Nigerian Economy Dependant on Private Sector – Obasanjo

The former President of Nigeria, Olusegun Obasanjo stated that the private sector would continue to remain the driver of economic growth of Nigeria. He stated this at the commissioning of British American Tobacco Nigeria (BATN) new Head Office in Lagos, yesterday.

He said “Our economy is highly dependent on the private sector,” urged the federal government to create enabling environment for the private sector to strive.

“In 1999 Nigeria emerged as a democratic nation and needed sustenance and support from within and outside its economy.

“A few investors were sceptical about the political and economic climate of Nigeria, the government then embarked on reforms programme and intensify calls for investment in Nigeria, bringing various investors and providing them with necessary information and government incentives and opportunity.”

He noted BATN was among the first set of companies to come into the country, saying in 2001, BATN signed a Memorandum of Understanding (MOU) with the federal government which led to an investment of $150 million and the modernisation of Zaria factory.

He added that the company has continued to play a key role in the social economy of the county, in the area of agricultural development, corporate social responsibility, economy development partnership among others.