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SGF says Nigeria needs stability to attract investment, economic growth

The Secretary to the Government of the Federation (SGF), George Akume, says that the African region and Nigeria, in particular, must aim at ensuring political and economic stability at all cost.

Delivering the lecture at the graduation of participants of the National Defence College (NDC) Course 31, on Monday in Abuja, Akume stated that stability enhances the capacity of the country to attract foreign investment to achieve economic growth and development.

In the lecture titled, “Economic Growth and Regional Development: Strategic Options for Africa,” he added that “a commitment to good governance, transparency, and the rule of law is imperative to build investor confidence,” he added.

The Permanent Secretary, Special Services, OSGF, Alhaji Aliyu Shinkafi, who represented the SGF identified major challenges to economic stability.

Such challenges include, income inequality, environmental issues, and resources allocation, vulnerability to global economic and political instability.

He stated that, “by capitalising on sectors of comparative advantage, investing in infrastructure, and promoting innovation and technology, African nations can lay the foundation for inclusive growth and spur economic diversification.

“The interconnectedness of regional economies calls for collaborative efforts that transcend borders, fostering cross-border trade, investments, and knowledge sharing.”

Akume also said that education and skills development stood as cornerstones for Africa’s success story.

The Commandant, National Defence College (NDC), Rear Admiral remarked that the recent world economic outlook was not cheering on the state of African countries.

He noted that Africa countries like Nigeria, South Africa and Egypt at 32, 39, 40, sat at the bottom of the list of 40 fastest growing economies in the world.

Olotu noted that the African situation was further compounded by insurgency and other security challenges accompanied by the proliferation of small arms and light weapons.

These, he said, have impacted negatively on economic growth and regional development in the continent.

The Rear Admiral said African leaders could develop viable strategies that would enhance economic growth and development in the continent. (NAN)



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