The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, on Wednesday while addressing the sixth Sustainability in the Extractive Industries Conference, called for the globalisation of the nation’s economy to attract more foreign investors in the country, Leadership reports.
Kachikwu said that unless the local economy was robust and strengthened, it could not play an international role and would not attract foreign investors. To attract investors, he said the nation needs to build a sufficient and robust infrastructure to enable cost of production to be at the lowest level to do business in Nigeria. He reiterated the need to upgrade the nation’s oil infrastructure and urged the government to provide tax holidays and a good enabling environment to encourage local producers.
He also added that there was a need to assist Nigeria’s local producers through development finance and by creating necessary financial incentives to help them operate their businesses. Other things he said, that would develop Nigeria’s economy included opening it up to foreign participation, investing robustly in security, encourage state policing as well as border protection to protect the nation’s borders because they were porous.