INFORMATION Minister, Labaran Maku on Wednesday said that Nigeria had become the leading foreign investors' destination in sub-Saharan Africa.Maku stated this while briefing State House correspondents on the outcome of the weekly Federal Executive Council (FEC) meeting, which was presided over by Vice-President, Namadi Sambo.He saidthat the country's investment statuswas made known in a preliminary report from the investment conference that took place in London this week. He said that Dr. Ngozi Okonjo-Iweala, the co-ordinating minister for the Economy and minister of Finance, had briefed the council on the outcome of the conference.According to the minister, the Conference singled out Nigeria as 'Investors' Destination in Africa' in spite of the various challenges facing the country.``The Conference in London brought together a number of leading international investors, who were looking for the opportunity to invest in Africa. And from the comment and report by what took place in London, the co-ordinating minister told us that the world is very, very appreciative of the present reforms that had taking place in Nigeria.``Specifically she said global investors believe that the micro economic policies of Nigeria are presently some of the best in world. They believed that Nigeria's economy is being run in a very, very convincing way. And that because of the management of the economy and because of the reforms this administration is implementing, most investors believed that Nigeria is a destination for any significant investment in sub-sahara Africa,' he said.Maku further revealed that 97 companies had indicated interest to participate in the country's power reform programme. He said the companies also met the July 31, deadline issued by the National Council on Privatisation (NCP) for the submission of bids by companies interested in participating in the ongoing power reform programme in the country.According to him, 25 of the companies have shown interest in power generation and management of existing plants, while 54 others have indicated interest in power distribution.``For years, as we do know, we have tried to run electricity as a government business and because of this, this nation has not been able to reach its target in power generation and in power transmission for the economy.``So, the Ministry of Power reported to us, today, that as at the close of bids yesterday for the privatisation of the distribution companies in the power sector, investors around the world have shown significant interest in the power sector in Nigeria.``As at yesterday, when the bids closed, 79 companies had put in bids to participate in power reform programme in our country. According to the minister of Power, the number of companies that have put in their bids far surpassed the expectations, even of the MDAs.``And what it shows is that no matter what anyone will say, there is deeper and deeper interest in the Nigerian economy by investors, who are preferred to come here and invest and who really know that today in Africa, this economy, the way it is being managed and the active market that we have, is a very serious attraction for investment,' he stated.The minister expressed the hope that the increasing interests by foreign companies to invest in Nigeria would create additional jobs for many unemployed Nigerians across the country.In his contribution, the Minister of Power, Prof. Berth Nnaji saidthat the interest shown by the prospective foreign investors was a clear indication of endorsement and approval of the way the economy was being managed by President Goodluck Jonathan-led administration.``As the minister of Information reported, this really, is a very strong endorsement on Nigeria, Mr. President's management of the economy. Let me say that privatisation of these companies is not merely just about the privatisation. It has meaning.``The intention is that what we like to achieve is that generation companies should have the ability to sell power to distribution companies that are credit worthy,' he said.On the ongoing industrial dispute between staff of the PHCN and the Ministry of Power over the privatisation of the power sector, Nnaji said agreement had been reached on the matter.He said arrangements had been concluded by the Federal Government to pay the workers their entitlements before their re-absorption by the in-coming power distribution and generation companies.
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