Nigeria Should Be Wealth Creator not Rent Collector- Fashola

The Minister of Power, Works and Housing, Babatunde Fashola has said Nigeria needs to transform into a wealth creating economy even as he called on state governments to concentrate on winning over local investors and boosting small businesses.
Fashola who was represented at the Enugu State Investment Summit- Oganiru yesterday, by Ayo Gbeleyi noted that Nigeria in the past has been a rent collector depending on income from what foreign investors make from the resources of the country.
He stated that while the country have earned incomes from high prices of crude oil, “we have not earned it from any appreciable effort creditable to us. Most of our oil resources are managed by foreign oil companies under Joint Venture Agreements where we collect a share of income, from their own operations, drilling, and production of oil, not from our own operation, drilling and production. Therefore, we have been largely rent collectors not wealth creators.”
Speaking on the theme “Public-Private People Partnership for a vibrant and inclusive economy”, Fashola noted that while it is helpful to attract and secure the big multi-billion naira investor, they are usually not many enough to create the inclusion that is needed.
“The most important investor for your private-public partnership is the home investor. Investors do not take positions on the basis of loyalty or friendship. They do so, on the basis of profit and returns, based on where their investment is most secure. 
“The more foreign they are, the more likely they probably will move when adverse conditions prevail. The more local they are, perhaps their local ties may dictate a slowdown of investment in adverse conditions, but it is more likely to restrain a movement away from the place they call home.
“Therefore, in order to drive Oganiru, through public private – people partnership for a vibrant and inclusive economy, the local investor is the most dependable partner.
It is the small businesses that are most important. Barbers, pepper grinders, food processors, beer parlors, small food joints, markets and shopping complex, schools, small clinics, dentists, diagnostic centers, petrol stations, pharmacies, etc.
The list is long and they are your most important partners in securing inclusion through a vibrant economy built on public, private, people partnership. They are the wheels that will drive Oganiru.
In his address, the Governor of Enugu, Ifeanyi Ugwuanyi stated that the coal state is set to partner with credible and capable indigenous and foreign private sector participants in reviving these moribund assets as well as initiate brand new projects across these sectors for the benefit of its people.
Stressing that the government and people of Enugu State is ready to make the necessary investments and sacrifices to ensure that “we leave an enduring legacy for our generations unborn he said plans are in place to grow non oil investments. 
Specifically he said the state is looking to tap into other near and present day opportunity in medical tourism, solid mineral mining, power generation and distribution, agriculture and agri-processing, transportation, real estate, tertiary education, Free Trade Zones, manufacturing and industrial parks, ICT media and entertainment as well as tourism and hospitality.

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