2016 Budget’ll Diversify Nigeria’s Economy – PMB

President Muhammadu Buhari has reiterated that the 2016 national budget is being fashioned in a manner that would accommodate fresh policies and measures to encourage rapid diversification of the Nigerian economy away from its current over-dependence on the oil and gas sector.
The president hinted this during a meeting with the president of the Movement of the Enterprises of France (MEDEF), Mr. Pierre Gattaz, and a delegation of French investors.
LEADERSHIP recalls that following Buhari’s visit to France last month, firms under MEDEF had offered to visit Nigeria between October 4 and 7, with a view to exploring its business climate for possible investment in the country.
The president had got this assurance at a meeting with French firms and investors who had converged at the Nigerian-France presidential business forum held at the headquarters of MEDEF in Paris three weeks ago.
Buhari’s visit to that country may have started yielding results, as the umbrella organization of French investors, made up of 800,000 French manufacturing firms and businesses, met with him behind closed doors at Aso Rock, Abuja, yesterday.
At the meeting, Buhari stated that policies being evolved by his administration to boost domestic manufacturing and attract greater investment in Nigeria’s agricultural and mining sectors would be given full effect under the 2016 budget.
The delegation of the French investors that met with President Buhari included over 50 companies with interest in manufacturing, agriculture, infrastructure development and other areas.
The president’s senior special assistant on media and publicity, Malam Garba Shehu, noted in a statement after the meeting that the president urged Gattaz and the French trade mission to return to Nigeria again next year in order to take full advantage of the new policies.
Buhari also assured the French investors that, under his leadership, Nigeria will not fall short of international standards in the protection of foreign investments and the repatriation of returns on such investments.
According to Shehu, the president admitted that domestic security and the inflow of foreign investment were intrinsically linked, and gave the assurance that his government was taking all necessary measures to overcome Nigeria’s security challenges.
The presidential aide quoted the president as saying, “Our government came into office at a time when many people had abandoned the country’s manufacturing, agricultural and mining sectors.
“We are doing our utmost best to encourage diversification into these sectors which can employ a lot of people and we will welcome your support in this regard. Ultimately, reducing unemployment will also help to improve security because unemployment and insecurity are inseparable.”
Buhari further said that Nigeria would also welcome more French investment in its power sector because the availability of steady power would lead to the reopening of closed factories and the creation of more jobs.
He also assured the delegation that his administration was tackling corruption with vigour to ensure greater probity in the management of national resources.
Earlier, MEDEF president, Gattaz, who spoke on behalf of the French investors, had sought assurances from President Buhari on the safety of their planned investments in Nigeria and the easing of bureaucratic bottlenecks.
He noted at the business forum that the organisation’s delegation that would embark on the trade mission to Nigeria next month would consist of prospective investors with varieties of interests in area like agriculture, mining, automobile, energy, skills development, light manufacturing, food processing, military and civilian transportation services and “business to consumer” products among many others.