President Muhammadu Buhari yesterday cautioned state governments and the private sector against engaging foreign partners without conducting proper background checks.
Buhari gave the advice in a message to the opening of the maiden Kaduna Economic and Investment Summit, organised by the Kaduna State Government, in Kaduna.
The President, whose speech was delivered by Governor Nasir El-Rufa’i, noted that various state governments had been making efforts to shore up their revenue base in view of the current economic problems, which is a good thing, but they need to be careful in etering into partnerships.
“In the face of dwindling oil revenue, I am very pleased to note the efforts being made by state governments to diversify their internally generated revenue sources by opening up their economy for investors and providing a conducive enabling environment.
“More recently, these efforts have been demonstrated not with mere rhetoric or political statements, but with practical policies and well thought out legislation.
“The Kaduna Investment and Economic Summit is a pointer to one of these efforts. State governments and, indeed, the private sector should take care and make background checks before engaging with foreign partners.”
The President also stressed the importance of the private sector in driving the economy for greater efficiency and growth.
“Private sector led investments remain the most sustainable way of creating much needed jobs and engendering purposeful growth,” the President said.
He said all stakeholders must make concerted efforts “towards sustaining functioning industries, establishing new ones as well as revival of moribund industries.
