Economy attracted N6.8tn investment in nine months – Jonathan

October 2, 2012 by Agency Reporter  

 

President Goodluck Jonathan
| credits: nigerianbulletin.com

President Goodluck Jonathan has said the country’s Gross Domestic Product, driven mainly by the non-oil sector, has grown by 7.1 per cent, while the economy attracted N6.8tn investments in nine months.

Jonathan, who disclosed this in his 52nd Independence Anniversary broadcast on Monday, said that Nigeria recorded this feat in spite of the global financial crisis

He was quoted by the News Agency of Nigeria as saying, “Over the past five years, the global economy has been going through a weak and uncertain recovery. During the same period, and particularly in the last two years, the Nigerian economy has done appreciably well in spite of the global financial crisis.

“Nigeria’s real GDP has grown by 7.1 per cent on average. It is also significant to state that the GDP growth has been driven largely by the non-oil sector.”

According to him, the nation has improved on its investment environment as more corporate bodies are now investing in the Nigerian economy.

“Our Investment Climate Reform Programme has helped to attract over N6.8tn local and foreign direct investment commitments,” he said.

The President said Nigeria had become the preferred destination for investment in Africa.

“It is ranked first in the top five host economies for Foreign Direct Investment in Africa, accounting for over 20 per cent of total FDI flows into the continent, Jonathan said.

The President said his administration had streamlined bureaucratic activities at the ports to ensure greater efficiency in the handling of port and port-related businesses.

“Specifically, we have drastically reduced the goods clearing period in our ports from about six weeks to about one week and under. We have an ultimate target of 48 hours,” Jonathan said.

He said in pursuance of the main goals of the transformation agenda, a number of reforms and initiatives were being pursued in key sectors of the economy with a view to consolidating the gains of the economic growth.

The President said that the new visa policy had made it easier for legitimate investors to receive long stay visas.

Jonathan said, “We have achieved a 24-hour timeline for registration of new businesses leading to the registration of close to 7,000 companies within the second quarter of 2012. The Manufacturers Association of Nigeria has disclosed that as at July 2012, 249 new members across the country had joined the association, and that capacity utilisation had also improved.

“The multiplier effect of this development on our job creation programme cannot be over-emphasised.’’

On the country’s power supply situation, Jonathan expressed delight that electricity supply nationwide was gradually improving.

He said, “We are successfully implementing a well-integrated power sector reform programme, which includes institutional arrangements to facilitate and strengthen private-sector-led power generation, transmission and distribution.

“We have also put in place a cost-reflective tariff structure that reduces the cost of power for a majority of electricity consumers. I am pleased with the feedback from across the country, of improvements in power supply.”

The President also noted that the country had continued to improve and stabilise its crude production volumes.

He said the 12-month gas supply emergency plan put in place earlier this year had produced more than the targeted volume of gas for power generation.

SOURCE: The Punch - Nigeria's Most Widely Read Newspaper 2 October 2012.