Government determined to encourage Private sector investments

Udoma Udo Udoma was a senator for the Akwa-Ibom South constituency of Akwa-Ibom State, Nigeria at the start of the Nigerian Fourth Republic, on the People's Democratic Party (PDP) platform. He was reelected in April 2003. He served on the committees on Public Accounts, Judiciary, Banking & Currency, Science & technology, Privatization and Drug & Narcotics (vice chairman). He was later appointed chairman of the Governing Board of the Securities and Exchange Commission,SEC.

Nigeria’s Budget and National Planning Minister, Senator Udoma Udo Udoma has re-emphasised the Government’s determination to create enabling infrastructure for private sector participation in growing the country’s economy.

The Minister who was speaking when a delegation from Cerberus/Dyn Corp of the United States of America visited him in Abuja the Nigerian capital, said government’s focus is on stimulating the environment through the creation of enabling infrastructure that will entice private investors to contribute meaningfully in the economy.

The spokesman for the team and former Economy and Finance Minister of Egypt, Youssef Boutros Ghali, had told the minister that his group will like to participate in the turn-around of economic infrastructure in the country, including advising and financing moribund and ailing industries.

Senator Udoma said the group’s interest actually fits into what the Federal Government was trying to do; since government was not going to be involved in floating and managing businesses directly.

Government’s focus, according to him, is on creating an enabling environment and looking at those areas that are capable of encouraging inflow of investments from the private sector.

Minister of State for Budget and National Planning , Hajia Zainab Ahmed told the delegation that Nigeria at this time needs investors who can look at ailing and moribund industries and infrastructure and not only put in their resources into revive them but administer them to profitability.

Going through the array of services and industries that the delegation said their group is interested in, the Minister of State said Nigeria has opportunities in all the sectors indicated and noted that it is indeed heartwarming to meet investors that have a large appetite for risk taking.

Boutros-Ghali told the minister that Cerebus/Dyn Corp has capacities in funding and turning around distressed companies and rehabilitating moribund infrastructure in several areas including logistics, technology, agriculture, oil and gas, pharmaceuticals.

He stressed that as the leading economy in the African continent, Nigeria needs such investments; pointing out that the current economic reforms going on in the country requires private sector support which the group can facilitate investments to the tune of at least $1 billion by the end of 2016.

The team included the former Prime Minister of Guinea and one-time Executive Secretary General of the ECOWAS Commission, Kouyate Lansana and Mr Tibo Sharon. The team was led by the former Governor of Akwa Ibom State, Obong Victor Attah