Buhari advises states to do background checks on foreign companies before conducting business with them.

 President Buhari at the opening of the maiden Kaduna Economic and Investment Summit, organised by the Kaduna State Government, in Kaduna yesterday, advised private companies and state governments to be careful and conduct proper background checks on foreign companies before doing business with them.

The President, who was represented by Governor Nasir El-Rufa’i, said:

“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 summit would help diversify our oil dependent economy to other viable sectors, where we have competitive advantage.”

“Private sector led investments remain the most sustainable way of creating much needed jobs and engendering purposeful growth,”

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

Source: Vanguard