Federal Government to Focus Attention on the Economy Says Vice President

The Vice President of the Federal Republic of Nigeria, His Excellency Alhaji Atiku Abubakar has reiterated that the Federal Administration in its second term, will concentrate efforts in revamping the economy and diversify its base. He made this declaration in the United States, at a dinner, hosted by ConocoPhillips Company during the US-Africa Business Summit holding in Washington D.C., June 24-27, 2003.

According to the Vice President, with the successful completion of the 2003 elections and the entrenchment of democratic rule in Nigeria, the Federal Government is determined to pursue to conclusion the privatization program and ensure the total deregulation and reform of the power sector. He said government will continue the rehabilitation and expansion of infrastructures and that roads and railways, in particular, will be given priority.

Alhaji Atiku Abubakar observed that in world trade relations Africa today, is at a disadvantage due to lack of adequate capital and technical expertise and that this is responsible for the non-realisation of Africa's full economic, trade and business potentials. He urged foreign investors to provide substantive investment to Africa to help in the continent's economic growth and development. He assured the investors that the Federal Government will further facilitate the investment atmosphere through the process of economic liberalization and deregulation, guaranteed peace, law and order and due process.

Finally, the Vice President called on the Corporate Council on Africa, (CCA) organizers of the 4th US-Africa Business Summit to consider holding the next Summit in Africa in order to expose the US Business community to the true African environment and also encourage wider participation of the African private sector in the summits. He suggested that Abuja, Nigeria should be offered the hosting right for the 5th Summit.

In his remark, Mr. Henry McGee, President Africa and Europe Division of ConocoPhillips, noted that since the successful transition to civilian rule in Nigeria in 1999, the country has witnessed positive developments in the business sector. He explained that the most significant has been the willingness of the Federal Government to work earnestly with private sector investors. He confirmed that with the attractive business atmosphere ConocoPhillips which has operated in Nigeria for over 40 years, has decided to further expand its interest in Nigeria with two new projects.

The first according to him is the World Class LNG facility to be established in Brass Niger-Delta, which will involve the storing and transportation of Liquified Natural Gas for sale instead of being flared. The second project is the Integrated Power Plant Project to be located in Kwale. He assured that with leadership from distinguished statesmen in Nigeria, ConocoPhillips looks forward to many more years of investment in the country.

The Dinner was attended by a Nigerian delegation led by the Vice President Alhaji Atiku Abubakar. Also in attendance were Chief Executives from Nigeria's manufacturing, banking and the oil and Gas Sectors. The Chairman of the Board of Corporate Council on Africa and the President of the council attended the dinner as well as senior officials from ConocoPhillips, and the Nigerian affiliate Phillips Oil Co. Nigeria.