Nigeria Secures $30billion Investment Commitment Says Uzoka-Anite

Nigeria has secured an investment commitment of over $30 billion in the last year, according to the Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite.

Speaking on plans to establish commercial courts across the country to adjudicate business cases, Uzoka-Anite said the government has approved N430 million to fix the Lagos International Trade Fair Complex, which will host the next trade fair for the first time since 2010.

The minister stated that the government has sent a strong message that Nigeria is now a big player for investors, with a focus on supporting industries until all industrial hubs have electricity and gas to manufacture cheaper and be more competitive.

Uzoka-Anite highlighted several initiatives aimed at improving the business environment and competitiveness, driving innovation, boosting exports, and increasing domestic and foreign direct investment.

These include the re-launch of the Presidential Enabling Business Environment Council (PEBEC) and the Nigeria Investment Summit, a platform to connect domestic and global investors to Nigeria.

The minister also announced plans to introduce the ‘Light Up’ campaign to boost power supply for Small and Midsize Enterprises (SMEs) and invest $3.5 million to unlock the textile and apparel industry.

With Nigeria’s investment landscape witnessing a significant influx of foreign capital, the government is taking steps to attract capital investments that will transform homegrown enterprises and industries into global players.

Uzoka-Anite emphasized the importance of private equity capital to unlock ideas into unicorns, citing the success of MSME growth in countries where private equity capital is readily accessible to businesses.

The government has initiated the Nigeria Diaspora Fund to boost private equity capital formation and support the growth of industries.