The World Bank yesterday unfolded a comprehensive plan for a Marshal Plan that will gulp $2.1 billion for the rehabilitation of the North- East ravaged by the Boko Haram insurgency. The bank, at a meeting in Washington DC with representatives of the Bill and Melinda Gates Foundation and the World Health Organization (WHO) which was also attended by President Muhammadu Buhari, said apart from rebuilding the region in terms of infrastructure, priority would also be given to the resettlement of internally displaced persons (IDPs).According to the United Nations, at least 1.5 million people have been sacked from their homes since Boko Haram launched its insurgency in 2009. The meeting was part of activities lined up for Buhari, who on Sunday began a four-day visit to the United States.
The $2.2 billion already earmarked by the World Bank will be spent through its International Development Agency, which gives low interest loans to government. The first 10 years will be interest-free, while an additional 30 years will be at an interest rate lower than prevailing capital market rate. A statement by Buhari’s Special Adviser on Media and Publicity, Mr. Femi Adesina, said the World Bank was eager to quickly give succour to the people of North-east, who have been at the mercy of the insurgency that has killed over 20,000 people.
WHO is also to invest $300 million on immunisation against malaria in Nigeria, while the Bill and Melinda Gates Foundation will collaborate with Dangote Foundation to ensure that the country maintains its zero polio case record of the past one year, if the effort is sustained for another two years.
Buhari, who also addressed investors in Washington yesterday, welcomed the World Bank’s Marshal Plan for the North-East. He urged the bank to send a team to work in concert with that from the Federal Government for a proper assessment of needs could be done before the beginning of the rehabilitation. Buhari, at another occasion yesterday, dismissed investors’ fears that his administration would roll back the privatisation programme embarked by his predecessors, especially in the power sector. He told prospective investors at a meeting in Washington that rather than do that; he would expand the scheme to other sectors of the economy.
He urged the entrepreneurs to use the opportunities offered by the liberal trade and investment climate in Nigeria to do profitable business with the country. Buhari, at a business forum organised by the United States Chamber of Commerce and The Corporate Council on Africa, said his administration would continue with the Federal Government’s privatisation programme in various sectors of the economy. According to him, the privatisation scheme will be expanded to include the nation’s aviation, telecommunication, energy, gas, solid minerals, health, and infrastructure development sectors. He said: “It is my intention to create the necessary environment for future investment in Nigeria.
“We are the most populous nation and largest market in Africa with vast human and natural resources and blessed with abundant young skilled workforce “We are, therefore, proud candidates to become the destination of choice for United States investments in Africa. I will work assiduously to welcome new investors to our country. “I would like to remind you all that we are continuing in a major privatisation programme with sectors ranging from telecommunication, energy, gas, solid minerals, aviation, health and infrastructural development, but with improved moral architecture.
“We will also simplify visa procedures based on the principle of reciprocity.” The president, according to a report by the News Agency of Nigeria (NAN), called on the business communities in the US and Nigeria to exploit the excellent political relations between the two countries to expand trade and investment, as well as enter into joint venture projects in priority sectors of the Nigerian economy. He identified power generation, gas, agriculture value chain, mining, health and tourism, among others, as the sectors needing expansion. He said: “While I recognise the pivotal role of government in facilitating and promoting economic growth, the private sector must assume an increasing role as part of the engine of growth. “We will welcome genuine investors, who are willing to come to Nigeria for solid mineral exploitation.”
He pledged that his administration would carry out its key campaign promises including the creation of employment opportunities for millions of Nigerian youths. “Generating employment was one of my key campaign promises. I will do my best to keep this promise. “There is no other way to expand economic opportunities and create employment opportunities for millions of our youths than boosting domestic manufacturing, undertaking infrastructural development and industrialisation.
“Let me repeat, Nigeria will partner genuine investors who are willing to join us to achieve our economic objective and, at the same time, realize handsome returns to recoup their in-vestments “There is more to Nigeria than oil. This is why I will continue to stress the need for increased United States’ investments in our non-oil sector.”
Buhari reassured investors that his administration would reduce waste in the management of the Nigerian economy through prudence, accountability and good governance, as well as respect for the rule of law, strict compliance with and observance of contractual agreements. According to him, Nigeria has huge economic potential that required heavy funding that couldn’t be sourced locally. “In this regard, I want to use this platform to encourage United States foreign investment and funding agencies such as Overseas Investment Corporation and the United States Export–Import Bank to increase access to capital and funding of such businesses on favourable terms.
“Nigerian potentials are already being exploited,” he said. Chairman, Corporate Council on Africa, Mr. Paul Hinks, expressed the readiness of American investors to do business with the new government in Nigeria. He, therefore, invited Buhari to chair the council’s summit scheduled to hold in Ethiopia in November. Buhari, also yesterday, expressed his commitment to restore peace in Nigeria, saying nothing would work in the country except it is secure. Speaking during an interview with Christine Amanpour, broadcast by CNN, he said his administration would step up efforts to rout Boko Haram from the North-East and kidnappers and oil thieves from the South.
He also said he would go after any individual found to be corrupt in the country, irrespective of the person’s relationship with him. Answering questions on whether his anti-corruption fight would spare his party men, Buhari said: “I guess I have to go after anyone found to be corrupt. There isn’t going to be any party member (APC) or any personality that can escape justice.” Responding to issues on whether his government would negotiate with the Boko Haram sect for the release of the abducted Chibok girls, he said: “I cannot be against it.
I told you our main objective as a government is to secure those girls safe and sound back to their schools and rehabilitate them to go back to normal life.” Expressing caution on the authenticity of leadership of the sect coming forward for negotiation, the president said his administration would have to be careful about the credibility of various Boko Haram leaderships. He said he was aware of the expectations of Nigerians of his government and was doing everything not to disappoint them.
But he cautioned against hasty assessment of his government’s ability to deliver on its campaign promises, saying it is too early in the day to assess him as he has over threeand- a-half years to fulfil his promises. He also said his administration would probe allegations of human rights abuse against the military fighting Boko Haram.
“I have just mentioned that under Lake Chad Basin Commission, we have agreed to form a multinational joint task force, so whatever happened before that decision was taken, we have to allow further investigations to verify the allegations of human rights abuses and I am sure you must have known the decision taken by the Federal Government of Nigeria in changing the Military Command,” he added.
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