Billionaire urges FG to quickly reposition Nigeria’s economy

Mr

Elumelu made the call while presenting a keynote address at the 2017 Annual Insurance Conference on Monday in Abuja.

He urged the government to re-orientate the minds of the executives that implement policies of government to see themselves as business enablers and realise the urgency of the moment.

“They must be willing and committed apostles who share the vision of their masters otherwise there will be motion without movement,’’ he said.

Elumelu reiterated the need for Nigeria to promote, attract and retain investments to achieve employment, economic empowerment and economic opportunity for the people.

“For Nigeria to successfully position itself to promote domestic business and attract investment, the public sector must improve its process for doing business.

“We need more of our domestic investors to show the foreign investors that our country is good for business.

“The first thing we must do is to create an enabling environment for local investors so that it will serve as a signal to other investors.

“The private sector can only thrive with the support and enabling environment created by government and its agencies.

“We need the public sector to be willing partners in establishing the right investment and worthy business environment that is so needed in Nigeria; this is the only way Nigeria can show it is ready for business.’’

Elumelu said that there was need to strengthen the country’s institutions, adding that the three arms of government needed to work together with a shared purpose to ensure Nigeria’s readiness for business.

Elumelu said that an efficient and effective infrastructure would aid more investments into the country and urged the government to ensure the right policies be put in place to attract infrastructure investment.

He recognised efforts by the President Mohammadu Buhari’s administration to ensure security in the country, stating that security was key for investment.

He stressed the need for more Nigerians to be encouraged to participate in insurance and called for the privatisation of the country’s Small and Medium scale Enterprises (SMEs).

Elumelu noted that SMEs created the most jobs in every economy and for Nigeria to meet the demand for employment, it was important for SMEs to be well funded.

According to him, no nation can develop without massive capital injection.

“Capital mobilisation is key but we need to create the right environment to attract the capital.’’

He urged the Federal Government to position the country as an investment destination, adding that this would lead to economic prosperity that would bring hope for a brighter future.