Imo State Governor, Rochas Okorocha, on Thursday there must be a great investment in human capital developmen for a nation to develop and perform optimally.
Mr Okorocha added that it is a means to harness the natural resources and potentials.
He said this while delivering a speech on “Nigeria’s Human Capital and State Education Initiative: The View from Imo State” at the Royal Institute of International Affairs, Chatham House in London.
Governor Okorocha said he believes that the only pivot on which any nation can rotate depends on the level of investment in its human capital, which reflects why some countries are more developed than others.
He added that until Nigeria is able to harness its natural resources and potentials as the most endowed and largest nation in Africa, it might be difficult to join other developed countries of the world.
The Governor was also of the opinion that the Nigerian educational system should introduce the use of local Nigerian languages to teach vocational and skills acquisition courses to boost the development of the nation’s human capital just like some other Asian countries.
He stressed that Nigeria needs to change the system of its human capital development in order to reach her desired goals.
Governor Okorocha also spoke on the need to take government to the communities and grassroots, which would help in tackling corruption and insecurity challenges.
The Federal Government has announced a target of 80billion dollars investment inflow from Asian countries in the next two years.
Minister of Trade and Investment, Mr Olusegun Aganga, who spoke at a meeting with heads of missions of Asian countries in New Delhi, India, said that the drive became necessary following the emergence of Asian countries as leaders in trade relations with Nigeria.
It was a think tank by government officials and ambassadors from 14 Asian countries to make Nigeria a major trade and investment hub.
The Minister said that there was the need to persistently push for the recognition of Nigeria as the preferred investment destination across the globe.
For over six hours, the officials deliberated on how to achieve this set mandate.
One after the other, heads of agencies charged with the mandate of improving investment inflows into the country through oil and non oil exports also took time to explain why the ambassadors should improve investment ties with their countries of assignment.
When the meeting was over, it was resolved that a target of 80billion naira from countries in the Asian region for the next two years is key to employment generation and poverty reduction in the country.
The ambassadors expressed willingness to ensure an upward trend.
Trade volume between Nigeria and countries in the Asian continent currently stands at 40billion dollars with India and China topping the list with over 2.9trillion naira and 2.1trillion naira respectively.
It was the first time in over 50 years that government officials would be deliberating to improve trade ties between Nigeria and Asian countries.
What many Nigerians expect in the days ahead is that resolution reached at the meeting would translate into concrete actions that would turn around the socio-economic development of the country.
Samsung and LG Electronics, along with four Taiwanese companies, have been fined by the government for jigging LCD screen prices between 2001 and 2006.
The secret negotiations held the prices of LCD screens artificially high, China’s National Development and Reform Commission found – affecting the manufacture of phones, laptops, TVs and other devices for which they are a crucial component.
China’s National Development and Reform Commission imposed fines totaling 353 million yuan ($56m) on the six South Korean and Taiwanese LCD makers, the Wall Street Journal reported.
All six companies are under investigation for the same behaviour from the European Union, which imposed levies in 2010 and in the US, where a series of different cases are ongoing.
The Commission said that a total of 5.15 million LCD panels connected to the price-fixing case were sold in mainland China.
Samsung’s 101 million yuan penalty ($16m) is pocket change to the company that last year had a market capitalization of over $200bn. According to the Wall Street Journal, the fines would have been higher but because the price-fixing occurred before international antitrust legislation was passed in China, the companies could only be prosecuted under domestic legislation, which can impose only smaller fines.
LG Electronics landed the highest fine: 118 million yuan ($19m).
Innolux Corp, AU Optronics Corp, Chungwa Picture Tubes Ltd, and HannStar Display Corp all received lesser fines. Innolux was fined 94.41 million yuan ($15.15m), AU Optronics 21.89 million yuan ($3.51m), Chungwa Pictures received a 16.2 million fine ($2.6m) and HannStar Display was ordered to pay 240,000 yuan ($39,000).
Nigeria has joined the rest of the world in ushering in a brand new year, the year 2013!!!
It was historical as Lagosians gathered to usher in the New Year in what many have been described as the biggest new party in Nigeria’s history.
Styled after the traditional new year cross over countdown parties in the western hemisphere, this inaugural Lagos countdown celebration attracted performances from big-name acts from the music industry as the spectators watched the clock tick into 2013.
The final countdown cheers gave way to spectacular display of fireworks as the old year gave way to the new.