VISION 20:2020: FG TARGETS ECONOMIC RESTRUCTURING

By NBF News
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The Federal Government has reiterated its commitment to the restructuring of the Nigerian economy, with particular emphasis on wealth creation and poverty alleviation.

The permanent secretary, Federal Ministry of Trade and Investment, Dr. Abubakar Muhammad, disclosed this in Lagos at an interactive session between the honorable Ministers of Trade and investment, Foreign Affairs and the Nigerian business community.

According to Muhammad, the planned restructuring is borne out of the need to make the country one of the most developed nation within the next nine years, as stated in the Vision 20: 2020 programme of the federal government.

He said, 'The event is significant because it is a part of the conscious effect of the present administration to ensure that the economy of Nigeria is restructured and reformed for greater efficiency and to make the country to become one of the most economically developed nation by 2020.

'I am happy to see an assemblage of patriotic Nigerians who are ready to brainstorm on economy issues that will take the country to the next level of economic development.'

He added that the interactive session is aimed at developing a road map that will strengthen international business ties and attract foreign Direct Investment for critical growth projects.

Also speaking, the Honourable Minister of Foreign Affairs, Ambassador, Olugbenga Ashiru, noted that his ministry is working with the newly created Ministry of Trade and Investment to actively promote the growth and development of the Nigeria economy.

He said, 'This is the time to rise to this vast challenges and opportunities, abundantly in all spheres of Nigeria's economy whether in the telecom industry which is growing from strength to strength; the transport and civil aviation, agriculture and gas among others.'

He also noted that in response to a directive from the federal government, the country's ambassadors are now the foot soldiers in this new approach for the purpose of achieving Vision 20:2020 and also in ensuring that their activities bring economic benefits to Nigeria.

'As the world gradually emerges from recession, Nigeria which is endowed with promising opportunities and one of the most vibrant and dynamic business environment in the world, is better placed to position itself toward becoming a major player in the global economy,' he said.

He noted that Nigeria, with its abundant human and material resources within and outside the country, coupled with its advantageous geographical location is a natural leader in Africa and beyond.

The Minister added that the successful outcome of the recently concluded general and presidential election which has further enhanced Nigeria's image as a stable country, will no doubt contribute to the foreign investors' confidence worldwide in Nigeria.

'And with this regard,' he said, 'Nigeria government should tap the entire potential human and material resources, unlock all the promising opportunities, thereby accelerating our economic growth by boosting agricultural and industrial production and generating employment opportunities for all Nigerians.