We’re doing well even without oil wells – Imoke

What is your take on the state of Nigeria’s manufacturing sector?The production and manufacturing sector of the Nigerian economy has been much-maligned over the years and plagued with a number of challenges. The critical and integral factor in the manufacturing sector is simple: investment.  Investment becomes important for growth and has always remained so. Substantial […]

What is your take on the state of Nigeria’s manufacturing sector?
The production and manufacturing sector of the Nigerian economy has been much-maligned over the years and plagued with a number of challenges. The critical and integral factor in the manufacturing sector is simple: investment.  Investment becomes important for growth and has always remained so. Substantial and significant far-reaching investments that will qualitatively impact on our capacity as a country as represented by this kind of investment.  This is in line with Mr President’s agenda as envisioned in the Vision 202020. Nigeria needs an investment of over N34 trillion in growth oriented sectors in the next four years if it is to become one of the 20 biggest economies in the world by the year 2020.  It is this intense desire to transform our country that informed President Jonathan’s decision to expand the mandate of the Ministry of Trade and Investment to enable it better attract the right kind of investment into the country that will create jobs and boost economic growth.  Indeed, the ministry has worked assiduously to introduce other initiatives which will further consolidate and grow our investment portfolio.
A few months ago you conducted the ground-breaking ceremony of General Electric in Calabar.  What makes you so proud of their coming ?
I think it is important we recognize the strong partnership between our government and the key stakeholders in the process of realization of this investment in making the coming of General Electric into the state possible. Their one billion dollars training and manufacturing facility investment, ‘project Emerald’. will definitely transform the state and the country as a whole. I congratulate them for their decision to make Calabar the home of this monumental investment which will ultimately boost the Nigerian economy.
How do you see the investment climate in the country?
It is encouraging to note the introduction of a new and integrated investment climate which will amongst other things present possibility of a more expedient new business registration process and a more efficient visa regime for business visa application to Nigeria. It is also encouraging to note that the ministry has also revamped the one-stop business centre to ensure effective delivery of its mandate. This will consequently lead to enhancing a better export profile for non-oil products thus broadening our economy and diversifying our income stream. The ministry has also sought to establish bilateral relations with the newly industrialized nations of the world through the establishment of the trade and investment council with Brazil and China.
Do you really think that Nigeria can match up with these emerging economic giants?
It is not impossible!  For Nigeria to join this new global industrial elite we must focus our energies on economic growth, especially in such areas where we have considerable, comparative and competitive advantages. These areas are agriculture and particularly manufacturing. But we as a nation need to move away from our wholly-oil-dependent economy to one which can create wealth through varied economic and commercial channels to spur that much-need economic growth in the country.
How successful has your efforts at attracting investments into your state been?
Our effort at revamping the investment climate over the last two years has been successful.  We have witnessed significant investment in agriculture, manufacturing and industrial production over the last two years. Only last year, Wilmar International launched their $400 million agriculture investment in oil palm processing in Calabar. With other investments in cement production, steel manufacturing, power generation and increased commitment from Dangote and other Chinese investors in our Free Trade Zone, our investment portfolio is in excess of $2 billion (about N300 billion) with brighter hope that it will rise to $4 billion (about N600 billion)in the next two years.
I want to use this medium to reassure our investors that they are arguably in the best and safest place. As we continue to drive our vision of being the best service driven economy in Nigeria, GE are most welcome to what has become Nigeria’s new investment hub, and premier destination for business and leisure. The ongoing construction of Calabar International Conference Centre which resides in a new development area of Calabar is a deliberate effort to accommodate the modern interests of investors and businesses.
To what extent will these investments impact on job creation?
The consequent job and wealth creation cannot be under-estimated. We are looking at approximately 50,000 new jobs soon from these investments. And, of course, we also expect that along the value chain, more jobs are certainly going to be created. We will however further enhance the productive capacity of our workforce.  Working with the Central Bank of Nigerian and the Ministry of Trade and Investment, we have embarked on various small and medium enterprises to enhance the fortunes of our youth and entrepreneurial development schemes to ensure that our people are best placed to supply the vendor services down the value chain. The impact and effects on the real economic growth which these huge foreign investments will have on our local economy can only be imagined.