The Federal Government has announced securing investment commitments totaling $30 billion from foreign investors within a span of eight months.
This revelation came from the Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, during a ministerial press briefing aimed at informing the public about ongoing economic policies and reforms by the current administration.
Dr. Anite highlighted that these investments materialized following President Bola Tinubu’s visits to India and engagements with stakeholders in the oil and gas sector.
Key factors driving this surge in investments included the removal of fuel subsidies and the unification of foreign exchange, which have not only attracted investments but also accelerated economic growth, job creation, and access to capital.
The minister emphasized that these investments, ranging from equipment procurement to direct investments in manufacturing and facilities, are anticipated to unfold over the next five to eight years, with some initiatives already underway. Notably, commitments from various sectors, including oil and gas, steel manufacturing, and beverages, signify a diversified investment portfolio.
Furthermore, engagements with global economic powerhouses such as India, Germany, Netherlands, UAE, and South Africa have paved the way for joint regulatory protocols and enhanced investment opportunities.
Nigeria’s bid to join the Africa Continental Free Trade Area Agreement was also underscored, with Dr. Anite detailing ongoing negotiations aimed at leveraging the agreement’s potential to diversify exports, improve market access, and attract more foreign direct investment.
Despite these promising developments, recent statistics from the National Bureau of Statistics reveal a decline in capital importation by 43.55% in the third quarter of 2023, posing a challenge to the administration’s efforts to bolster foreign investments.
The government’s commitment to fostering transparency and efficiency in export permit processes, in collaboration with relevant agencies, underscores its determination to create an enabling environment for sustainable economic growth and development.
