Nigerian Senate to focus on economic recoveryNigerian Senate to focus on economic recovery

Nigerian Senate to focus on economic recovery

Senate's focus is on the economy until the nation exits recession, create jobs and facilitate private sector investment in infrastructure.

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Senate’s focus is on the economy until the nation exits recession, create jobs and facilitate private sector investment in infrastructure. – Saraki

Saraki said this in his speech at a dinner event with the theme: “Investing and Localization” organized by General Electric (GE) and the Ministry of Trade, Industry and Investment as part of reception for the Chairman of GE Global, Jeff Immelt, in Abuja on Monday.

He praised GE and other investors who have kept investing and running their businesses in Nigeria despite of the hard times.

Here is the summary of his speech:

    • Nigeria is ripe for business despite the current economic recession and the 8th National Assembly is determined to ensure that businesses thrive in the country and has opened its doors to the private sector for exchange of ideas, opinions and engagements to let it “create the critical legal and legislative superstructure on which the next free market Nigerian economy will anchor on.”

 

    • Senate leadership is passionately committed to the idea of encouraging our local investors and ensuring that our laws and policies enable you to succeed in your ventures in Nigeria.

 

    • The Senate is pleased at the efforts GE has shown in recent times as to its investment strategy in Nigeria.

 

    • GE has shown they are committed to investing in Nigeria; and have shown that they are here just for the good times and have a long-term outlook with Nigeria.

 

    • Infrastructure deficit correction must be led by the private sector.

 

    • Senate must look at roads, ports, railways and power and see how we can encourage the private sector to invest so as to bridge the gap.

 

    • Primary expenditures accounts for 56 percent of the capital budget and is still grossly inadequate.

 

    • Nigeria is not meeting UN commitments to spend 1 percent of Consolidated Revenue Fund (CRF) on health and have a budget allocation of at least 26% on education.

 

    • Government resources cannot totally tackle projects that could otherwise be driven by a vibrant and enabled private sector.

 

    • The heart of the senate president’s current campaign essentially hinges on government patronage, support for and encouragement of local investors to ‘create wealth and foster localization’.

 

    • The 8th National Assembly must not only say, ‘Patronize Made-in-Nigeria products and services’, they must ensure that government leads the way. Government capital expenditures in 2012 amounted to an estimated N1.8 trillion ($2bn).

 

    • Senate has passed the bill clearly giving a margin of government patronage to local investors and those who have chosen to make locally, use locally and create jobs for our teeming population.

 

  • Senate wants to see local investors especially those adapting local content into their businesses, given preferential treatment in the way government procurements are done.
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