By MARK ITSIBOR
The Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah has said that Nigeria’s economy is undergoing reforms to restore the country’s glory.
“The economy is going through many significant reforms and the government of Nigeria is using this opportunity to pay particular attention to other sectors apart from oil and gas, notably agriculture, manufacturing, digital economy etc,” Enelamah said in Singapore where he signed an Investment Promotion and Protection Agreement (IPPA) with Singapore on behalf of Nigeria.
The minister used the forum to invite foreign investors to Nigeria, saying the “time to invest in Nigeria is now”. He said Nigeria is looking at working with Singapore in various areas including, Economic and Industrial Zones, infrastructure, SMEs, eGovernance, ICT etc.
Enelamah who said the Nigerian government is committed to providing an enabling environment for all investor, stated that “For ease of doing business in Nigeria, the government under the Ministry of Industry, Trade and Investment, is setting up a secretariat that will facilitate expedited visas issuance, business permits under one roof and will be managed by both the private and public sectors.”
A round table discussion organised by the Singapore Business Federation (SBF) was also held with members of the private sector from both countries.
Meanwhile, the House of Representatives yesterday called on the Economic Crimes Financial Commission (EFCC) to arrest the individuals behind the MMM scheme.
Mr Saheed Fijabi, the Chairman, House Committee on Telecommunications noted that the MMM is now popular among Nigerians but it is a Ponzi scheme deceiving Nigerians. “The scheme entered the Nigerian circle in 2016, capitalising on the high level of unemployment and poverty to deceive unwary Nigerians into falling prey to their antics,” said Fijabi. He also noted that MMM isn’t regulated by the Central Back of Nigeria.
The House supported the notion that the promoters of the scheme are waiting for more Nigerians to invest their money before absconding. The House of Representatives has asked the committees on Banking/Currency and Financial Crimes to thoroughly investigate MMM.
EFCC has also been directed to stop MMM before it dupes Nigerians of their hard earned money. The Central Bank of Nigeria (CBN) issued a warning about the Ponzi scheme last week.
The head of the Consumer Protection Department of the CBN, Suleja Kassim also warned Nigerians not to invest their hard earned money in the scheme during a mentoring programme for students.
“We have heard about the activities of MMM. I want to warn you against it because they are wonder banks that are not regulated. Desist from their activities because they are fraudulent,” he stated