigeria has saved N120 billion from ghost workers. We previously reported N100 billion but now, we have been able to save N120 billion, as at today”, she said.

According to her, the ministry was looking at how to cut recurrent expenditure but achieving that would not be easy.

The minister said the rebasing of the nation’s GDP and fast growth are two factors needed for Nigeria to be the largest growing economy in Africa. “

Nigeria is already seen as a hub. Our banks are present in almost all West African countries” she said, adding that the government is working on developing varying sectors of the economy, especially for the purpose of creating jobs.

Olusegun Aganga, Minister of Trade and Investment however said job exists but the challenge to acquiring them is lack of adequate skills.

“We have jobs in the country. What we do not have is the skill. We do not have the needed skills required to acquire available jobs” he said.

To address this challenge, he said the government was seeking ways on how to address the viability of school curriculum, as he said it is the skills that would provide the jobs being sought.

“Our policies are policies that would create jobs but we should focus on where we have competitive advantage” he said.

Mr. Aganga said the public sector is working with the private sector to bridge the skills gap in the country so that Nigerians can actually acquire available jobs in the country.

“While that is going on, we would work with the private sector in the interim” he said, adding that the government would work with the Bank of Industry (BOI), Small and Medium Enterprise Agency of Nigeria (SMEDAN) and the Industrial Training Fund (ITF) to boost skills acquisition and job creation. - Premium Times

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