Nigeria needs to take the tough steps that allow businesses to truly thrive. This was the view expressed by Penny Pritzker, United States, US, secretary of commerce at a gathering of business leaders in Lagos last week. He disclosed that in order for Nigeria to attract more foreign investors, the government must observe the rule of law, follow ethical standards and have a good work environment. She also maintained that businesses must operate freely without government interferences and corruption and devoid of unnecessary regulation. “These are the conditions that will increase confidence among international and local business leaders and encourage further investments in Nigeria,” stated Penny.

She enjoined the government to sign the Government Procurement Agreement of the World Trade Organization, WTO, and also urged the Nigerian government, business and civil society leaders to join hands in developing home grown solutions to challenges facing the country.

Tony Elumelu, chairman of Heirs Holdings and Founder of the Tony Elumelu Foundation, disclosed that efforts are being made to tackle the manufacturing sector, which at just 5 per cent of the national economy has a lot of room for growth. “We need investors and partners and technical expertise to develop our supply chains, infrastructure and work force skills and American firms and entrepreneurs can help us to accomplish this and gain significant value for themselves” said Elumelu.