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FG TO STIMULATE GROWTH THROUGH MAINSTREAM TRADE

By NBF News
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President Jonathan
The Federal Government is prepared to leverage on mainstream trade to stimulate sustainable economic growth, address poverty and employment problems in the country.

According to President Goodluck Jonathan, who disclosed this at the opening ceremony of the 24th Lagos International Trade Fair, the recent global economic downturn, with its adverse effects, has underscored the need for the nation to come up with proactive strategies and measures aimed at repositioning the economy.

Such strategies and measures, he said, would enhance business confidence that will lead to appreciable increase in the level of investment, germane for economic growth.

The president, who was represented by the Minster of Commerce and Industry, Senator Jubril Martins Kuye, noted that the present economic reforms embarked upon by Federal government in the various critical sectors of the economy are premised on the abiding belief that the organized private sector is the engine of the economic growth.

'This has informed my administration's persistent effort at formulating business and investment friendly policies and initiatives to engender a very conducive investment environment,' he said.

He observed that it is pertinent to note that the current efforts of government at implementing banking reforms and the ongoing campaign to patronize made-in-Nigeria products are part of the initiatives aimed at strengthening the financial sector and restoring investment confidence, adding that the present administration's policy on privatization and concessioning of government owned companies and facilities are not only geared towards promoting business confidence, but also to allow the private sector acquire and manage these facilities in a more efficient and profitable.

He noted that there has been a remarkable improvement in power generation and distribution due to huge investments in the energy sector by government. To ensure further improvement, he said in generation and distribution of electricity. The recent contract award of 96 power projects at a total cost of $1.914 billion is a clear demonstration of my administration's sincere commitment to steady electricity supply to all sectors of the economy and the citizenry.

He called on Nigerians to patronized made-in-Nigeria products in order to demonstrate our ability to translate the nation's policy of self reliance to reality. 'I wish to assure you that my government would not relent in its efforts to address infrastructural challenges, guarantee the safety of life and property and collaborate with all stakeholders to ensure that policies evolved by government are implemented to boost business confidence and enhance economic recovery,' he said.

The President of Lagos Chamber of Commerce and Industry (LCCI), Mr. Femi Deru said that this year theme, 'Promoting Business Confidence to Enhance Economic Recovery,' was chosen to underscore the imperative of confidence building in the economic recovery process.