Report-on-the-Sixteenth-Nigerian-Economic-Summit-2010

that more investment was needed to move the economy forward. This, he
said, informed his recommendation to the federal government to establish the
sovereign wealth fund to take care of critical infrastructure in Nigeria.
He also said that investment was driven by capital, technology, raw materials
and market given the large market availability. He stressed that what was
currently needed is to turn the available quantity advantage into economic
potential for massive job creation as well as poverty alleviation.
Refocusing the Economy
According to him, refocusing the economy would require taking responsibility
for moving the economy forward, stopping the culture of complaining, and
ensuring that energy and resources are effectively utilized to chart a new
economic course. When compared to peer countries, Nigeria had the lowest
credit rating and must therefore watch its debt ratio and deploy a management
strategy.
Refocusing the economy would also require capital, inclusive growth,
productivity and business climate and governance:
Capital would stimulate the real sector through access to cheap and
long-term capital.
Inclusive growth would foster economic growth/job creation by
providing opportunities for economic and human development. The
President had been deeply concerned with job creation and so, for
the first time, statistics on unemployment and its reasons had been
generated. It revealed that lack of long-term credit facilities to the
real sector was one of the reasons for unemployment. Little or no
attention to the labour-intensive sector such as solid minerals was
also a major challenge to creating employment.
Productivity removed barriers to critical infrastructure.
Business climate and governance bred competitiveness and strengthen
the environment for doing business.
Nigerian Economic Summit 25