Speaking at the just concluded conference of Honourary International Investments Council (HIIC), he warned that of a great danger ahead if the nation continues to live above his realistic means.
His words: “We are borrowing more money today at a higher interest rate while leaving the heavy debt burden for our children and grandchildren. For example, if you receive your salary and everyday the money is not enough, you have two options to adjust yourself; Either check your expenditure or check your wages.
He urged the ruling class and the older generations to set good example and educate the coming generations for a better and secured future. According to him, such example should be set by not accumulating debt for future generations to inherit.
“Where would the future be for Nigeria, if today should be allowed to destroy the future”, he queried.
Mallam Sanusi was among the high-profile Nigerian delegation that attended the 13th session of the Honorary International Investments Council (HIIC) of the Council,which was held on 29-30 November 2012 at Beckley Hotel in Knightsbridge,Central London.
The Honorary International Investments Council (HIIC) is a cross-country organization of prominent investors, drawn from various countries around the world with the task of advising and encouraging governments on economic development issues as concerned nations, especially the fast growing economies in the World.
The business conference sessions held in London on Thursday and Friday, 29-30 November 2012, had Vice President Namadi Sambo leading a strong team of economic planners and policy makers teaming up with business executives to canvass for international investors for the country.
The conference looked into the best ways of attracting investment to Nigeria and all speakers had the consensus that the nation with many opportunities and natural resources stand to grow faster economically, if the current trend of economic progress is sustained.
Convener of the conference, British MP and former International development minister, Baroness Linda Chalker spoke of Nigeria as a well-placed economic giant, advising that every opportunity should be harnessed by the Nigeria Media to highlight to the World all existing prospects for investment.
She warned however, against negative reportage of the situation in the country. According to her, “You actually let your own country down when you focus on the negatives”.
She stated that Nigeria’s current security challenges do not in any way have a negative impact on the drive for investment. She regretted that the way Nigeria Media dish out the reports on the security challenges give an erroneous negative impression on the nation..
Speaking at the event, Olusegun Aganga, Nigeria’s trade and investments minister was excited that Nigeria currently stands the best opportunity to drive her growth and development forward, pointing out the fact that the nation’s economy has been growing by 7% in the last 14 years, indicating an impressive report card very advantageous to positive economic investment attraction to Nigeria.
He added that his claim has been confirmed by the number and quality of investors investing in the real sector of the economy.
He added that the country had spent some time looking at the macro economy and the good news is that Nigeria has a very good and compelling story to share with the world pointing out that the nation has a strong and stable macro-economic environment”
He said that the exchange rate has been stable for quite some time. Nigeria’s credit rating has also just been upgraded from B+ to BB-, at a time when many countries in Europe are experiencing downgrading of their sovereign credit rating.
Mr Aganga added, It is a strong and positive story and investors are reacting to this positively all over the world. People are excited about the credit rating of Nigeria and we have seen a lot of investors in the country.”
Nigeria currently has an annual gross domestic product (GDP) of about $250bn and a GDP purchasing power parity of $451bn, which ranks her 30th in the world. Under the country’s Vision 2020 plan,Nigeria hope to become one of the world’s leading 20 economies by 2020.