Jonathan: Nigeria Will Join 20 Most Developed Countries by 2020

President Goodluck Jonathan *.Our economic status attracting more foreign investors, says Aganga Ademola Adeyemo and Shola Oyeyipo in Lagos; Sheriff Balogun in Abeokuta Speaking against the background of efforts by the federal government to transform the country, President Goodluck Jonathan has assured that Nigeria would be one of the 20 most developed countries in the world by 2020. This is coming on the heels of the declaration by the Minister of Industry, Trade and Investment, Dr. Olusegun Aganga that the new economic status of the nation had been attracting a large number of foreign investors to the country President Jonathan, in a lecture titled: 'Industrial Relations, Labour Productivity and National Development,' delivered on his behalf yesterday by Vice President Namadi Sambo, during the events marking the 71 anniversary of the Lagos Island Club, said the administration had been attracting more foreign direct investment needed to stabilise the economy. "We are putting in place the enabling environment to attract businesses and I can assure you that today is still the number one destination of foreign direct investment in Africa and by 2020 we will be among the 20 most developed countries in the world," he said. The vice president, who premised his optimism on the “institutional transformation” of the Jonathan-led administration and the improvement in power supply, stated that rather than leaving the country as being insinuated, “more industries are coming into Nigeria.” He also underscored the commitment of the federal government to continue giving attention to issues relating to labour and productivity as a way of motivating the transformation agenda of the administration in the aspect of national economy. "We are providing a robust fiscal and monetary policy regime for the smooth functioning of the economy, including financing strategies that do not crowd-out the private sector, and government is also holding regular dialogue with private sector operators and playing an active role in economic planning, based on universally acceptable market principles,” Sambo said. On the issue of capital flight emanating from the repatriation of profits by the telecommunications companies that are not listed on the Nigeria capital market, the vice president said the Minister of Communication, the Nigerian Communication Commission (NCC) and the Director-General the Nigerian Stock exchange Commission (SEC) are working to make sure affected companies invest in the country's capital market. Also, when responding to the Lagos Monarch, Oba Rilwan Akiolu, who had earlier bemoaned the growing spate of political violence, Sambo said like most other Nigerians, President was totally dedicated to giving the country an acceptable election, come 2015. “I want to assure all of us that it is the plan of Mr. President that we must have elections that are fairly conducted - one-man-one-vote. And we must ensure that there is no thuggery. We have put everything in place to have free and fair election. “Mr. President has said that even his own ambition was not worth the life of anyone and he is committed credible elections that will lay strong foundation for democracy in Nigeria and Africa,” Sambo stated. Earlier, in his welcome address, the chairman, Island Club, Mr. Ademola Dada, noted that the club had resolved to address the issue of labour and productivity in its 71 anniversary lecture as part of the developmental initiatives for which the club of eminent personalities had been known since it was founded in 1943. Our Economy Attracting Foreign Investors, Says Aganga… Aganga disclosed yesterday that the new economic status of the nation was attracting more foreign investors and that the country still accounted for 75% of new investment activities in West Africa. He stated this yesterday at Bells University, Ota, Ogun State while delivering the sixth convocation lecture of the institution tagged “Emergence of Nigeria as Africa's Leading Economy: Challenges for the Future.” Aganga said in the last three years, Nigeria had been attracting investment capital rather than aid money, saying "this is among the factors responsible for its new status as the Africa's largest economy." While highlighting some of the achievements of the country in the last three years, Aganga urged Nigerians to believe in the country and work towards rebuilding it because the country has what it takes to rule the continent He declared that the nation's economy could be placed on strong pedestal by going back to the way things were done by the leaders in the 60s. Vice- Chancellor of Bells University of Technology, Ota, Prof. Isaac Adeyemi observed that economic research, Innovation and education were key factors of knowledge economy. Adeyemi noted that knowledge economy was gradually ruling the world, adding that Nigeria must trade on such path if it desires to occupy its rightful position in the committee of nations. He added that the Bells University was following the path by breeding the next generation of Africa's leaders well-grounded in ICT and other modern technology needed to excel in the society. In his speech, Chancellor of Bells University, Professor Akin Maboogunje noted that the country “has a large concentration of proactive and talented people.”