Buhari’s Administration will Remain Investor-friendly, Says Adefuye
The Nigerian Ambassador to the United States, Professor Ade Adefuye, has assured the US Chambers of Commerce that the in-coming administration of president-elect, General Muhammadu Buhari (rtd), will remain investor friendly and continue with the policies of the outgoing Goodluck Jonathan administration.
Adefuye, who was addressing the members of the chambers including Coca Cola, John Deere, Caterpillar, APR Engineering, Procter and Gamble, Blumberg, Brambles, AGCO, was accompanied by Mr. Tony Elumelu, Chairman Heirs Holdings, who was visiting Washington to participate in the President Obama’s meeting with entrepreneurs from 10 countries held at the White House on Monday.
Restating his earlier assurance that US investors had nothing to worry about, which of the political parties won the March and April elections, Adefuye said governance was a continu and that the in-coming administration would respect existing policies of the present administration.
Appraising what he described as the post-election climate in Nigeria, Adefuye said: “You will recall that early in March this year, I had the opportunity of addressing you on business prospects in Nigeria during the elections. I assured you that our business partners have nothing to fear about the business climate in Nigeria.”
According to him, his projection was anchored on the existence of an election commission that is free in all its manifestations as well as the determination of Nigerians to remain as one entity in spite of the political differences that might exist.
He added: “The strong desire of Nigerians to ensure democratic governance and retain the dividends of democracy, which we have been enjoying since 1999, bearing in mind the strong nexus between democracy and development, was another important factor.’
Judging by what happened during the elections, he noted, “I can safely say to this audience, I told you so.”
Adefuye told the chambers that Nigeria has not only strengthened democracy in Africa, but has also solidified and improved the business climate in Africa’s largest economy and the most strategically important country on the continent.
“Let me assure our business partners that the conducive investment climate, which the out-going government established, will be maintained and even strengthened.
“True, we are going to experience a change in the political party that will be administering the country; however, the economic objectives of all Nigerian political parties remain the same.”
Ambassador Adefuye stressed that in view of the economic realities confronting the country, “it is the wish of all Nigerians that the economy of the country becomes diversified.
“We want to move from an economy that is dependent solely on oil to one that is more balanced and which emphasises non-oil products such as Agriculture, Power, Solid Minerals and Infrastructure.”
According to him, “this is one issue on which all major political parties are agreed with steps being taken by the out-going government to create an investment-friendly political and economic climate that will be maintained and strengthened by the in-coming government.
“The truth,” he noted, “is that all Nigerians have agreed that we should focus on job creation, concentrate on increased food production, mechanised agriculture, and provide additional incentives to energise productivity and make the private sector the engine of the development.
“I can assure you members of US Chambers of Commerce that the attractive business climate which existed in Nigeria in the past five years and which led to over 200 per cent increase in volume of trade between Nigeria and US will be maintained and consolidated. “
He warned that there might be some slight changes in operational modalities as well as in content and style of delivery, but the objectives and principles would remain the same. “We have almost succeeded in exterminating Boko Haram. The new government headed by a retired General will not only conclude the process but will ensure that no single Boko Haram rebel will fight another day.
“For the United States Chamber of Commerce and other corporate bodies that have been supporting Nigeria in the pursuit of “our economic objectives such as Corporate Council of Africa, the US Exim Bank and Overseas Private Investment Corporation (OPIC),” Adefuye said, “the conditions that make them to be the country’s good partners would be retained and strengthened, noting that the group has been planning a trade mission to Nigeria and that the Embassy would stand ready to assist when the plans were finalised.
On the diplomatic and political side, Adefuye remarked that the relations between Nigeria and the US would continue to wax stronger. “The US government has been fully appreciative and supportive of the Nigerian election process.
“We have received encouraging reaction on the smooth transition process that is ongoing. We expect discussions that will further strengthen the relationship between the US and Nigeria to continue during the inauguration ceremony.”
Adefuye hinted that the Embassy was currently working with the State Department and the White House to arrange for an effective US representation at the inauguration ceremony that would take place by the last week of this month, adding, “Nigeria remains open for businesses, you are all welcome.”
Elumelu, who delivered a lecture on Entrepreneurship in Africa on Tuesday at George Washington University Tuesday also assured the US businessmen that the Buhari regime would provide a very conducive climate for foreign investors.