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EU pledges to assist Nigeria diversify economy

By on February 20, 2016

The European Union (EU) has promised to assist Nigeria attract the requisite investments that could aid ongoing efforts to diversify her economy as crude oil prices continue to fluctuate.

Head of Delegation and EU Ambassador in Lagos, Mr. Mitchel Arrion, who spoke at the opening of the ‘African Build Exhibition Lagos’ on Tuesday, acknowledged that Nigeria is going through a very tough time given the recent dwindling revenues as a result of the dwindling crude oil prices.

Arrion said the EU is interested in encouraging member states invest in Nigeria but are demanding that the country reforms some of its institutions to create the right environment to attract and sustain investments.

“We are aware of the falling oil prices globally and the impact on Nigeria,” said Arrion.

He added: “I am confident that Nigeria can diversify its economy. It is good for the EU to continue to look at Nigeria as a priority country. Investors want to come to Nigeria, but there is this uncertainty of what will happen next. For instance, the investor wants to be sure that he can enforce his rights with the Nigerian laws.”

Speaking at the event, the German Consul General in Lagos, Mr. Ingo Herbert also acknowledged that the times might be tough for Nigeria but noted that the economy has to be diversified.

“This is the right time to invest in Nigeria. We have to diversify the economy, boost production, and create wealth,” he added.

In his own contribution, the Economic and Commercial Counsellor at the Spanish Embassy in Lagos, Mr. Pablo Segrelles said the current economic crisis in Nigeria offered the best opportunity for investment in the country.

“Nigeria is in real severe crisis but this is the best time to invest because the potentials are there and I am confident that Nigeria will overcome the challenges,” he said.

In his speech, President Nigerian Institute of Building, Mr. Tob Shuaib described the Afribuild Lagos 2016 hosted in Lagos as the ideal entry point for international investors into the industry in Nigeria.

According to him, the Nigerian construction industry has remained very vibrant over the past years and was currently worth about $69billion and employing about five per cent of the 180 million Nigerians.

“The market remains relatively unsaturated by international suppliers and despite the push for the full spectrum of infrastructure, commercial, industrial and residential structure, there is a lack of local machinery and equipment to meet demand, providing significant opportunities for international suppliers looking to corner the market,” he added.

On his part, Lagos state Commissioner for Works and Infrastructure, Mr. Ganiyu Johnson said increased investments in infrastructure is one way to boost the economy in this dire time.

“Investments in infrastructure always create jobs, enhance movement of goods, services and people, lead to redistribution of income and engender in a general way, an efficient and effective economic structure,” Johnson said.

 

[ThisDay]