Wale Edun, finance minister and coordinating minister of the economy, told investors at the just-concluded G20 summit in India of the huge investment opportunities in Nigeria in a bid to attract more capital into the country.
Speaking on the sidelines of the summit on Nigeria’s perspective and commitments towards building a stronger, sustainable and resilient economy, Edun said those impediments that had repelled investments were being tackled under President Tinubu’s administration.
“Our focus is on attracting global capital, promoting foreign direct investments, and this underscores our commitment to job creation, economic diversification, and revenue expansion,” he said. “Nigeria is an attractive destination for business. It is brimming with opportunities across the various sectors.”
The major macroeconomic impediments to stability of the exchange rate, inflation, interest rates, as well as obstacles to liquidity, and financing are now in the process of being removed, he said.
He also told them about how the present government is showing commitment in driving inclusivity including women and young people into what is going on in the economy and having them play their own role.
Read also: G20 Summit: Countries agree to speed up progress towards SDGs
“But clearly, for those interested in investing, the playing field has been leveled; it has been cleared of debris and the opportunity is now there for you to seize,” Edun said.
As the premier forum for international economic cooperation, the Group of Twenty (G20) plays a critical role in steering the global economy through the significant challenges it faces.
The group brings together the world’s major and systemically important economies. Its members represent 85 percent of global GDP, 75 percent of international trade and two-thirds of the world’s population.
Members include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, the United Kingdom, the United States, the European Union and now the African Union.
Nigeria’s first-ever participation at the G20 meeting as a guest is already being seen as a recognition of its growing influence on the global stage.
Last week, while attending the summit in India’s capital city, New Delhi, President Tinubu had welcomed quite a number of pledges from Indian investors amounting to about $14 billion.
“Nigeria is ready to give you the best returns for investment possible, there’s nowhere else like our country. Nigeria offers the best returns for investment today, so invest now,” a statement quoted Tinubu as saying.
Read also: G20 Summit: Nigeria’s participation, a recognition of growing global influence- Tugger
Some of the investment pledges came from Indorama Petrochemical Limited, which pledged a new investment of $8 billion to expand its fertiliser production and petrochemical facility in Eleme, Rivers State.
Jindal Steel and Power Limited, one of India’s largest private steel producers, also committed to investing $3 billion in Nigeria, following discussions with Tinubu on the sidelines of the summit.
Others include Jitender Sachdeva, the founding president of SkipperSeil Limited, who also announced that he would invest $1.6 billion into establishing twenty 100MW power generation plants across the Northern states, amounting to 2,000MW of additional power within the next four years.
