2016 Budget will include new policies to boost economic diversification – Buhari

President Muhammadu Buhari has said that the 2016 National Budget will include policies and measures to encourage rapid diversification of the Nigerian economy away from its over-dependence on the oil and gas sector.

The president made this known in Abuja on Monday at an audience with a delegation of French Investors, led by the President of the Movement of the Enterprises of France (MEDEF), Mr Pierre Gattaz.

According to him, the policies being evolved by his administration to boost domestic manufacturing and attract greater investment to Nigeria’s agricultural and mining sectors will be given full effect under the 2016 budget.

The President, therefore, urged Gattaz and the French trade mission, which included over 50 companies with interest in manufacturing, agriculture, infrastructure development and other areas, to return to Nigeria again next year in order to take full advantage of the new policies.

He also assured the French investors that under his leadership, Nigeria would not fall short of international standards in the protection of foreign investments and the repatriation of returns on such investments.

While agreeing that domestic security and the inflow of foreign investment were intrinsically linked, the president told the French investors that the Federal Government was taking all necessary measures to overcome Nigeria’s security challenges.

“Our government came into office at a time when many people had abandoned the country’s manufacturing, agricultural and mining sectors.

“We are doing our utmost best to encourage diversification into these sectors which can employ a lot of people and we will welcome your support in this regard.

“Ultimately, reducing unemployment will also help to improve security because unemployment and insecurity are inseparable,’’ he added.

The president said that Nigeria would also welcome more French investment in its power sector “because availability of steady power supply will lead to the reopening of closed factories and the creation of more jobs’’.

He assured the delegation that his administration was tackling corruption with vigour to ensure greater probity in the management of national resources.

The MEDEF president, who spoke on behalf of the French investors, sought assurances from President Buhari on the safety of their planned investments in Nigeria and the easing of bureaucratic bottlenecks.

The French Investors’ visit to Nigeria is a follow-up to President Buhari’s recent trip to Paris.