ABUJA (CU)_The Bureau of Public Enterprises (BPE) conducted a one-day investors’ webinar on Tuesday (13 July), under the theme: ‘Showcasing Investment Opportunities in the Federal Government of Nigeria’s Privatization and Economic Reform Programme’. The event, organised in collaboration with the Nigerian Investment Promotion Commission (NIPC) and the Nigerian Exchange Group, was aimed at drawing attention to the unique investment opportunities offered by Nigeria, amid the government’s plans to drive economic growth by mobilising private capital.
Delivering the keynote address during the webinar, Vice President Yemi Osinbajo noted that the government is currently looking for “the right models, the right type of investors” in its privatisation and commercialisation efforts. He also highlighted Abuja’s commitment towards national economic development, and urged local and foreign investors to take advantage of the attractive investment opportunities offered by the West African nation.
“The Federal Government of Nigeria is strongly committed to this approach to national economic development and we consider it an important duty to create the enabling environment for the required and much-needed investment input,” Osinbajo said.
He added that the reforms introduced in several industries over the recent past have brought about increased opportunities and extensive economic and social gains in Nigeria.
“For example, our pension reform, which replaced the old defined benefit scheme with the contributory pension scheme led to the creation of the Pension Commission (PENCOM) which now has over N12.3 trillion in pension fund assets,” the Vice President noted. “Similarly, the reforms of our telecommunications sector increased the number of telephone lines in the country from about 450,000 in 2001 to currently well over 140 million active telephone lines and 97.9 per cent teledensity.”
According to Osinbajo, the Buhari administration remains committed to the development of the infrastructure and power sectors of the country. However, in the case of infrastructure, the availability of limited infrastructure stock continues to remain as a major challenge. “…a major challenge of the Nigerian economy is its limited infrastructure stock, which is estimated to be about 35 per cent of GDP, as compared to 70 per cent of GDP in peer countries,” he noted.
Therefore, given the limited resources available, the government alone cannot provide the financial support needed to support the industry, the minister said, as he underscored the significance of the Public-Private Partnership model in promoting infrastructure development and driving economic growth.
