Obasanjo Hails Private Sector as the Spark of Africa’s Transformation
Today, President Olusegun Obasanjo today disclosed that the huge investment by the private sector in the Nigerian economy since 1999 has ignited
the spark of transformation of Africa.
The
former president made this known at the opening of the West Africa
Regional Head Office of British American Tobacco Nigeria (BATN) in Lagos.
He pointed
out that it is at such a time like this “we are reminded yet again of the
importance of the role of private sector as the engine for economic growth.”
According to
him, “In 2013, the Centre for International Private Enterprise (CIPE) disclosed
that Nigeria’s economy is driven 80 per cent by the private sector. Not only
does the private sector played a key role in the growth of entrepreneurship,
provide the government development opportunity and employment and wealth
generation for the teeming population, they also provide the much needed
revenue.
“Occasion
like this reminds us that local industry can support the economy. With the
right combinations and incentives, our economy can be lifted up. It is
therefore clear that a proper enabling environment should provide the private
sector with certain fundamental requirements, basic infrastructure and
conducive environment to do business, which also including the rule of law and
clear just judiciary.”
Obasanjo
added that in 1999, immediately after the military rule, Nigeria emerged as a
democratic nation and needed sustenance and support from within and outside its
economy.
“But
a few investors were skeptical about the political and economic climate of
Nigeria, the government then embarked on reforms programme and intensified
calls for investment in Nigeria, bringing various investors and providing them
with necessary information and government incentives and opportunity that
abound here.
“BATN was
among the first set of companies to take us serious and believe in the country.
History was made in the year 2001 when BATN became the first tobacco company to
sign a Memorandum of Understanding (MOU) with the federal government which led
to an investment of $150 million to build a factory in Ibadan, Oyo State,” he
said.
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