Foreign Investors Hail Sovereign Wealth Fund Initiative
SAN FRANCISCO, November 25, (THEWILL) - President Goodluck Ebele Jonathan was Friday in Paris commended by international investors for actions taken by his administration to make Nigeria much more attractive to multinational companies and other operators in the global economy.
Executives of leading global companies including Hewlett Packard, Mitsubushi, Credit Suisse, Xenel, Saipem, Lafarge, Siemens, Arcelor Mittal, Total and Shell who serve on Nigeria’s Honorary International Investment Council noted that as a direct result of measures and policies being implemented by the Jonathan Administration, the risk level for investments in Nigeria was declining while the risk level of more developed economies remained high.
Addressing the press after President Jonathan formally closed the council’s meeting in Paris, Baroness Lynda Chalker said that its members welcomed the establishment of a Sovereign Wealth Fund, the ongoing reform of Nigeria’s power sector and the Jonathan Administration’s commitment to fiscal and monetary reform.
Baroness Chalker who is the coordinator of the council chaired by President Jonathan said that international investors at the meeting also commended the reduction of agencies operating at Nigerian ports to facilitate the speedy movement of goods.
The council endorsed the Jonathan Administration’s Agricultural Transformation Action Plan, especially its prioritization of fertilizer sector reforms, the reformation of marketing institutions and the financing of agricultural value chains.
To make Nigeria even more attractive to foreign investors, the Council urged the Federal Government to develop and sustain an integrated and coherent infrastructure development plan with open, competitive and transparent procurement processes.
The International Investment Council works with the Nigerian Investment Promotion Council to attract more foreign direct investment to Nigeria.
Members of the Council are top-level personalities who can authorize or influence investment decisions of companies and countries.