Jamodu Lauds FG’s ERGP, Seeks Increased FID to Revive the Economy
The Chairman of Nigeria Breweries Plc, Chief Kola Jamodu, has commended the federal government for the Economic Recovery and Growth Plan (ERG), stating that the plan is all about inclusive and sustainable growth to drive structural economic transformation aimed at increasing national productivity.
Jamodu who made the remark in Lagos over the weekend, at the Institute of Directors’ (IoD’s) 5th Biennial Presidential Lecture with the topic; ‘The Role of Corporate Leaders in Accelerated Economic Revival of Nigeria Today’ noted that the ERGP, which is a medium term plan for 2017 to 2020 was developed for the purpose of restoring economic growth while leveraging on the creativity abilities and resourcefulness of Nigerians.
He however reasoned that the plan can only succeed if the needed political will, resources and support are mobilised, adding the plan focuses on restoring growth, investing in people and building a globally competitive economy.
Jamodu who represented by the Corporate Affairs Adviser, Nigeria Breweries Plc, Kufre Ekanem, said there is need for increased Foreign Direct Investment (FID) in order to jump start the economy through sustainable industries that would create jobs, not just portfolio trading.
He noted that before independence, the nation has always had the potential to attract FID, but the potential have remained untapped and latent owing to lack of enough investment.
Earlier in his remarks, the President/ Chairman of Council of IoD, Mr. Samuel Akeju, called on government at all levels to invest and channel their capacity towards human capacity development efforts in corporate governance.
He also stated that until people’s attitudes and ways of doing things are not positively oriented, the nation cannot make trajectory productivity and economic prosperity.
Akeju remarked that persistent financial crisis, unbelievable personnel audit reports of federal and state ministries, department and agencies (MDAs), and underpayment by oil and gas companies collapses the nation have reinforced the need to check ethical behavior in corporate dealings.
Continuing, the NB Chair reminded the directors that they have a critical role to play in economic transformation, while urging them to consider the quality of corporate governance in the organisations that they lead.
Jamodu added: “Our shift in focus from agriculture to oil in 1960 led to the enthronement of an economic system that is driven by and heavily dependent on high oil prices which accounts for 95 percent of Nigeria exports and foreign exchange earnings. This oil dependency created a vicious cycle of boom and bust for our economy, which was further compounded by the misuse of our earnings in the boom years. The recent collapse of crude oil price in the international market and the reduction in oil production volume due to the challenges in our oil sector massively impacted our economy. This led to the economic recession with significant reduction in government revenue and spending stalled/ abandoned infrastructure projects, insecurity, inflation and rising unemployment.”