• Short Summary

    Nigeria celebrated its thirteenth anniversary of independence eon Monday (1 October). As part of the?

  • Description

    GV Exterior Gowon's office

    SV Interior Gowon speaking

    MV Gowon speaking

    GENERAL GOWON: "Of particular importance is the progress which we have continued to make with the implementation of our policy of increasing our control over the strategic sectors of our economy as well as encouraging indigenous ownership of business generally. The Federal Government now holds 40 per cent of the equity shares in the three major expatriate commercial banks and has its appointees serving on their Boards of Directors. Further, negotiations which have been in progress and aimed at securing Government participation in the existing oil companies and their concessions have been concluded successfully. As a result, the Federal Government now holds at least thirty-five per cent of the equity shares in each of the oil companies operating in the country.

    With effect from tomorrow, 2nd October, 1973, the Nigerian Bank of Commerce and Industry will open business to members of the public. The Bank, as you know, aims at providing equity capital and funds by way of loans to indigenous persons, institutions and organisations for medium and long term investments in industry and commence.

    These past few years have witnessed erratic weather conditions all over the world. Scanty rainfalls in the Savannah Region stretching across North Africa, Central Asia and Latin America have caused the worst drought in these areas in recent history. Parts of Nigeria, especially the northern districts of the North-Western, North-Central, Kano and North-Eastern States have been badly affected. It would like to seize this opportunity to express the deep concern of the federal Government about the plight of the people in all the affected areas.

    To provide immediate succour to the people in the areas affected by the drought, the Federal Government has made grants totalling 12-million Naira (16.4 million sterling) to the four states gravely affected, partly for the purchase of foodstuffs and livestock feeds to augment whatever is available locally and partly to improve water supply facilities by the provision of bore holes."

    Initials AE/22.25 AE/22.34


    Script is copyright Reuters Limited. All rights reserved

    Background: Nigeria celebrated its thirteenth anniversary of independence eon Monday (1 October). As part of the celebrations, Head of State General Yakubu Gown spoke to the nation in an address recorded two days before.

    General Gowan spoke of the country's development since its independence. He noted the process of Nigerian involvement and control if foreign investments, and he pointed with pride to the opening of Nigeria's own bank, the Nigerian Bank of Commerce and Industry which opens on October 2, 1973.

    But General Gowon took a somber note when he talked of the continuing draught that grips the northern sectors of his country.

    SYNOPSIS: On Monday, Nigeria celebrated the thirteenth anniversary of its independence. To mark that occasion, Head of State General Yakubu Gowon spoke to the nation about Nigeria's past progress and future challenges. He particularly noted the economic development within the West African State.

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