Wednesday, 21 May 2014
On 11:26:00 pm by Unknown No comments
The U.S.
Secretary of Commerce, Penny Pritzker and Chairman Heirs Holdings Mr. Tony Elumelu
on Wednesday called for increased US-Nigeria Investments. Both leaders spoke at
a gathering of business leaders in Lagos.
Pritzker, who
is leading 20 American companies on an Energy Business Development trade
mission to Ghana and Nigeria, said American companies would invest in countries
that observe the rule of law, follow ethical standards and have good work
environments.
“Nigeria needs
to take the tough steps that allow businesses to truly thrive. Our companies
want to do business in countries that follow the rule of law, maintain ethical
standards, abide by workplace safety, encourage workforce training and protect
intellectual property” she stated.
She also
maintained that Businesses must operate freely and devoid of unnecessary
regulation, government interference and corruption stating that “these are the
conditions that will increase confidence among international and local business
leaders and encourage further investments in Nigeria’’
The Commerce
Secretary also advised the government to sign the Government Procurement
Agreement of the World Trade Organization (WTO) and urged the Nigerian
Government, business and civil society leaders to join hands in developing home
grown solutions to challenges facing the country.
“I believe
that together we can, must, and will move toward strengthening our security,
promote democracy, spur more trade, investment and economic opportunity to
benefit Nigerian citizens,’’ she said.
Tony Elumelu,
Chairman of Heirs Holdings and Founder of the Tony Elumelu Foundation, who
spoke on behalf of the private sector, said the visit was very strategic and
underscores the importance that the US attaches to Nigeria.
“While the
Nigerian people are proud that our oil is helping to power the biggest
economies in the world, we are about so much more than oil resources, we are
about agriculture; we are about telecoms; we are about real estate and
hospitality; we are about entertainment; we are about banking and financial
services and so much more”
Acknowledging
that there have been sectoral reforms and rebuilding of regulatory capacity by
the Nigerian Government, efforts he said are being made to tackle the
manufacturing sector which at just 5 % of the national economy has a lot of
room for growth.
“We
need investors and partners and technical expertise to develop our supply
chains, infrastructure and work force skills and American firms and
entrepreneurs can help us to accomplish this and gain significant value for
themselves” said Elumelu.
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