Nigeria’s market profitable for investors – AG President

Nigeria is one of the most profitable places in the ECOWAS sub-region for business and investment, Acting President Yemi Osinbajo, SAN, has affirmed.
Prof. Osinbajo spoke yesterday while meeting the Foreign Minister of Indonesia, Mrs Retno L. P. Marsudi at the Presidential Villa, Abuja.
According to the Acting President, with her large population and size, “Nigeria has a prerequisite market for profitable returns on any investment and business.”
Citing the success of Indomie, one of the products by an Indonesian company in the Nigerian market, Prof. Osinbajo said “there is much room to increase the volume of trade between both countries.”
“Nigeria is one of profitable places for business and investment because there is always market for them and government is creating a good and friendly environment for investment to thrive,” he stated.
He said Indonesia should take advantage of the on-going economic diversification process, especially in the agricultural sector, adding that Nigeria could be exporting agro-allied products to Indonesia.”
“About ten days ago we signed Executive Orders for Ease of Doing Business, we have a 48 hour visa regime and all that….. there is a friendly business environment,” the Acting President assured.
Earlier, the Foreign Minister of Indonesia said she came to the country with two hundred business people and had visited Lagos as her country is ready to kick-start business relationship with Nigeria.
Mrs. Marsudi also solicited the establishment of Palm Oil Producing Council between Nigeria and Indonesia, stressing that countries producing palm oil should work together in order to benefit maximally the market.

 

Source:

LAOLU AKANDE
Senior Special Assistant to the President on Media and Publicity

Office of the Vice President
6th June, 2017

Hype About Constitutional Crisis Unnecessary – Garba Shehu

The Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, has dismissed an article by a Nigerian historian, Max Siollun, entitled “The Gentleman’s Agreement that Could Break Apart Nigeria,” published in the  United States-based Foreign Policy magazine. The piece speculates that Nigeria faces imminent political and constitutional crisis on account of President Buhari’s absence to attend to his health in London.

Reacting to what he called “needlessly sensational and exaggerated speculations by conspiracy theorists,” the Presidential aide explained that it is misleading to compare President Buhari’s case to that of the late President Umaru Musa Yar’Adua, adding that the circumstances are completely different.

According to Shehu, unlike President Yar’Adua, President Buhari has duly complied with the constitutional requirements by formally notifying the National Assembly of his intention to go for medical treatment  and handing over to Professor Yemi Osinbajo as Acting President. 

Malam Shehu  added that, “While Yar’Adua was too severely ill to transmit a letter formally to the Senate President and the Speaker of the House of Representatives, President Buhari is not in such medical state, and therefore, the country is not currently facing any complications on account of his absence.”

The media aide noted that under President Yar’Adua, there was uncertainty about the role of the Vice President because the late President was not in a position to formally transfer power to his deputy, which necessitated the resort to the doctrine of necessity to enable Dr. Goodluck Jonathan act in his absence.

Malam Shehu explained that, currently, none of these circumstances prevail in Nigeria on account of President Buhari’s absence for medical treatment.

According to him, having transferred power formally to Vice-President Yemi Osinbajo, President Muhammadu Buhari did not leave  Nigeria with any power vacuum, adding, therefore, that any suggestions of uncertainty or constitutional crisis are imaginary and exaggerated.

He explained that with the Acting President Professor Osinbajo already running the affairs of the country in the absence of President Buhari, people should stop creating artificial fears of crisis or uncertainty, noting that governance has not ground to a halt because President Buhari has duly complied with the constitution. 

Malam Shehu appealed to conspiracy theorists not to pollute the polity by needlessly seeking to create an atmosphere of fear, uncertainty and suspicions in the country.

The Media aide said that the President publicly admitted he was sick and taking treatment and that he never pretended about his health condition with that open admission.
Source:

ATTAH ESA
Deputy Director (Information)
State House, Abuja.
June 5, 2017.

Russia and Nigeria Deepen Cooperation in Bilateral Ties [2017]

Russia and Nigeria have taken steps to deepen their cooperation pertaining to the steady development of bilateral ties in political, trade, economic and humanitarian areas.

Foreign Minister of the Federal Republic of Nigeria, Mr. Geoffrey Onyeama during an official working visit to Moscow, held diplomatic talks with his counterpart Sergei Lavrov and thereafter, discussed issues pertaining to the steady development of bilateral ties. They concentrated on prospects of cooperation in the nuclear industry, hydrocarbon processing, infrastructure projects and exports of Russian industrial products to Nigeria. They further held an in-depth exchange of views on international and regional issues, focusing on countering terrorism and extremism, settling crises in Africa, primarily in the Sahara and the Sahel, and fighting pirates in the Gulf of Guinea.

Tellingly, Russian investment in Nigeria covers such areas as energy, iron and steel, and hydrocarbon. Over the years, the diplomatic relationships have also witnessed the establishment of Russia-Nigeria Business Council (RNBC) which oversees economic activities between the two countries. They also plan to step up an uncompromising fight against international terrorism that threatens national security in both countries and, objectively, the security of all countries.

Russia and Nigeria’s two-way trade figure was a modest $350 million in 2013. Authorities in both countries have repeatedly said that it should be many times larger, given that Russia is the biggest market in the former Soviet Union and Nigeria the biggest market in Africa.

The Federal Government of the Republic of Nigeria has, indeed, expressed its support for any Russian genuine and legal investment.

As part of the initiatives to contribute to revamping the Nigerian economy, Nigerians under the auspices of Nigerians in Diaspora Organization in Europe (NIDOE), the Russian Chapter in collaboration with Russia-Nigeria Business Council, Institute of African Studies and Russian ministries and agencies have adopted corporate strategies in identifying and wooing potential Russian businesses and industry directors to invest in Federal Republic of Nigeria.