Jonathan seeks US support to diversify Nigeria’s economy

President Goodluck Jonathan on Wednesday evening in Washington DC sought greater support from the United States for his administration’s efforts to make other sectors of the Nigerian economy more productive.
He said while the oil and gas industry remained Nigeria’s main source of revenue and foreign exchange earner, his administration was working very hard to fully diversify the country’s economy.
A statement on Thursday by his Special Adviser on Media and Publicity, Dr. Reuben Abati, quoted the President as speaking at a dinner held in his honour by the United States Chambers of Commerce and the Corporate Council on Africa.

Jonathan expressed delight that the volume of trade between Nigeria and the United States has risen to a record level of $36 billion per annum.
He said the volume would continue to increase with greater cooperation between Nigeria and its allies in the United States Government and private sector.
Jonathan said his administration welcomed the support of the Obama administration and both organisations for ongoing efforts to positively transform the Nigerian economy and  ensure that it becomes one of the twenty largest economies in the world by 2020.
Calling for greater direct investment in Nigeria from the US, the President declared that recent developments had shown that President Barack Obama was right when he spoke in September last year, of increasing international recognition of Nigeria’s role in the global economy.
“Our economy has since been re-based and it is now the largest in Africa.  We are the 26th largest economy in the world and the largest trading partner of the United States in Africa.  Latest figures show the volume of trade between Nigeria and the U.S. to be $36 billion and still counting.
“Between last year and now, we hosted the World Economic Forum on Africa  which was attended by 1,000 participants from 70 countries.  The Forum attracted over $68 billion in investment to the African continent in the form of Foreign Direct Investments, as well as private and public investments targeted at projects that would foster the agriculture sector, improve infrastructure such as roads, railways, hospitals, education, skill development and ICT across African countries.
“We remain the largest source of natural gas and have large areas of unexploited fertile lands for agriculture.  We have a huge stock of untapped solid minerals and we continue to make Nigeria an attractive destination for foreign investors through the constant implementation of our policy of creating an attractive and conducive climate for investors,” President Jonathan told the gathering.
He assured American investors that his administration was taking all necessary action to overcome the Boko Haram insurgency and achieve greater security of lives and property in all parts of Nigeria.