Buhari urges States to do background checks on foreign investors

President Muhammadu Buhari on Wednesday 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 Gov. Nasiru El-Rufa’i, noted that various state governments have been making efforts to shore up their revenue base in view of the current economic problems.

“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 legislations.

“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.”

Buhari noted that the summit would help “diversify our oil dependant economy to other viable sectors, where we have competitive advantage.”

The president 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..”

He said all stakeholders must make concerted efforts “towards sustaining functioning industries, establishing new ones as well as revival of moribund industries.

“`The effect on employment and social peace would soon be apparent.”

The News Agency of Nigeria (NAN) reports that the summit, with the theme `Lets move Kaduna into the Global Economy’, drew participants from across the globe including leading multilateral institutions.