VP declares open Global Investment Conference in Abuja
By
May 25, 2009, 18:16

The Federal Government has called for more commitment and rededication on the part of such development partners as the World Bank, Department for International Development (DFID), United States Agency for International Development (USAID) and other donors towards the success of the privatisation and commercialization of public enterprises in Nigeria.

The Vice President, Dr. Goodluck Ebele Jonathan, stated this on Monday May 25 at the Transcorp Hilton Hotel, while declaring open a 2-Day Global Investment Conference on Future Strategic Options for Reform, Privatisation and Commercialisation of Public Enterprises in Nigeria. The Conference is being organized by the Bureau of Public Enterprises (BPE).

Dr. Jonathan explained that the Administration of President Umaru Musa Yar’Adua is working hard to create a good policy environment for the growth of economic reforms in Nigeria and the capacity to regulate the various sectors of the economy. He argued that the Privatization and Commercialisation of Public Enterprises by the Federal government is aimed at achieving efficient production of goods and services.

His words: “Today, the global phenomenon in macro-economic reform and development is the withdrawal of the State from the business place and the evolution of private ownership as the only viable approach to the efficient production of goods and services. Consequently, for more than two decade now, the Federal Government of Nigeria commenced and has continued to implement the privatization and commercialization of public enterprises in the country. These enterprises are multi-sector in nature ranging from hotels, banking, insurance, mining and ports to light and heavy industries.”

While assuring of the personal commitment of the President to the success of the privatization and commercialization programme particularly in the remaining sectors of the economy that are yet to be reformed, the Vice President stressed that the present Administation had insistently displayed commitment to the programme and its implementation.

According to Dr. Jonathan, the Federal Government has no fear of economically empowering Nigeria’s national entrepreneurs through commercialization and privatization as he countered the concern of some civil society activists that the programme was anti-labour, anti-poor people and will always head to employment. “We like to see our citizens amongst the wealthiest people on the planet as we recognize that such a development would have inspirational impact on our youths, creating a new generation of leaders and additional revenues for our country through increased tax revenues,” he added.

He also said that Nigeria has chosen to operate a free market economy that requires strengthening of independent regulators in various sectors of rail, oil and gas, steel development mines and powers, transportation and more.

Earlier, the Director General, BPE, Dr. Christopher Anyanwu, in a welcome address explained that the Conference is precipitated by the need to create global awareness of the new impetus in respect of reforming, commercialization and privatization of public enterprises in Nigeria, enhance strong global visibility for BPE as well as to provide a platform for BPE to consult widely and to sift the best ideas.

He noted that the Federal government is committed to seeking the attainment of the best methods and practices in the commercialization and privatization of public enterprises in Nigeria.

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