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Minister says London Investment forum endorses FG’s reforms *Okonjo-Iweala to honour Senate invitation Thursday
By Victor Iluyemi
August 1, 2012 16:21:15pm GMT | Views: 16
Ngozi Okonjo Iweala

Abuja (WorldStage Newsonline)-- International investors at a recent London Investment Conference, organised by Bank of Industry in collaboration with other stakeholders were said to have endorsed President Goodluck Jonathan's economic reforms.

The conference was attended by Nigeria's ministries and parastatals that are concerned with providing infrastructure and easing investment procedures.

The report according to the Minister of Information, Mr. Labaran Maku was contained in the briefing of the Federal Executive Council (FEC) by the minister of Finance and Coordinating Minister of the Economy (CME), Dr. Ngozi Okonjo-Iweala at Wednesday's weekly meeting which focused on MDAs reports on 2012 budget implementation.

He said the minister of Finance and Coordinating minister will be appearing before the Senate over the issue of 2012 budget implementation on Thursday.

Maku, who quoted Okonjo-Iweala noted that the conference was a huge success for Nigeria as leading international investors showed interest to come and invest in the country.

The huge interest which Maku described as positive is an indication of the global confidence in President Jonathan's macro-economic policies, and particularly his economic transformation agenda.

Maku who briefed alongside Minister of Power, Prof. Bart Nnaji the weekly council meeting presided over by Vice President, Namadi Sambo in the absence of President Goodluck Jonathan who is away on official trips to Jamaica and Trinidad and Tobago, said, "Council today took reports of some aspects of the progress been made in the economy, we decided to take a look and hear from ministers some departmental progress and to deliberate and see whether our country is going in the right direction or not. We got a major report, preliminary report from the investment conference that was held in London from Monday till today.

"The Coordinating minister of the economy, Dr. Ngozi Okonjo-Iweala reported to council that the about to be completed special investment conference on Nigeria which was put together by the Bank of Industry in partnership with other institutions as turned out to be one of those very surprising and indeed very positive report of how the world is looking at Nigeria presently.

"According to the CME, and her report was also collaborated by several ministers who were also in London. The Conference in London brought together a number of leading international investors who were looking for the opportunity to invest in Africa and from the comment and report by what took place in London, the CME told us that the world is very very appreciative of the present reforms that had taking place in Nigeria, specifically she said global investors believe that the micro economic policies of Nigeria  are presently some of the best in world.

"They believed that Nigeria's economy is being run in a very very convincing way and that because of the management of the economy and because of the reforms this administration is implementing, most investors believed that Nigeria is a destination for any significant investment in sub-sahara Africa in decades to come.

"CME said the various MDAs that are lead sectors in economic reforms made presentations in England. The ministry of Agriculture, Communication Technology, Works, and several other MDAs that deals with infrastructure made presentations to explain the opportunities that exist in our economy and also to explain the various reform policies that government have been implementing over the years and that the feedback they have given council today is that the interests those investors have shown in the economy of Nigeria surpass the expectation of our own participants.

"The believe that if these reforms goes on and given the kind of interest that they showed in London, people seeking to come here, people already investing in these sectors, it is very clear that Nigeria economy is heading in the right direction and that our macro economy policies are applauded  and the investment community across the world also appreciated these reports and it is a re-affirmation that President Goodluck Jonathan administration particularly as far as the economy is concern, as far as the management of this economy is concerned, the reforms that are being implemented  is leading this nation towards an economic transformation."

On the House of Representatives and Presidency wrangling over implementation of 2012 budget, Maku noted that the budgeting process was problematic as its implementation actually started three months ago after it became law in March.

He therefore argued that "it is wrong to assume that more than six months have gone by without the 2012 budget being implemented.

He also assured that once procurement processes are concluded, many more projects will be awarded and results will be more visible.

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