Speech by
His Excellency, President Umaru Musa Yar‘Adua, GCFR At the Special Business Breakfast Meeting
Abuja. October 23, 2007

It is a great pleasure for me to address you all, captains of industry and dynamic entrepreneurs at this special business breakfast meeting.

Your physical presence here attests to your belief in, and support for our Administration’s effort to rapidly regenerate our economy such that we are able to position Nigeria as one of the world’s twenty biggest economies by the year 2020. This meeting is expected to create the requisite platform to clarify Government’s policy thrust and productively engage our vibrant private sector in responding to the challenges thrown by our Vision 20-2020.

I would like to commence by reiterating that this Government is rooted in the Rule of Law; anchored on good governance, and driven by an uncommon sense of service. Our key economic policies as encapsulated in the Seven-point Agenda are aimed at boosting business confidence and ensuring macro-economic stability and predictability. I have always maintained that what is good for business is good for Nigeria. This has informed our unequivocal commitment to strict adherence to the Rule of Law, transparency, accountability, and zero-tolerance for corruption in the conduct of all government business.

Distinguished Ladies and Gentlemen, I recognize that the level of growth and development which we have committed this Administration to achieving is not realizable without the firm support and productive partnership of the organized private sector.
This informs our keenness in re-energizing the existing partnership with the private sector and genuine investors who are willing not only to exploit the enormous investment opportunities which abound in Nigeria but also to drive the growth of our economy.

Rebuilding our national economy crucially demands rebuilding and expanding our critical infrastructure and evolving sound policies that will clear the path to optimal socio-economic development. We have commenced tackling the challenges in the energy, transportation, human capital, and security sectors in a structured manner in order to make enterprise flourish in the country.

Let me also assure you that while our Administration will continue to vigorously pursue the inflow of Foreign Direct Investment (FDI) to support rapid economic growth, we are also aggressively promoting Domestic Private Investment in order to have in place a robust home-grown growth strategy.

Government is constantly strengthening the Nigerian Investment Promotion Commission (NIPC) and adopting pro-business and investment-friendly policies in order to create an environment conducive for business prosperity. Conscious effort is being made to evolve reforms targeted at reducing the cost of doing business in Nigeria.

The NIPC’s One Stop Investment Centre (OSIC) has been empowered to provide fast-track business entry services to both domestic and foreign investors, devoid of red tape. In addition to the thirteen Government Ministries and Agencies currently represented at the Centre, additional regulatory agencies with investment facilitation roles would be brought into the facility to ensure full sectoral coverage and further ensure that investors’ pre-investment approvals and authorizations are met proactively, rapidly, efficiently and transparently. We are reviewing the existing incentives regime towards developing sector-specific national policies on investment. This is with a view to articulating a generic policy and incentive package that will ensure policy consistency, predictability and a level-playing field for all investors.

The private sector is being encouraged to raise the quality of investment and expand into higher value-added activities and to benchmark against international standards and practices in order to raise Nigeria’s productivity and global competitiveness. We will further intensify the implementation of supportive policies to boost Small and Medium Enterprises (SMEs); further reduce interest rates; reduce the nation’s poverty and unemployment levels;
and sustain the country’s economic growth rate. Our vision is for a sustained double digit GDP annual growth rate.

Multinational companies operating in Nigeria are assured of our Administration’s support, particularly as it has to do with strengthening domestic linkages, and the establishment of strategic alliances and partnerships with domestic investors and Small and Medium Enterprises. We expect the banking sector to play a more visible role in supporting the growth of the real sectors and promoting a vibrant capital venture industry.

The small and medium enterprises are expected to benefit from the increasing local and global needs for outsourcing to expand market access both in Nigeria, within the West African region, and internationally.
Our privatization policy emphasizes strengthening the role of the private sector in our economic development initiatives to enable government concentrate on its role as enabler, promoter and facilitator of business.

Distinguished Ladies and Gentlemen, opportunities abound here in Nigeria and Return on Investment in the country ranks among the highest globally. Your respective enterprises are vital to our nation’s economic development. We therefore earnestly await and warmly welcome your plans for expansion, investment initiatives, and your renewed pledge to remain active business partners with our Administration.
It is high time Nigeria took its rightful place among the world’s elite nations. Time is of the essence.
May God continue to bless and prosper Nigeria. Thank you.

PRESIDENT YAR’ ADUA’S SEVEN-POINT AGENDA

Power and Energy – The infrastructural reforms in this critical sector through the development of sufficient and adequate power supply will be to ensure Nigeria’s Ability to develop as a modern economy and an industrialized nation by 2015.

Food Security –This reform is primarily agrarian based. The emphasis on the development of modern technology, research, financial injection into research, production and development of agricultural inputs will revolutionalize the agricultural sector leading to a 5-10 fold increase in yield and technological knowledge transfer to farmers.

Wealth Creation – By virtue of its reliance on revenue from non-renewable oil, Nigeria has yet to develop industrially. This reform is focused on wealth creation through diversified production especially in the agricultural and solid mineral sector. This requires Nigerians to choose to work, as hard work by all is required to achieve this reform.

Transport Sector- The transportation sector in Nigeria with its poor roads and road networks is an inefficient means of mass transit of people and goods. With a goal of a modernized industrialized Nigeria, it is mandatory that Nigeria develops its transport sector. The PDP government has already started this process by the ongoing rehabilitation and modernization of the railway. While the reforms might take some time to take effect, it is a need that must be addressed.

Land Reforms –While hundreds of billions of dollars have been lost through unused government-owned landed asset, changes in the land laws and the emergence of land reforms will optimize Nigeria’s growth through the release of lands for commercialized farming and other large scale business by private sector. The final result will ensure improvements and boosts to the production and wealth creation initiatives.

Security – An unfriendly security climate precludes both external and internal investment into the nation. Thus, security will be seen as not only a constitutional requirement but also as a necessary infrastructure for development of modern Nigeria economy. With its particular needs, the Niger/Delta security issue will be the primary focus, marshaled not with physical policing or military security, but through honest and accurate dialogue between the people and the federal government.

Education – The two-fold reforms in the educational sector will ensure firstly the minimum acceptable international standards of Education for all. With that achieved, a strategic educational development plan will ensure excellence in both the tutoring and learning of skills in science and technology by students who will be seen as the future innovators and industrialists of Nigeria. This reform will be achieved through massive financial injection into the Education sector.