Minister of Industry, Trade and Investment, Okechukwu Enelama, has said that industrialisation of the country will remain a mirage without power sector development.
While speaking at the FBNQuest investor conference in Lagos yesterday, Enelama said the time has come to change discussion about the economy from that of lamentation to solutions, adding that his ministry is already developing strategies to tap into digital technologies to boost trade and investments.
He also admitted that the current administration must deliver on creating and implementing frameworks for enabling environment where partnership with private investors and private capital will thrive.
While agreeing that cost of doing business in the country is high, the minister said infrastructure challenge has been the key, but expressed the hope that right policies and the will to implement globally tested policies will work for the country.
As stakeholders expressed concern over Nigeria’s rising debt profile amid economic growth challenges, the minister said such fears though reasonable, are not called for presently.
According to him, while the debt stock might be on the increase, Nigerians should be interested in the country’s ability to pay and the need for infrastructure that has dragged competitiveness and growth behind.
“We need so much investment in infrastructure that government alone does not have all the money to provide. This is why we need Foreign Direct Investment (FDI) and partnership with the private sector,” he said.
