Economy will remain stable despite oil price fall, says Jonathan

President Goodluck Jonathan assured Nigerians and foreign investors yesterday that the nation's economy will remain stable despite the drop in global oil prices.

He gave the assurance when a delegation of multinational industrial giant, General Electric (GE), led by its Vice Chairman and CEO, Mr. John Rice, visited him at the Presidential Villa, Abuja.

Jonathan said that government will do everything possible to maintain domestic economic stability. He urged the company to maintain its confidence in the country. 'We promise our people that even with the drop in oil prices, the economy will be stable. I urge you to maintain the confidence you have in this country before the oil price drop, and even expect better management from us.

'Sometimes, it is when you are challenged that you do better than when everything looks good. So, I assure you, other investors in this country and all Nigerians that the government will do everything necessary to stabilise the economy and that the drop in the price of crude oil will not create so much distortion in our economy,'' he said.

Jonathan commended GE for its commitment to increase its investment in the country with the attendant benefit of job creation for many more Nigerians. The President also welcomed GE's plans to set up a facility in Calabar, Cross River State capital to manufacture components for the oil and gas sectors.

In his remarks, Rice told the President that GE has committed about $30 million to the development of the Calabar plant and was already undertaking the training abroad of some Nigerians who will work there.

He expressed his company's appreciation of the support and encouragement being extended by the Federal Government to foreign investors, assuring the President that fluctuations in global oil prices will not affect the commitment of GE to the country. - The Sun.