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Federal government seeks help from private sector as recession bites harder

– The federal government is turning its attention to the private sector as Nigeria continues to battle recession

– This was the submission of Okechukwu Enelamah, minister for investment, industry and trade

– Enelamah says the government is keen on attracting foreign investment

The federal government is making efforts to partner with the private sector as Nigeria continues to battle recession.

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Okechukwu “Okey” Enelamah

Okechukwu Enelamah, Nigeria’s minister of trade and investment says the government is keen on attracting foreign investment

Okechukwu Enelamah, minister for investment, industry and trade noted the government is also keen on attracting foreign investment.

According to him, President Muhammadu Buhari recognised the need for the government to attract foreign investment in order to regain momentum in the face of the plunging naira.

READ ALSO: 4 REVEALING charts that show Nigeria’s economy is collapsing under Buhari

“We need to partner with the private sector to do what’s good for the economy,” Financial Times quoted Enelamah as saying in a trade conference in the Ethiopian capital, Addis Ababa.

“The president wants to attract business to the country and frequently supports the means to do so,” Enelamah told his audience.

He continued: “He is not wary about the private sector, Every important private sector guy who wants to meet him (Buhari), he meets.

“Every time he goes abroad he has a business forum which he attends. I think he’s signalling it (support for business ) very strongly.”

John Ashbourne, Africa economist at Capital Economics, won’t have none of that.

“We hear a lot of investor ­friendly talk from the Nigerian government, but many of the obstacles to investing in the country are the government’s own making .

“A lot of investors are still standing by the sidelines and waiting to see how Nigeria’s economic crises turns out before they commit any money to the country,” he said.

But Enelamah says: “It’s a very important systemic issue that’s being solved, although foreign exchange shortages have not improved despite the removal of a currency peg in June.

“While we’ve had some missteps, my view is those missteps are being corrected, the most important one being the policy itself, which was less flexible, is being liberalised.”

READ ALSO: Cargo shipping to Nigeria plunge by 19% due to recession

Meanwhile, the Dangote Group has promised to support the federal government in exploring key sectors of the economy  in order to towards cushion the effect of the recession.

In a statement signed by the chief corporate communication officer, Dangote Group, Anthony Chiejina, the group promised to explore opportunities opening up in agriculture, mining and infrastructure through partnership with the governments.

In a related development, major international magazines including Financial Times, Bloomberg and some others, in their recent publications strongly condemned President Buhari policies in solving Nigeria’s crisis.

Bloomberg noted that Buhari’s rigid leadership style has made the country’s economic problems harder to solve.

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