He said, “To come out of recession, the country has to take brave
decisions, regardless of how unpopular they may be such as fully and
effectively devaluing the Naira. Devaluing the Naira is a measure, which will
finally reassure investors and attract new capitals to the country. At the same
time, it will further reduce imports, thereby removing artificial forex
restrictions, and removing any potential waste of scarce resources such as the
fuel subsidy.
Improving
security (in the Northeast and Niger-delta) and ease of doing business are also
key factors on which the government must urgently work to re-launch the economy.”
Amato said that
EU had been at the forefront of aid for trade support activities in Nigeria and
ECOWAS. He said the most important programme the EU was implementing in Nigeria
with its partners – GIZ, DFID/Adam Smith International and UNIDO – was the
Nigeria competitiveness Support Programme.
“The
programme aims at improving the quality of Nigeria products to comply with
international standards. The programme is providing capacity building to
several Ministries, Departments and Agencies such as Ministry of Agriculture,
Standards Organisation of Nigeria, Consumer Protection Council, Nigerian
Customs Services and NADFAC.
He
said, “We support the trade institutions in the formulation and implementation
of a sound trade policy (support to the Federal Minister of Industry, Trade
& Investment, and Nigerian Customs Service). This is to improve the
business environment, with pilot projects in Kano and Kaduna to improve the
procedures for obtaining land titles, and business licences.’’
He said
Nigeria also needed to take advantage of the devaluation of its currency by
diversifying its sources of foreign exchange revenue and this mainly through
boosting its non-oil exports. Amato said that EU would increase its support to
the country under the Economic Partnership Agreement (EPA) if ratified.
“EPA
aims at boosting industrialisation and sustainable development of West Africa,
both through improved (predictable, transparent and long-term) trade relations
and through a development cooperation component. In addition, on Sept. 14, the
EU has launched a European External Investment Plan which will further support
private sector investments in the African continent, including Nigeria. The
plan will support investments in the continent by providing targeted guarantees
and ameliorating the investment climate and the overall policy environment in
partner countries. The Plan will be implemented through the new European Fund
for Sustainable Development, with EU funds totalling 3.35 billion Euros until
2020. The EU Funds are expected to mobilise up to 44 billion Euros additional
investments,’’ the official said.
He, however,
advised Nigeria to take into consideration all the opportunities the EPA would
offer to Nigeria and communicate them to all interested stakeholders.
He said, “The role of the government is also to reassure all
stakeholders that there is no reason to be worried in the course of
implementation of the EPA. The government will use all instruments offered by
the EPA to ensure it will achieve its objective to promote industrialisation
and development of Nigeria and West Africa.mThe EU will do its part to ensure
these objectives are achieved.”
According to
him, in a globalised world no country or regional community can ignore the
destiny of its neighbours.
He said, “The EU, in particular, due to its historic ties and
geographic proximity to West Africa, has a strong interest in promoting and
supporting West Africa’s development, well-being, prosperity and stability.’’ (Guardian)
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