Nigeria has set for itself the ambitious target of attaining a per capita GDP (Gross Domestic Product) of US$4000 within the next ten years. Speaking through his Vice, Architect Namadi Sambo, President Goodluck Jonathan made this declaration in Calabar on Tuesday, while performing the ground-breaking ceremony for the US$1bn General Electric (GE) multi-service factory at the Calabar Free Trade Zone. He said the economy was witnessing accelerated development through the effective economic and transformation measures put in place by his administration in the past two years.
"We aim at achieving a US$4000 Gross Domestic Product for our people through the double digit transformation of our economy in the next ten years".
He said General Electric by investing the sum of US$1bn in Nigeria amply demonstrates its confidence in the Nigerian economy which will not only give a boost to the administration's transformation agenda but also further strengthen confidence in Nigeria's business environment by both local and foreign investors and ultimately add to the value chain of bringing more development to the country especially in its manufacturing sector.
"In 2009 we signed a strategic partnership agreement with GE and in 2011, another company to company agreement was signed for GE to handle Nigeria's healthcare, energy and rail transportation and we are seeing results in that synergy".
President Jonathan revealed that arising from his administration's confidence in GE, the company was awarded nine out of the ten Independent Power Projects, IPPs, which are due for commissioning soon and expressed confidence that the multi service projects handled by the company in Calabar would add great value to the country's manufacturing sector.
Senator Liyel Imoke, the Cross River State governor said the expected impact to Nigeria's economy through the GE project in Calabar is substantial and amplifies his administration's confidence in manufacturing and service economy outside overt dependence on oil and gas.
"With this investment, we as a nation need to move from over dependence on oil and gas economy to a production economy which other advancing economies are moving towards to ensure continuous growth".
He said investment in the state from companies like Dangote, Unicem, Wilmer and others is in excess of US$2bn and this is expected to hit US$4bn in the next two years.
Mr. John Rice, the Global Vice President of General Electric said that the US$1bn Dollars investment in Calabar is the company's biggest investment in sub-Saharan Africa.
"250 million Dollars would be in capital investment while 850 million dollars would be in infrastructure, workforce, training and human development".
General Electric, Rice revealed would begin with a training school to attract and train the best talents in engineering and management to suit its purpose to effectively position its labor to handle the Calabar investment which will manufacture equipment for electric installations, health facilities and transportation machines.
Credits: Cross River Watch (http://crossriverwatch.com/2013/06/jonathan-in-calabar-says-nigerias-economy-is-one-of-the-fastest-growing-in-the-world/)
Via: Cross River State Government - Official Press Release
We believe so much in words and promises in this country that we tend to forget about actions sometimes. Let's work towards it!!!!!!!!!!!!!