AML's Chairman speaks to the Nigerian Honorary International Investors Council (HIIC),

Baroness Chalker of Wallasey

20th November 2009

Investors’ Council Wants Judicious Use of N’Delta Funds

This Day, 18xi09

Honorary International Investors Council (HIIC), comprising prominent global individual investors, yesterday advised the Federal Government to ensure that funds earmarked for development of the Niger Delta region are judiciously managed and channeled to projects for which they are meant.

Addressing State House correspondents after a two-day conference, at the banquet hall of the Presidential Villa, Abuja, Coordinator of the HIIC, Baroness Lynda Chalker, said until there is a complete cessation of hostilities in the Niger Delta region, it would be difficult to attract more Foreign Direct Investments (FDIs) into the country.


Surrounded by Alhaji Aliko Dangote, Emmanuel Ijewere and Felix Ohiwere, Lady Chalker said following the surrender of arms and ammunition and demobilisation of militants, it was expedient that money set aside for development of the region was properly utilised to achieving the desired results.


The Federal Government approved over N200 billion for the Niger Delta Development Commission (NDDC) to execute over 44 projects in the Niger Delta states.
Said Chalker, "funds provided for the Niger Delta must be directed at sustainable development projects that will change the lives of the majority of the people, rather than make millionaires of a few. The critical capacity building goal is to provide large scale training and skill enhancement for all Niger Delta youths, not just militants.”
She said there are members within the HIIC willing to bring foreign investments into the country but for the fear of kidnap, shooting and all manner of violence and urged people to volunteer information on oil theft and those behind the criminal act in the Niger Delta, adding that it is only in doing so that the war against oil bunkering and militancy in the region can be completely eliminated.

In a communiqué she read at the end of the session, Lady Chalker said "the prevailing uncertainty in the petroleum sector is a disincentive to foreign direct investment.
The terms, conditions and rules of engagement in the downstream sector, need to be clearer, and made much more widely known."


She said the Council urged the reform of the economic system to make people pay market prices for gas, electricity, petroleum products and other goods for the private sector in order to attract investors