Nigeria’s Federal Government has secured about N2.2 trillion investment commitment from foreign and local investors for the non-oil sector of the Nigerian economy which will be invested in the country within the next 12 months.
The Minister of Trade and Investment, Mr. Olusegun Aganga, confirmed this during the ministerial press briefing to mark President Goodluck Jonathan’s 100 days in Office, in Abuja.
He said that out of this amount, about N600 billion ($4bn) would be invested in the solid minerals sector by foreign investors while about N1.55 trillion will be invested by local investors in the manufacturing and agro-business industries.
He said: “At its maiden interaction with the Nigerian business community, the ministry secured firm commitments of investments worth N1.52 trillion in the next one year from about 20 companies only in the non-oil sector of the Nigerian economy. We plan to work with these companies to realize their expansion programmes and to extend the survey to other companies.
“About N34 billion of investment commitment was also secured from about 18 companies in the agribusiness and agro-industries sector. We are currently working with the sector on a government policy that will lead to significant investments and create jobs in the next few months.”
Aganga also stated that the ministry, in partnership with the World Bank, European Union, United Nations Industrial Development Organisation and the United Kingdom Department for International Development, had begun a business and investment climate reform programme as part of its renewed efforts to increase the inflow of foreign Direct Investment into the country.
“The ministry is currently reviewing all trade bilateral and multilateral agreements to identify the opportunities, which have not been explored in the past. A committee has been set up to review Nigeria’s trade policy in line with the commitment to creating a friendly environment for businesses and investment.
“The last review was done in 2002, some of the existing trade rules, regulations and practices are outdated, and this had often resulted in the ad hoc and sometimes conflicting approach to implementation.”