As the sullivan summit ends

Nigeria to get $4b yearly as Sullivan summit ends

AS the Seventh Reverend Leon Sullivan Summit ended in Abuja yesterday, a yearly $4 billion remittance to the country by Nigerians in the Diaspora holds perhaps the greatest potential of lifting the country's economy.

The yearly remittance is just one of 150 agreements signed at the summit. Among the rest are $1 million worth of medical equipment for Nigeria and another $1 million worth of books to be donated to Africa.

As the summit ended, chairman of the foundation, Ambassador Andrew Young, said the yearly remittances, which had jumped in leaps and bounds since the advent of the Olusegun Obasanjo administration, presented the real window of economic growth and a prosperous future for Nigeria.

The four-day summit saw the presentation of 64 papers by local and international experts in areas of economics, health, energy, education, private sector-stimulated growth, technology, financing, partnership on remittances and corporate good governance. It saw the participation of eminent scholars and international friends of Nigeria, including former American Ambassador Mr. Howard Jeter.

At the wrap-up session yesterday, Young lamented that military intervention had exacerbated the brain drain syndrome which friends of Nigeria had tried to end in the late 70s.

With Ambassador Young were Martin Luther King Jnr. II, son of the legendary American human rights crusader, the Sullivan foundation's chief operating officer, Johnny Mack; and a host of other international resource persons.

Young charged Nigerians living abroad to make greater sacrifices for their country since a real possibility now exists for the transformation of remittances into a solid investment base.

He said: "We are looking at the multiplier effects in the years ahead. Nigerians are now sending $4 billion. More could be done. Ghana with a population of 18 million people get $4 billion remittance. Nigerians have the money, but it's abroad. The remittance will help."

Young added: "People are bringing in money back because they know they will be treated fairly and because they know they will make money far more in Nigeria than they can do abroad. Here, they will be investors whereas out there, most are salaried. Before now, the only way to make it is to be in government or know someone in government. The environment is different now and this is the broad point that we are making."

On whether attempts to encourage the country's best brains to return is sufficient for impact, Young said: "The point is Africa needs a vibrant, independent, private sector and for the money, this huge capital to flow back home."

He continued: "The military in Nigeria (1983) scuttled a well-meant plan for homeward investment. We brought in 400 engineers to help raise money for Nigeria through fertilizer production. And they were making $150 million worth of fertilizer yearly for the country. Before then, the government had been spending $90 million yearly to import the item into the country. But the military came and refused to pay these men and they had to leave and the wonderful opportunity was ended."

The world statesman spoke further: "The brains you spoke of have the freedom to determine whether they want to come back. They have to come and strengthen the private sector and start a new upper class. No government can make an airplane, or a computer. It is in the hands of the private sector "

Young also criticised the fact that the $15 billion U.S. grant for Africa went into research, saying this could have impacted better on the lives of the people if the money was dedicated to agriculture, clean water supply and housing.

Nigeria to get $4b yearly as Sullivan summit ends
From Oghogho Obayuwana, Abuja

AS the Seventh Reverend Leon Sullivan Summit ended in Abuja yesterday, a yearly $4 billion remittance to the country by Nigerians in the Diaspora holds perhaps the greatest potential of lifting the country's economy

The summit with the theme "Africa, a continent of opportunities: Building partnerships for success" was called to build bridges and expand public-private sector partnership with the premise that Africa could not develop unless the nations work closely with Africans in the Diaspora.

Young also made a glowing remark about President Obasanjo, saying: "No other leader who has received the Nobel prize for peace has done what Obasanjo has done for Africa and world peace. The summit is an opportunity to let Nigerians know how much Americans love their president."

The next Sullivan summit, which holds in two years time in Tanzania, will be moved to May instead of the traditional July. It will also now involve American Mayors, Chinese and Koreans as well as patrons from Brazil, the country with the largest concentration of Blacks on earth after Nigeria.