Foreign investors can look forward to an improving climate for investment in Nigeria following recent government actions and based on the country's enormous natural resources, according to the Chairman of the Nigerian Development Bank.
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SV Chief Akinkugbe, Chairman of Nigerian Development Bank addressing the Conference ... and delegates listening (FIVE SHOTS)
CHIEF OLU AKINKUGBE: "The present climate towards productive investment is not favourable. However, recent government corrective actions and an assessment of Nigeria's potential gives one cause for optimism. If over the next one or two years we can restore and maintain a healthy foreign exchange position, make real progress in controlling domestic inflation, shift our substantial resources away from trading in foreign goods and into truly productive investments, and, above all, restore pride and efficiency in the civil service, the economic future of this country both or Nigeria and foreign investors should be very bright indeed. Thank you, ladies and gentlemen."
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Background: Foreign investors can look forward to an improving climate for investment in Nigeria following recent government actions and based on the country's enormous natural resources, according to the Chairman of the Nigerian Development Bank. Chief Olu Akinkugbe was addressing Expo Africa '78, the first international Lagos Conference on Trade and Technology.
SYNOPSIS: The Lagos Conference on Trade, Technology and Training attracted delegates to the Nigerian capital from all parts of Africa as well as from Asia and Europe.
It was a showplace for European manufacturers, but the conference was also a forum for discussion of Nigeria's economic problems.
Nigeria's inflation is running at more than thirty percent a year and last year, while imports grew by forty-two percent, exports rose only twenty-two percent. But the Chairman of the Nigerian Development Bank, Chief Olu Akinkugbe spoke optimistically of the future.