Presidency lists 6 things Nigeria, Africa gained from Buhari’s trip to Kenya

Photo credit: Pulseng
Photo credit: Pulseng

The Presidency has listed the gains of President Muhammadu Buhari’s participation in the just concluded Tokyo International Conference on African Development (TICAD VI) to include the billions of dollar to be injected into African economies by Japan.

A statement issued in Abuja on Tuesday by Garba Shehu, the Senior Special Assistant on Media and Publicity to the president, said the Japanese Government had pledged to expend 40 billion dollars to boost the African economies in the next four years.

He gave the breakdown of the amount as 10 billion dollars to be injected in the next 12 months while the remaining 30 billion dollars would be expended over a three-year period on areas key to African economies, targeting infrastructures such as roads, energy, ports, hospitals and training institutions.

According to him, the TICAD seeks a win-win partnership between Japan and Africa.

He added that a key objective of the conference was to build up African ownership of its own vision of growth and development.

“In furtherance of this, Japan seeks to differ with the other players on the continent by placing emphasis on high quality infrastructure that do more than job creation by transferring technology through the training of youth and women.’’

According to Shehu, for Nigeria in particular, the conference’s milestones include the important meeting between President Buhari and Prime Minister Abe, at which event problems militating against the inflow of Japanese investment into Nigeria were discussed and agreed upon.

He said, “Japanese companies had done a lot by way of investment in the past in Nigeria but there has noticeably been a drop in the last decade or two. Chiefly to blame is the problem of security, disguised in official discussions as `business environment.”

He stated that President Buhari used the meeting effectively in giving assurances that the problem was being addressed.

“Boko Haram terrorism is nearly gone and sabotage in the Niger Delta will soon be ended preferably through dialogue and if not, by force of arms.

“Coming into close personal contact for the second time, the two leaders discussed the issues of trade and investment, health, peace and development of the continent.

“In addition, they discussed issues in diplomacy and international relations.

“President Buhari’s statement at the Head of States’ round table meeting with business leaders underscored the serious efforts government is making to improve Nigeria’s notoriously bad business environment.

“At this meeting, he announced the coming into place of a soon-to-be inaugurated “Presidential Enabling Business Council, PEBEC.”

“He described it as an inter-ministerial council to oversee the efforts of government to remove various bottlenecks that stifle business and economic activity to give way to the right enabling environment and investment climate in Nigeria.

“It will be powered by the government but will be private-sector driven.

“According to its vision, the PEBEC will make Nigeria one of the most attractive business destinations in the world.

“It will start with the modest effort of moving the country up 20 points in the World Bank ranking in the ease of doing business in the first year, taking it into the top 100 at the end of the four-year mandate of the current administration.

Mr. Shehu said the third takeaway was on the sidelines of the TICAD where the Nigerian government delegation met a good number of big Japanese enterprises.

He said, “collectively and individually, these businesses expressed their intention of either coming in newly or expanding their participation in Nigeria’s private sector.

“The companies with varied interests in power, agriculture, automobile, motor cycles, textiles, financing and the service sector included the Honda Manufacturing (Nigeria) Limited, representing Honda Motor Co. Ltd; Japan Tobacco Inc., Marubeni Corporation and Mitsubishi Corporation.

“Others included Toyota Tsusho Corporation, Toyota Tsusho (Nigeria) Ltd., an affiliate of Toyota Tsusho Corporation, West African Seasoning Co. Ltd., affiliate of Ajinomoto Co. Inc., and Japan External Trade Organization, JETRO’’.

He stated that at these meetings, they explored the scope for the incentive packages the Nigerian government would give them to deepen and expand their investments.

He said that these included export rebates, access to Foreign Exchange, land, interest rates, transparency in business regulation and favourable regulatory structure.

Mr. Shehu said the fourth important takeaway of the conference was the formation of a new group KENSA made up of industry leaders on the continent, Kenya representing East Africa, Egypt for North Africa, South Africa for the South and Nigeria, from West Africa.

The presidential aide said the fifth takeaway of the conference was that Nigeria and Kenya seized the opportunity of the meeting of their leaders to strengthen bilateral relations and follow up on the achievements of the State Visit to Nairobi by President Buhari, earlier this year.

