Nigeria Optimistic About Foreign Investment

Nigeria economy
Nigerian economy now largest in Africa

AFRICANGLOBE – Nigeria’s federal government has disclosed that many companies across the globe have indicated an interest in investing in the country to the tune of N8.5 trillion.

The country’s Minister of Trade and Investment, Mr. Olusegun Aganga, who briefed State House correspondents alongside his Environment counterpart, Hajia Hadiza Mailafia as well as Presidential spokesman, Dr Reuben Abati, at the end of the Federal Executive Council (FEC) meeting presided over by President Goodluck Jonathan yesterday, said that the investment commitments were from reputable international firms.

Meanwhile, Abati said the Council appraised the performance of the Ministries of Trade and Investment and Environment last year.

Aganga explained: “Our foreign investment drive is bringing results with foreign investment commitments hitting N8.5 trillion and this is going to be for the next five years.”

“According to the United Nations Conference on Trade and Development UNCTAD, we attracted $8.9 billion worth of foreign investments last year, the largest in Africa and this also makes us one of the best investment destinations in the world.”

“We now have an integrated trade and investment policy which was lacking for a long time,” he added.

He also pointed out that the free trade zones got a boost with about N6 billion investments in 2012, adding that the business climate is now more investor friendly with the fast-tracking of business registration under 24 hours by the Corporate Affairs Commission (CAC).

He also said the apex government would soon unveil a ‘Made in Nigeria’ automobile policy and strategy.

Aganga said:”We are one among two countries that do not have a clear national automobile policy. We are working with National Automotive Council (NAC) on this. We need to boost our local content and make the industry competitive. We are in discussion with two or three auto giants who will bring massive investments into Nigeria.”

“Since we came on board, sub-standard goods have reduced to 60 per cent from 85 percent, but we are actually targeting 30 per cent. For food and drugs that threaten lives, we target zero percent.”

Continuing, he added: “The textile industry under our care has also created about 5000 jobs. The President will inaugurate the competitiveness council which will be led by the private sector. We have sold Nigeria’s potentials to 31 countries and we have attracted investors from all parts of the world. They have shown massive interest in Nigeria.

On her part, Mailafia said: “One other issue that came out of Council today was the concern expressed by Mr President about erosion devastation in the south east.”

“And Mr President has directed that the committee led by the Director General of Bureau of Public Procurement, Engineer Emeka Ezeh should proceed immediately to visit ongoing erosion sites in the south eastern part of the country with a view to ascertaining the seriousness of the contractors.”