Covid-19: FG, experts chat new course to resuscitate economy

Sunday Ani
Following the global challenge posed by COVID-19 pandemic, which has crippled economic activities around the world, leading to a global depression, the Federal Government in collaboration with some experts around the world, yesterday, held a virtual conference to cross-fertilize ideas on the best possible ways to navigate out of the looming economic depression.
Participants at the zoom meeting organised by the Nigerian Global Business Forum in collaboration with the Nigerian British Business Forum, agreed that industrial facilities had been shut down in some affected countries, leading to the disruption of global supply chain. They further lamented that the situation is exacerbated by the decline in Brent crude prices, which have fallen below $22 per barrel, as well as the price war between Saudi Arabia and Russia
The programme, titled, “Invest in Nigeria: Opportunities, Guidelines, Incentive,” was put together through the virtual platform, webinar, and moderated by the publisher of FIN Magazine, Mrs. Yinka Fayomi,
On the available opportunities in Nigeria, the Minister of Mines and Steel, Olamilekan Adegbite, said the Federal Government had tried in several ways to convince investors from the United Kingdom (UK) and other advanced countries to consider investing in Nigeria’s mineral and mining sector, as it features attractive incentives and potentials.
The Minister, who acknowledged that the mining sector was greatly challenged and grossly neglected by previous administrations, stated that since Muhammadu Buhari became president in 2015, there had been concerted effort to revive the sector, so as to be able to contribute as much as 5.6 percent to the country’s Gross Domestic Product (GDP).
He said the present administration recognises mining as a strategic income stream in the face of dwindling oil revenue, adding, “I look forward to increasing its contribution to the nation’s GDP by three percent.
While noting that the sector was an investment opportunity in Nigeria, which creates jobs and increases government revenues earnings, he assured that such minerals as coal, iron, oil, gold, bitumen, and limestone among several others, would bring about rapid development in the country if well utilized.
Also speaking, the Chief Executive Officer/Executive Secretary, Nigerian Investment Promotion Commission (NIPC), Yewande Sadiku, harped on the need for investment opportunity profiling across Nigeria, as well as standardising the template and data base of investment opportunities.
She equally enjoined Nigerians to stay at home and save lives, instead of rushing out of the country in search of non-existent greener pastures.
On her part, the moderator, Mrs. Fayomi, commended the Federal Government on the guidelines, opportunities and incentives made available for investors to enjoy a peaceful atmosphere in the country.
She also commended all the speakers for their insight and judgment on how to revive Nigeria’s economy through incentives, opportunities and guidelines.