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FG welcomes European investments in energy sector
Feb 8, 2010, 15:57
| | Vice President Goodluck Jonathan has welcomed the initiative of the European Investment Bank to increase financial grants to Nigerian banks towards financing projects in the energy sector as well as encouraging small and medium scale enterprises in the country.
Speaking when he received Mr. Plutarchos Sakellaris – Vice President of the European Investment Bank, and his delegation in State House on Monday, February 8, Dr. Jonathan said the assistance of the EIB is timely, given Nigeria ’s resolve to boost economic activities by fixing the power sector.
“We welcome the EIB’s assistance in financing infrastructural development projects in the country especially in the power sector. We must increase our output in the power sector. We also need expansion of the agricultural sector as well as small and medium scale enterprises to create jobs for the youths,” the VP stated.
He assured the EIB that Government will not halt the ongoing banking reforms in order to ensure that banks are professionally managed, and also minimize the chances of managerial defects in the sector. “The reforms will continue so as to curtail the leverage of operators to abuse banking operations,” Jonathan said.
He urged the EIB to be patient concerning the domestication of the Cotonou Treaty and its ratification by the National Assembly, saying the time lapse is to allow for due process on the treaty in accordance with the laws of the land.
He referred Sakellaris and his delegation to the Ministers of Power, National Planning and Finance, who were also present at the meeting, for further talks.
Mr Sekellaris applauded the Federal Government for its banking reforms through the CBN, saying EIB’s visit - to explore and expand financing of the real sectors of the economy - is a statement of confidence on Nigeria ’s financial system.
He said the EIB wants to increase its financial grants to banks to facilitate infrastructural development particularly with respect to energy and gas projects, and also boost small and medium scale enterprise.
He said EIB’s partnership with Nigeria is crucial, as the gains will be brought to bear on the West African sub-region. He also solicited the Presidency’s assistance in fast-tracking the domestication of the Cotonou Treaty being examined by the National Assembly.
Sakellaris’ delegation is billed to meet with bank stakeholders in Lagos this Thursday to announce a substantial commitment of the EIB to some Nigerian banks.
The EIB is the European Union’s long-term lending bank owned by EU’s 27 member-countries. It has been active in Africa for over 40 years.
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