Nigeria Secures $30 Billion in Foreign Investments, Boosting Economic Prospects, Minister Announces
Nigeria has successfully secured approximately $30 billion in Foreign Direct Investments (FDI), primarily in the form of equipment and investments in manufacturing, according to the Minister of Industry, Trade and Investment, Doris Uzoka-Anite. This substantial investment is expected to create job opportunities and drive economic growth in the country.
Speaking at a briefing in Abuja, Minister Uzoka-Anite highlighted the positive impact of Nigeria’s bilateral engagements, which have resulted in significant investment commitments and partnership opportunities. One notable example is the $14 billion worth of FDI inflow announced at the G20 Summit in India, with ongoing efforts to materialize these investments.
The minister emphasized that Nigeria’s engagements with countries such as India, Germany, Netherlands, UAE, South Africa, and others have paved the way for investment opportunities and joint regulatory protocols. She also cited specific investments by companies like the Nigerian Bottling Company, which has invested $1.3 billion over the last decade and plans to invest an additional $1 billion in the next five years.
To further drive investment, the Federal Government is set to establish a Diaspora Investment Initiative in collaboration with the Nigerians in Diaspora Commission. This initiative aims to launch a Diaspora Fund and promote investments from Nigerians living abroad.
In addition, the government is creating a national job centre to match available vacancies with the talent pool. The Skill-UP Artisans programme (SUPA) under the Industrial Training Fund (ITF) will train and equip over 10 million Nigerians with skills to be job-ready, addressing the skills deficiency among artisans and promoting industry-standard excellence.
The government’s efforts to remove bottlenecks hampering exports include automating the trade facilitation process and reforming the commodity trading landscape. Nigeria is also negotiating its accession into the Africa Continental Free Trade Area (AfCFTA) Agreement to enhance trade opportunities and increase FDI.
TheGuardian News
