How Nigeria can attract more FDIs, by Chalker

[TGD]

 • U.S., Naval chief seek end to oil theft, others

NIGERIA would have an impressive record in Foreign Direct Investment, (FDI) especially in the energy and financial services sector, only if it reviewed extant policies and think of modernising its oil infrastructure, among others.

This was stated by former British Minister and global investment advocate, Baroness Lynda Chalker, in an interview with The Guardian, against the backdrop of poor infrastructure maintenance, irregular policy review, among others.

In the same vein, the United States (U.S.) yesterday advised the Federal Government to tackle alleged increase in armed attack and oil theft along Nigeria's waterways.

Meanwhile, Chief of the Naval Staff, Vice Admiral Dele Ezeoba on Wednesday met with the Principal Staff Officers of Naval Headquarters, Flag Officers Commanding and commanders of bases and Forward Operational Bases, charging them to institute immediate measure to stamp out oil theft, pipeline vandalism and other acts of illegalities within Nigeria's waters.

Chalker also spoke on the need to close the   yawning gap between existing oil technology in Nigeria and global expectations. The 70-year-old former British member of Parliament (MP) and transport minister observed that the country, having been producing oil in the last five decades, needed a holistic overhaul of its production technology and make the upstream really efficient for competitiveness.

"No industry, she said, "carries on succeeding unless it maintains the equipment and... update their equipment and their systems...In the upstream, there are things that can be done to make it more efficient,"

She also emphasised the need for the country to lay more emphasis on sustenable energy and work to "technically" overcome the twin challenge of oil bunkering and gas flaring, which, according to her, "pull'' the country "down''.

Chalker stated her position on the oil-theft challenge, just one week after the incument British Minister on Africa,  Mark Simmonds, also in an interview, said  his government would work to assist Nigeria tackle the malaise.

Still, Chalker, insisted that Nigeria's energy  and banking sectors, for instance, elicit great investor interest in the global arena, warning, however, that the necessary legislation, initiated through coordinating efforts of all relevant ministries and stakeholders, should be quickly put in place to sustain this tempo of interest.

Speaking at the 2013 Nigeria Maritime Expo (NIMAREX), holding in Lagos, the Consul General, U.S. Embassy, Jeffrey Hawkins, blamed the development to alleged lack of communication and cohesion among security agencies charged with the responsibility of protecting Nigeria's waterways.

He advised the Federal Government to develop the political will to tackle the menace, adding that since the beginning of this year, over a dozen attacks have been recorded.

He added, "We (U.S.) have talked with a lot of individuals associated with Nigeria's maritime environment in the past few months -Nigerians and expatriate alike - and I would like to share with you some of what we have heard.

"From cargo theft to kidnapping for ransom, the Gulf of Guinea is becoming known as a very dangerous place to do business. It is becoming known as a place where you must sail in convoys and where you must hire armed guards- who themselves are Nigerian police officers or sailors and rhetorically should have responsibilities other than serving as hired hands'', he added

Declaring the Navy's "zero tolerance for ineptitude and complicity", Admiral Ezeoba talked tough, telling his top personnel who feel they cannot cope with the new mandate enshrined in the laid down rules and regulations of stamping out illegalities on Nigeria's waters to quietly "ship out" of service.

Admitting that officers and men of the Navy had in the past been complicit in the discharge of their duties especially in the fight against oil theft, he stated: "We have all sinned in the past. Let us go home and sin no more."



The Guardian