Nigerian govt launches Economic Diplomacy Initiative, outlines its benefits

The Federal Government on Thursday launched the Nigeria Economic Diplomacy Initiative (NEDI), which it said would help the country achieve a vibrant and competitive national economy.

Vice President Yemi Osinbajo stated this in his remark at the launch which took place at the Banquet Hall, State House, Abuja.

Osinbajo also said that the initiative will bridge the gap between local talents and Nigerians in Diaspora and urged private sector, and local businesses to leverage on the initiative to expand globally.

He said, “The Nigerian Economic Diplomacy Initiative is designed to complement the fundamental economic objective of the Federal Government of Nigeria, which is to improve the wellbeing of Nigerians as individuals and as a collective.

“Our national economic aspirations in the medium-term are contained in the Economic Recovery and Growth Plan (ERGP) which emphasizes sustained growth to generate the large number of jobs we urgently require. As designed, this initiative fits very well into the ongoing work towards an enabling architecture of laws, rules, processes and tools that facilitates business.

“The fact that this initiative will enable Nigerians in the Diaspora to find opportunities to contribute to national development through short-term assignments or by securing jobs, is a particularly pleasing component of this initiative and it is one I think we ought to pursue vigorously.

“It is very important for us as a nation to effectively utilise our human and material resources. This initiative will contribute to this objective by enhancing the capacity of our diplomats, to conduct economic diplomacy at a very practical level at home and abroad. Once it is fully up and running, the Nigerian Economic Diplomacy Initiative stands to make a critical contribution to achieving the objectives of the Economic Recovery and Growth Plan.”

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Speaking further Osinbajo said, “Nigeria’s participation in international economic processes must take account of official multilateral and bilateral relations, as well as trade and investment flows. Our multilateral economic engagement requires engagement in the architecture and rules at global and regional levels. This is why we have participated in African integration processes since the adoption of the Lagos Plan of Action and the Treaty establishing the African Economic Community.

“It is also why we participated actively in negotiations to establish the African Continental Free Trade Area and why our attempt to build greater understanding on what it will entail for us as a nation should not in any way be construed or interpreted as diminished commitment to our pan-African ideals. We are committed to our Pan-African ideals; we are committed to the ideals that have stood us out as a country determined to integrate Africa. We are also committed to ensuring that adequate consultation is made adequately with the private sector before we make further commitments to some of the international treaties important to us.”

 

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