President Muhammadu Buhari yesterday explained reasons his administration is fighting corruption, saying enough is enough. According to President Buhari, it is time to make public funds work for the public good.
Buhari, while addressing the German-Nigeria Business Forum in Berlin, said: “We have boldly set out to bring an end to a culture of impunity and abuse of public trust. Corruption is the reason why we went through years of an oil boom and came out with very little to show in terms of savings or investments.
“Corruption is the reason our military struggled for so long against Boko Haram. Corruption is one of the reasons that in spite of our rich human and natural resources as a country, seventy percent of our population continues to live in poverty.
“Now we have said enough is enough. It is time to make public funds work for the public good. And that is why we are bringing culprits to book and recovering looted funds and assets.”
The president disclosed that a new bank, Development Bank of Nigeria, will soon begin operations to strengthen the government’s economic diversification programme. He said the bank, when fully operational, would support small and medium enterprises in the country by improving their access to financing.
“Our ambitions of creating a diversified and inclusive economy in Nigeria can only be achieved by having a mix of small, medium and large businesses. This is why we worked with the German development agency, KFW, in designing the Development Bank of Nigeria which will support the small and medium size enterprises both financially and technically to ensure they take their rightful place in the industrialization value chain.
“I am pleased to announce that Development Bank of Nigeria will be taking off soon and should be a game changer in our economic diversification plans,’’ President Buhari said.
Describing Foreign Direct Investment into Nigeria from Germany as modest, Buhari urged prospective investors at the gathering to go beyond the expressions of interest and make binding commitments for trade, investments and industry in the key priority sectors of agriculture, infrastructure, solid minerals and digital economy.
Via Daily Trust