As part of its pledge to assist President Muhammadu Buhari’s bid to tackle corruption, the United States government has sealed a deal with Nigeria to help recover all identified ill-gotten wealth belonging to the two nations in countries where they have jurisdiction, including the US itself.
This was the outcome of the meeting between President Buhari and the US attorney-general, Loretta Lynch, on Monday evening, which bordered on support for the war against corruption in Nigeria.
The Nigerian president had left Abuja on Sunday to Washington DC on a four-day working visit to the United States.
Senior special assistant to the president on media and publicity, Malam Garba Shehu, noted in a statement that, at the meeting, Nigeria and the US agreed that “the Mutual Legal Assistance Treaty signed between the two countries in 1985, which came into effect in 2003, will be given some teeth.”
US will also offer training to judicial staff and prosecutors “in order to place Nigeria in a good position to uncover proceeds of corruption and for improved prosecution of cases of crime.”
Shehu said: “There will be collaboration. Each of the two countries will receive legal assistance from the other on criminal matters and that should cover the recovery of ill-gotten wealth. On extradition, we already have a treaty with the US by virtue of being a former British colonial territory.
“There is, however, the possibility that Nigeria might negotiate a new extradition treaty to meet our other requirements. The negotiation will be done under the auspices of a ‘re-energized’ US-Nigeria Bi-National Commission.”
Meanwhile, President Buhari in Washington yesterday challenged American investors to avail themselves of the liberal trade and investment climate in Nigeria to engage in profitable businesses in the country.
Speaking at a business forum organized by the US Chamber of Commerce and the Corporate Council on Africa, Buhari also noted that his administration would stop at nothing in forging ahead with the ongoing privatisation programme ‘but with improved moral architecture cleaner processes’.
The president hinted that the privatization exercise will be extended to include Nigeria’s aviation, telecommunication, energy, gas, solid minerals, aviation, health and infrastructural development.
“It is my intention to create the necessary environment for future investment in Nigeria. We are the most populous nation with the largest market in Africa, with vast human and natural resources and blessed with abundant young and skilled workforce,” the president said.
“We are therefore proud candidate to become the destination of choice for United States investments in Africa. I work assiduously to welcome new investors to our country. We will also simplify Visa procedures based on the principle of reciprocity.”
Buhari appealed to the business communities in the United States and Nigeria to take advantage of the excellent political relations between the two nations to broaden their trade and investment ventures, including joint venture projects in priority sectors of the Nigerian economy.
He listed the sectors to include power generation, gas, full value-chain in agriculture, mining, health sector, tourism and other non-oil sectors of the economy.
The Nigerian president restated his administration’s resolve to fulfill its key campaign promises, especially creation of employment opportunities for millions of Nigerian youths.
He said: “While I recognize the pivotal role of government in facilitating and promoting economic growth, the private sector must assume an increasing role as part of the engine of growth. We will welcome genuine investors who are willing to come to Nigeria for solid mineral exploitation.
“Generating employment was one of my key campaign promises. I will do my best to keep this promise. There is no other way to expand economic opportunities and create employment opportunities for millions of our youths than boosting domestic manufacturing, undertaking infrastructural development and industrialization.
“Let me repeat, Nigeria will partner with genuine investors who are willing to join us to achieve our economic objective and at the same time realise handsome returns to recoup their investments. There is more to Nigeria than oil.
“This is why I will continue to stress the need for increased United States investments in our non-oil sector. In this respect, the present administration will be attentive to the needs of the business community and pursue policies that will strengthen the sectors that drive growth.”
Buhari further reassured that his administration would reduce waste in the management of the nation economy with focus on prudence, accountability, good governance, respect for the rule of law, and strict compliance with, and observance of, contractual agreements.
According to him, Nigeria had enormous economic potential that require heavy funding, which cannot be sourced locally in Nigeria now.
“In this regard, I want to use this platform to encourage United States foreign investment and funding agencies such as Oversea Investment Corporation and the United States Export-Import Bank to increase access to capital and funding of such businesses on favourable terms. Nigerian potentialities are already being exploited,” he added.
On his part, the chairman of the Corporate Council on Africa, Mr Paul Hinks, announced that American investors were ready to do business with the new government in Nigeria and invited President Buhari to chair the Council’s summit slated for Ethiopia in November
Source:leadership
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