President Muhammadu Buhari has said that Nigeria is paying the price for incompetence in managing the proceeds from oil in the past decade. He made this known while receiving the Chief Global, Chief Executive Officer of Unilever, Mr. Paul Polman in Abuja on Monday.
He added that his administration is working very hard to change the structure of the Nigerian economy suffered by several years of mismanagement.
”We refused to save for the rainy day. Now the rain is beating us. No money, no savings, nothing. And we are thoroughly wet from the rains,” he said.
He assured that the country would soon be able to feed itself, and even export, with the current emphasis placed on agriculture adding that the Federal Government would fast-track the implementation of strategies to ease doing business and attract more investors into Nigeria.
“We want to create jobs, and supporting manufacturing is one way to do it. As soon as we have stabilized our budget, I would personally be interested in the manufacturing sector, particularly in the generation of essential raw materials,” the President said.
In his response, the Chief Global CEO of Unilever said the company had been in Nigeria for 93 years, making it the oldest manufacturing concern in the country.
“Our products are more Nigerian than other Nigerian brands. Despite the economic downturn, there are opportunities to further advance our business here.
“The situation to invest and continue to invest here is very encouraging,” Mr. Polman said, adding that Unilever had invested about N15 billion in Nigeria in the past three years.