PRESIDENT Goodluck Jonathan has expressed his administration’s commitment to developing an economy that works for all Nigerians, stressing the need to shift from over-reliance on crude oil export, especially now that oil price is dropping.
He made the declaration Monday night, while hosting Top 100 Businesses Presidential Dinner, at the old Banquet Hall of the Presidential Villa, Abuja.
The president said he had, therefore, directed the Ministry of Industry, Trade and Investment to work with the Central Bank of Nigeria (CBN) to implement a comprehensive investment and trade agenda for the country.
He said the agenda should create local production of goods and services to substitute unnecessary imports, arguing that falling prices of oil was a strong reminder that the country could no longer rely on one commodity as a foreign exchange earner.
The president said: “We can no longer continue to export raw materials. We must produce what we consume and consume what we produce. We must diversify our economy, even though we know no nation is an island.
“In pursuit of this noble objective, I have directed the Federal Ministry of Industry, Trade and Investment to work with the CBN in execution of a comprehensive investment and trade agenda, in order to create local production to substitute unnecessary imports.
“This is to ensure our country becomes self-reliant and to cut down on imports which drain foreign exchange. This is a game changer, because it will reposition us globally and rapidly boost our foreign reserves.
“The Ministry of Industry, Trade and Investment and the CBN are already working with the Ministry of Petroleum Resources to cut down import of petroleum products.
“They are also working with the Ministry of Agriculture to cut down import of food products and with the Ministry of Mines and Steel to cut down imports of metal related products. This will be one of our boldest initiatives to finally make our country self-sufficient.
“I am confident that if we are able to produce in Nigeria most of what we consume today, bulk of investments required to make this happen will surely come from the top 100 companies,” he said.
Jonathan praised the businesses for their boldness and enterprise towards the country, as he noted that government would continue to encourage them to grow as they provide service to Nigerians.
He observed that Nigeria had continued to be the destination of choice for investors, having attracted more investments than any other country in Africa.
He added: “You are shining stars, the central component of our economy. It is companies like yours that bring government’s economic policies to life. This is because you are in the trenches everyday, investing, expanding and ensuring that your businesses keep working. The entire nation and I are very proud of you.
“Although you may all seem different at a glance, there is something inherently common to you all: You are all truly Nigerian and your achievements have been remarkable. You have shown boldness and vision in enterprise and confidence in this country.
“Through your investments, you have contributed significantly to employment generation, wealth creation and our overall economic development. As the top 100, you represent the very best of corporate Nigeria, besides your entrepreneurial success.
“We celebrate you today because your investments in Nigeria is an investment in the Nigerian people. Every naira you spend locally is one more Nigerian to drive this economy. Each job you create is one more job to support a family. Each expansion plan you approve is one more project to support future generations of Nigerians.”
The president commended the Top 100 Businesses initiative, noting that it showed that the country’s economy was supported by leading enterprises across all sectors.
Acknowledging their contributions to the national economy, he was also full of praises for the millions of micro, small, and medium enterprises (MSMEs), which provide the supply chains, operational logistics and distribution networks to our larger enterprises.
“I look forward to also hosting our most innovative and fastest growing small businesses to recognise their contributions to our development and showcase them to the whole world,” he stated.
In his remark, the Minister of Industry, Trade and Investment, Dr Olusegun Aganga, explained that the Top 100 Businesses initiative was designed to celebrate major contributors to the development of the economy
He made the declaration Monday night, while hosting Top 100 Businesses Presidential Dinner, at the old Banquet Hall of the Presidential Villa, Abuja.
The president said he had, therefore, directed the Ministry of Industry, Trade and Investment to work with the Central Bank of Nigeria (CBN) to implement a comprehensive investment and trade agenda for the country.
He said the agenda should create local production of goods and services to substitute unnecessary imports, arguing that falling prices of oil was a strong reminder that the country could no longer rely on one commodity as a foreign exchange earner.
The president said: “We can no longer continue to export raw materials. We must produce what we consume and consume what we produce. We must diversify our economy, even though we know no nation is an island.
“In pursuit of this noble objective, I have directed the Federal Ministry of Industry, Trade and Investment to work with the CBN in execution of a comprehensive investment and trade agenda, in order to create local production to substitute unnecessary imports.
“This is to ensure our country becomes self-reliant and to cut down on imports which drain foreign exchange. This is a game changer, because it will reposition us globally and rapidly boost our foreign reserves.
“The Ministry of Industry, Trade and Investment and the CBN are already working with the Ministry of Petroleum Resources to cut down import of petroleum products.
“They are also working with the Ministry of Agriculture to cut down import of food products and with the Ministry of Mines and Steel to cut down imports of metal related products. This will be one of our boldest initiatives to finally make our country self-sufficient.
“I am confident that if we are able to produce in Nigeria most of what we consume today, bulk of investments required to make this happen will surely come from the top 100 companies,” he said.
Jonathan praised the businesses for their boldness and enterprise towards the country, as he noted that government would continue to encourage them to grow as they provide service to Nigerians.
He observed that Nigeria had continued to be the destination of choice for investors, having attracted more investments than any other country in Africa.
He added: “You are shining stars, the central component of our economy. It is companies like yours that bring government’s economic policies to life. This is because you are in the trenches everyday, investing, expanding and ensuring that your businesses keep working. The entire nation and I are very proud of you.
“Although you may all seem different at a glance, there is something inherently common to you all: You are all truly Nigerian and your achievements have been remarkable. You have shown boldness and vision in enterprise and confidence in this country.
“Through your investments, you have contributed significantly to employment generation, wealth creation and our overall economic development. As the top 100, you represent the very best of corporate Nigeria, besides your entrepreneurial success.
“We celebrate you today because your investments in Nigeria is an investment in the Nigerian people. Every naira you spend locally is one more Nigerian to drive this economy. Each job you create is one more job to support a family. Each expansion plan you approve is one more project to support future generations of Nigerians.”
The president commended the Top 100 Businesses initiative, noting that it showed that the country’s economy was supported by leading enterprises across all sectors.
Acknowledging their contributions to the national economy, he was also full of praises for the millions of micro, small, and medium enterprises (MSMEs), which provide the supply chains, operational logistics and distribution networks to our larger enterprises.
“I look forward to also hosting our most innovative and fastest growing small businesses to recognise their contributions to our development and showcase them to the whole world,” he stated.
In his remark, the Minister of Industry, Trade and Investment, Dr Olusegun Aganga, explained that the Top 100 Businesses initiative was designed to celebrate major contributors to the development of the economy
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