• Monday, April 15, 2024
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Nigeria attracts $10bn foreign investments in 6 months – Minister

Adeniyi Adebayo

Minister of industry, trade and investment, Adeniyi Adebayo, on Tuesday, said investment announcement in Nigeria stood at $10.1 billion in the first half of 2021 (H12021), a 100 percent increase from the same period in 2020.

In the first half of 2020, Nigeria attracted $5.06 billion investment due to the impact of COVID-19 pandemic, according to a report by the Nigeria Investment Promotion Council.

The minister said the investment announcement in the six-month period was an indication that Nigeria’s economy is getting stronger and investment climate improving.

Adebayo said this at the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) diplomatic luncheon in Abuja.

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According to him, investors from Europe, China, Morocco and the UK are making strong commitments and the Muhammadu Buhari-led administration is working to ensure that the commitments turn into projects that positively affect the nation.

According to a statement by his media aide, Ifedayo Sayo, the minister reiterated commitment to the strategic relationship that exists with the chamber, especially with the implementation of the Africa Continental Free Trade Agreement (AfCFTA).

“AfCFTA will enhance Africa’s capacity to unlock growth and create jobs by building our industrial capacity, enlarging our productivity and making us more competitive globally. NACCIMA is pivotal in ensuring Nigerian businesses remain competitive in this new environment,” Adebayo said.

He listed efforts being made by the Federal Government to create an enabling environment for foreign direct investment to include improved Nigeria’s World Bank Ease of Doing Business ranking from 170 to 131 and promulgation of Executive Order 001, a directive that promotes transparency and efficiency in the business environment, and timely procurement of government approvals for businesses in areas such as visa processing and business registrations.

Other measures, according to him, are revised Nigeria’s Bilateral Investment Treaty (BIT) model to include specific provisions for investment facilitation; Investors’ rights are now balanced with obligations to ensure that Nigeria attracts Responsible, Inclusive, Balanced and Sustainable (RIBS) investments;

An online investment guide called “iGuide Nigeria ”, which provides investors with real-time information on the processes and basic costs of setting up and doing business in Nigeria.

A compendium of the investment incentives in Nigeria, and a launch of Book of States, a document that showcases the comparative advantages and key investment opportunities in each of Nigeria’s states.

He commended NACCIMA for putting the event together even as he encouraged it to remain committed to building a sustainable trade infrastructure within and across Africa for the benefit of the Nigerian business community.