THE seventh edition of the yearly Nigerian Economic Summit (NES) ended yesterday with a barrage of recommendations, which, upon implementation, would deepen the Federal Government's transformational agenda and help the economy attract the much-needed Foreign Direct Investment.Top on the list of the reforms the Summit wants government to pursue with vigour, according to the NESG Chairman, Foluso Philips, is the removal of fuel subsidy.Another is a charge on government to conduct a national skills needs assessment to take advantage of the nation's teeming youth population.Harping on the need to fast-track oil sector reforms, Foluso listed other critical areas of oil sector reform to include the deregulation of downstream petroleum sector, passage and implementation of the Petroleum Industry Bills and the renegotiation of the fiscal terms of deep water Production Sharing Contracts (PSCs). The deepwaterblocks and inland basins in Nigeria are currently being operated through PSC arrangements.Speaking on infrastructure investment opportunities, Foluso called for the privatisation of the nation's near-comatose rail sector and ensure the conclusion of the power sector privatisation agenda.The NESG promised to partner with government agencies in areas of agriculture and solid minerals, as well as target investors across the entire value chain.Highlighting the challenges some prospective investors faced attending the Summit, the meeting called on the Presidency to equip foreign missions to support the investment promotion process in partnership with the Ministry of Trade and Investment.'NESG will partner with the Ministry of Trade and Investment to provide visibility of investment opportunities in spite of risks,' he added.In a speech at the closing session of the summit, President Jonathan had commended the organisers for a successful summit and directed the Minister of National Planning to present a memo to the Federal Executive Council highlighting the key recommendations of the summit for government action.He said: 'I note the key findings and recommendations arising from this Summit, in particular the areas that needed to be addressed within the next 12 months, such as long-term visa for investors, the deregulation of the petroleum sector, among others. The government is committed to implementing the key aspects of the recommendations of the Summit.The President, who was represented by Dr. Shamsudeen Usman, expressed joy that the collaboration between Federal and State Governments in the nation's development aspirations had further been deepened, 'as evidenced by the attendance of about 30 state governors and their presentations which showcased investments opportunities existing in the entire country.' .Jonathan noted that companies operating in Nigeria are best suited to sell Nigeria to global investors.'For example, a leading Indian investor in Nigeria confirmed during the opening session that the Indianbusinesses in Nigeria were growing. The investments of 7Up Bottling Company, MTN, Dangote Group, Guinness, among others, have also been confirmed to be growing. If these companies are making profit, then they should be the best marketers of Nigeria,' the President concluded.
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