FDI: CAC'S ROLE CRITICAL, SAYS YAR'ADUA

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President Umaru Musa Yar'Adua said  yesterday  that  to attract the much-needed Foreign Direct Investments (FDIs), the Corporate Affairs Commission (CAC) would have to exhibit high level of efficiency in terms of the value added services to investors.

Yar'Adua, who spoke yesterday in Abuja when he formally commissioned the permanent head office of CAC, charged the management and staff of the commission to be  committed more to greater efficiency, effectiveness and quality service delivery.'As we strive to diversify our economy base, I urge all at CAC to realise that they have a vital role to play. You cannot afford to abdicate this onerous responsibility,' he said.

In his address which was read by the Minister of Commerce and Industry, Chief Achike Udenwa, Yar'Adua urged the commission to take advantage of the new complex and be committed more to greater efficiency, effectiveness and quality service delivery.

While commending CAC for the entire project which was funded with its  internally generated revenue, he said it was an indication of prudent use of public funds.

According to him,  'I have had cause to stress in the past that in order not to compromise our quest for economic development and national transformation, we all individual and corporate must imbibe a culture of transparency, probity and accountability,' he explained. In his remarks, Udenwa said with CAC's cutting edge services, the nation had joined the league of countries where an investor can register his business same day.

He explained  that the numerous innovative strategies introduced by CAC to transform the commission were in line with the ministry's major policy thrust anchored on increasing the productive capacity of the manufacturing sector, increasing non-export earnings and decreasing importation of consumption goods.With the successful completion of the new office building, particularly, the full computerisation of the commission's operations, incorporation of companies would not only be faster, but also affordable in terms of service charge.

'The successful completion of the CAC Head Office and computerisation of its processes will not only make the incorporation of companies faster and easier but also less expensive”, he said.Welcoming guests to the occasion CAC's Registrar-General, Mr. Ahmed Al-Mustapha the commission's ultimate goal was to ensure that registration of companies in the country takes place within two days as against the present five days period.