“From the time of the visit, both countries have seen a growing impetus for trade and investment between them.

“Kenya which discovered oil lately is picking lessons from Nigeria’s vast experience in oil and gas.

“Nigeria is learning from Kenyan experience in managing animal grazing.

“There are efforts on both sides to share experience and promote private sector participation in trade, cooperatives, micro finance, cotton farming and palm oil processing.

Mr. Shehu said under the auspices of the Bank of Industry and the Nigerian Investment Promotion Council (NIPC0), several memoranda of understanding were signed between Nigerian parties and their foreign counterparts.

“From many of these, investments and jobs would follow.’’

He said the conference was significant in the sense that this was the first time it took place in Africa.

“They met in Japan all the time in the past.’’

According to him, another significant departure is the recognition of the role of the private sector in the economic take-off of the continent.

“In this respect, more than 100 Chief Executive Officers, CEOs from leading Japanese companies accompanied Prime Minister Abe.

“This is a clear indication that more and more Japanese companies are eying the African continent.

“A modest number of Nigerian business and state-owned enterprises were equally present.’’

The TICAD was held every five years from when it started in 1993 until the last edition in 2003 when it was decided that it should be convened every three years instead.

On the president’s delegation were the Ministers of Agriculture, Health, Budget and National Planning, and Industry, Trade and Investment.

There were also the National Security Adviser (NSA), and the Director-General, National Intelligence Agency (NIA).

“Members of the delegation expressed satisfaction with the outcome of the conference and the side engagements,’’ Mr. Shehu said.(NAN)

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.

  • Sir Louis

    Well done, Mallam Garba Shehu for a good job. Keep it up. PMB is is trying hard. We pray that success crowns his efforts.

    • Otile

      The President needs to come back and retrace his steps. Yeah, he trying hard, but the harder he tries the more woe befalls Nigerians. The devil must be in the works, it looks like the devil is throwing the monkey wrench into his plans.

  • Buhari d daft cow.

    Another cork & bull stories from shithari & his brotherhood.

    • Olatubosun

      You are mad………

    • woman leader1

      Enemy of Nigeria..

  • Issei

    Garba shehu you forgot to mentioned the handful number of Nigerias business community CEOs
    That went to the conference with PMB, because you said Japanese prime minister come to the
    Conference with about 100 business CEOs,because world economies is now private sector driven.
    Or are they also not needed,cos they are PDP people?

    • Otile

      Yeah, but our CEOs came back empty-handed. Can you point to any tangible achievement they brought back home?

      • share Idea

        I believe @disqus_DDKtpQ8IAN:disqus meant that Garba forgot to intimate Nigerians that while Buhari have disdain for private CEOs, the Japanese believe in the private CEOs… Nigeria we hail thee

  • Nigeria

    Investors are out to make money. When the policy is favourable and the opportunity abounds, they will come. But when the policy is inconsistent, vague and without direction, and the economic climate is hostile. No reasonable investor will want to gamble his money just because Buhari visited his country to sip wine, read some boring speeches and take photoshots.

  • NinjaK

    Should one even bother to read all these funny presidency statements anymore sef?

  • Jujubeans

    Ah please! Not another ” potential investors are coming” story. Until PMB allows the Naira to float freely and sacks Emefiele and his crazy monetary policies, investors will just be looking laughing. The ones that already operate in Nigeria are all leaving. We can’t keep the ones we have talk less gaining new ones.

    • Maina Hadji Kabir

      They are fleeing as a result of almost two decades of public funds misappropriation, embezzlement, corruption and worst of all the lack of result oriented policies that should have long set Nigeria on the path of a developing nation as we speak. Buhari will have to bear the burden of setting right in Four years the wrongs that have been perpetrated long before he assumed office. ” I take responsibility for what ever happened under my watch” you must have heard that quote somewhere.

  • favourtalk

    PMB is the best thing we could ever have in the country, all hail PMB for the good work so far

    • front man

      You have spoken well

    • Olatubosun

      Yes o
      May God protect him

    • woman leader1

      Yes ooo, may God continue to be with him.

  • front man

    Good one from the presidency

  • Olatubosun

    Good initiative by the president
    God bless Nigeria and God bless buhari and his cabinets

    • woman leader1